<SEC-DOCUMENT>0001104659-24-034994.txt : 20240315
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<ACCEPTANCE-DATETIME>20240315160601
ACCESSION NUMBER:		0001104659-24-034994
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		108
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240315
DATE AS OF CHANGE:		20240315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLOBUS MARITIME LTD
		CENTRAL INDEX KEY:			0001499780
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34985
		FILM NUMBER:		24754723

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

<p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the Securities and Exchange Commission
on March 15, 2024</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"></p>

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</b></p>

<p style="font: 400 18pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px; margin-top: 4pt; margin-bottom: 0; background-color: rgb(255, 255, 255)"><span style="font: 16pt Times New Roman, Times, Serif"><b>UNITED
STATES</b></span></p>

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AND EXCHANGE COMMISSION</b></span></p>

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D.C. 20549</b></span></p>


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<p></p>

<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: Black; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><span style="font: 18pt Times New Roman, Times, Serif"><b>FORM
<span><span id="xdx_90E_edei--DocumentType_c20230101__20231231_zSnif1Vzz7Ob"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:DocumentType" id="ixv-23544">20-F</ix:nonNumeric></span></span></b></span></p>

<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"><span style="font: 18pt Times New Roman, Times, Serif"><b><span></span></b></span></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: bold 12pt Times New Roman, Times, Serif; margin: 0; color: Black; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><span style="font: 18pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: center"><b><span></span></b></p>

<p style="font: 12pt Times New Roman; text-align: center; text-transform: none; margin-top: 0pt; margin-bottom: 0pt">&#160;<span><span id="xdx_90B_edei--DocumentRegistrationStatement_c20230101__20231231_zgiD8YvpzKPl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" name="dei:DocumentRegistrationStatement" id="ixv-23545">&#9744;</ix:nonNumeric></span></span> <b>REGISTRATION
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<p style="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; margin-top: 12pt; margin-bottom: 0; background-color: rgb(255, 255, 255)"><b>OR</b></p>

<p style="font: 400 12pt Times New Roman, Times, Serif; margin-left: 20pt; text-align: center; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; margin-top: 0; margin-bottom: 0; background-color: rgb(255, 255, 255)">&#160;</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"><span style="font: 18pt Times New Roman, Times, Serif"><b></b></span></p>

<p style="text-align: center; font-size: 1pt">&#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"><b>For
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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><span><span>&#160;</span></span></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"></p><p style="font: 400 6pt Times New Roman, Times, Serif; margin-left: 20pt; text-align: center; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; margin-top: 0; margin-bottom: 0; background-color: rgb(255, 255, 255)">&#160;</p>

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<p style="font: 400 10pt Times New Roman, Times, Serif; margin-left: 20pt; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; margin-top: 12pt; margin-bottom: 0; background-color: rgb(255, 255, 255)"><b></b></p>

<p style="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; margin-top: 12pt; margin-bottom: 0; background-color: rgb(255, 255, 255)"><b>OR</b></p>

<p style="font: 400 12pt Times New Roman, Times, Serif; margin-left: 20pt; text-align: center; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; margin-top: 0; margin-bottom: 0; background-color: rgb(255, 255, 255)">&#160;</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; 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"><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>Date
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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><span id="xdx_903_edei--EntityFileNumber_c20230101__20231231_z9LJRMAGc548"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:EntityFileNumber" id="ixv-23550">001-34985</ix:nonNumeric></span></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 style="font: 24pt Times New Roman, Times, Serif"><b><span id="xdx_902_edei--EntityRegistrantName_c20230101__20231231_z1y8GmLvoDVe"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:EntityRegistrantName" id="ixv-23551">Globus
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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: 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><span id="xdx_90F_edei--EntityIncorporationStateCountryCode_c20230101__20231231_zTRMYJ5x4OM9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode" id="ixv-23552">Republic
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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: 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><span><span id="xdx_904_edei--EntityAddressAddressLine1_c20230101__20231231_zrdVF2MYl289"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:EntityAddressAddressLine1" id="ixv-153"><span id="xdx_90D_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z6ebJTvmy9S6"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1" id="ixv-23553">128
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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: center; text-indent: 0px">(Address
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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-align: center; text-indent: 0px"><b><span><span id="xdx_90D_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zmZTs12uMTK5"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" name="dei:ContactPersonnelName" id="ixv-23560">Athanasios
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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: center; text-indent: 0px"><b>128
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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: center; text-indent: 0px"><b>166
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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: center; text-indent: 0px"><b>Tel:
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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: center; text-indent: 0px"><b>Facsimile:
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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: center; text-indent: 0px">(Name,
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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; 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">
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    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</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: 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">&#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">&#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(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
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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; text-align: center; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px">Securities
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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: 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, 2023, there were <span><span id="xdx_905_edei--EntityCommonStockSharesOutstanding_iI_c20231231_zKB7U4tMDm18"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares" id="ixv-23566">20,582,301</ix:nonFraction></span></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><span id="xdx_904_edei--EntityVoluntaryFilers_c20230101__20231231_zHR4puEHWZPg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:EntityVoluntaryFilers" id="ixv-23567">No</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
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><span id="xdx_90E_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zGrz6sHLllg1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:EntityWellKnownSeasonedIssuer" id="ixv-23568">No</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">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><span id="xdx_904_edei--EntityCurrentReportingStatus_c20230101__20231231_z2WoFkzuIGMd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:EntityCurrentReportingStatus" id="ixv-23569">Yes</ix:nonNumeric></span></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><span id="xdx_909_edei--EntityInteractiveDataCurrent_c20230101__20231231_zEvFzhXtd9Xd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:EntityInteractiveDataCurrent" id="ixv-23570">Yes</ix:nonNumeric></span></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, a non-accelerated filer, or an emerging growth company. See definition of
&#8220;large accelerated filer&#8221;, &#8220;accelerated filer&#8221;, and &#8220;emerging growth
company&#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><span id="xdx_90A_edei--EntityFilerCategory_c20230101__20231231_zDOcibewkxO7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory" id="ixv-23571">Non-accelerated filer</ix:nonNumeric></span></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><span id="xdx_908_edei--EntityEmergingGrowthCompany_c20230101__20231231_zWFG43U0iHWi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany" id="ixv-23572">&#168;</ix:nonNumeric></span></span></span></td></tr>
  </table>
<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><span id="xdx_908_edei--IcfrAuditorAttestationFlag_c20230101__20231231_zWiQuFZqCB9a"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" name="dei:IcfrAuditorAttestationFlag" id="ixv-23573">x</ix:nonNumeric></span></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"><span id="xdx_90B_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_z43cIYjg3Db7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" name="dei:DocumentFinStmtErrorCorrectionFlag" id="ixv-23574">&#168;</ix:nonNumeric></span></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><span id="xdx_905_edei--DocumentAccountingStandard_c20230101__20231231_zgxummatuZq1"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:DocumentAccountingStandard" id="ixv-23575">International Financial Reporting Standards</ix:nonNumeric></span></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>
  </table>
<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><span id="xdx_90B_edei--EntityShellCompany_c20230101__20231231_zwr7IF38Fxkb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" name="dei:EntityShellCompany" id="ixv-23576">No</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">(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: 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: center; text-indent: 0.5in">&#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">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><b><span id="contents"></span>TABLE OF CONTENTS</b></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">&#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="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm; width: 90%"><a href="#cautionary">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm; width: 10%"><a href="#cautionary"><span style="font-size: 10pt">3</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="#part1">PART I</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#part1"><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="#item1">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="#item1">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="#item2">Item 2.&#160;&#160;Offer Statistics and Expected Timetable</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item2"><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="#item3">Item 3.&#160;&#160;Key Information</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item3"><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="#item4">Item 4.&#160;&#160;Information on the Company</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item4"><span style="font-size: 10pt">43</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="#item4a">Item 4A.&#160; Unresolved Staff Comments</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item4a"><span style="font-size: 10pt">68</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="#item5">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="#item5"><span style="font-size: 10pt">68</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="#item6">Item 6.&#160;&#160;Directors, Senior Management and Employees</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item6"><span style="font-size: 10pt">92</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="#item7">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="#item7"><span style="font-size: 10pt">96</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="#item8">Item 8.&#160;&#160;Financial Information</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item8"><span style="font-size: 10pt">100</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="#item9">Item 9.&#160;&#160;The Offer and Listing</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item9"><span style="font-size: 10pt">101</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="#item10">Item 10.&#160;&#160;Additional Information</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item10"><span style="font-size: 10pt">101</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="#item11">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="#item11"><span style="font-size: 10pt">111</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="#item12">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="#item12"><span style="font-size: 10pt">113</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="#part2">PART II</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#part2"><span style="font-size: 10pt">113</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="#item13">Item 13.&#160;&#160;Defaults, Dividend Arrearages and Delinquencies</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item13"><span style="font-size: 10pt">113</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="#item14">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="#item14"><span style="font-size: 10pt">113</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="#item15">Item 15.&#160;&#160;Controls and Procedures</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item15"><span style="font-size: 10pt">114</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="#item16a">Item 16A.&#160;&#160;Audit Committee Financial Expert</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item16a"><span style="font-size: 10pt">115</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="#item16b">Item 16B.&#160;&#160;Code of Ethics</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item16b"><span style="font-size: 10pt">115</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="#item16c">Item 16C.&#160;&#160;Principal Accountant Fees and Services</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item16c"><span style="font-size: 10pt">115</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="#item16d">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="#item16d"><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="#item16e">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="#item16e"><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="#item16f">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="#item16f"><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="#item16g">Item 16G.&#160;&#160;Corporate Governance</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item16g"><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="#item16h">Item 16H.&#160;&#160;Mining Safety Disclosure</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item16h"><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="#item16ii">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="#item16ii"><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="#item16j">Item 16J.&#160;&#160;Insider trading policies</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item16j">117</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="#item16k">Item 16K. Cybersecurity</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item16k">117</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="#part3">PART III</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#part3"><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="#item17">Item 17.&#160;&#160;Financial Statements</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item17"><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="#item18">Item 18.&#160;&#160;Financial Statements</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item18"><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="#item19">Item 19.&#160;&#160;Exhibits</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#item19"><span style="font-size: 10pt">118</span></a></td></tr>
</table>

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

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


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<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="cautionary"></span>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 pandemics 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;</span></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, 2022 and 2023 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. References
to our Series C Preferred Shares are references to our shares of Series C 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 stock 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,
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). On October 21, 2020, we 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 stock splits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0cm">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 our fleet or ships that we own relates to the ships that we own or bareboat charter through financing arrangements, unless
context otherwise requires.</p>


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    <!-- Field: /Page -->

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

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

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

<p style="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 2.5pt 10pt 0; text-align: justify; color: #231F20">Unless otherwise
indicated, information contained in this annual report on Form 20-F concerning our industry and the markets in which we <span style="letter-spacing: -0.15pt">operate,
</span>including our general expectations and market position, market opportunity and market size, is based on industry publications and
other published industry sources prepared by third parties, as well as publicly <span style="letter-spacing: -0.2pt">available </span>information.
In some cases, we do not expressly refer to the sources from which this data is derived. In that regard, when we refer to one or more
sources of this type of data in any paragraph, you should assume that other data of this type appearing in the same paragraph is derived
from the same sources, unless otherwise expressly stated or the context otherwise requires. We believe the data from third party sources
to be reliable based on our management&#8217;s knowledge of the industry.</p>

<p style="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 54.45pt 10pt 0; text-align: justify; color: #231F20"><b>Trademarks</b></p>

<p style="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #231F20">This annual report on
Form 20-F <span style="letter-spacing: -0.15pt">may </span>contain trademarks, service marks and trade names of third parties, which are
the property of their respective <span style="letter-spacing: -0.15pt">owners. </span>Our use or display of third parties&#8217; trademarks,
service <span style="letter-spacing: -0.15pt">marks, </span>trade names or products in this annual report on Form 20-F is not intended
<span style="letter-spacing: -0.15pt">to, </span>and does not, imply a relationship with, or endorsement or sponsorship <span style="letter-spacing: -0.4pt">by,</span>
<span style="letter-spacing: -0.25pt">us.</span> Solely <span style="letter-spacing: -0.15pt">for</span> convenience, the trademarks,
service <span style="letter-spacing: -0.2pt">marks </span>and trade names presented in this annual report on Form 20-F <span style="letter-spacing: -0.15pt">may
</span>appear without the &#174;, TM or SM symbols, but such references are not intended to indicate, in <span style="letter-spacing: -0.15pt">any
</span><span style="letter-spacing: -0.4pt">way,</span> that we will not assert, to the fullest extent under applicable <span style="letter-spacing: -0.4pt">law,
</span>our rights or the rights of the applicable licensor to these trademarks, service marks and trade <span style="letter-spacing: -0.15pt">names.</span></p>

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

<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span id="part1"></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="item1"></span>Item 1. 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item2"></span>Item 2. 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"></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="item3"></span>Item 3. Key Information</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: 36pt"/><td style="width: 18pt"><b><i>A.</i></b></td><td style="text-align: justify"><b><i>[Reserved]</i></b></td></tr></table>

<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. 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; 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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

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


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    <!-- 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; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>D.
Risk Factors</i></b></span></p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Below
is a summary of the principal factors that make an investment in our common shares 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>&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
General dry bulk market conditions, including seasonal fluctuations and fluctuations in charter hire rates, vessel values, vessel supply,
and need and demand for vessels and for dry bulk products;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
General economic, financial, political and business conditions and disruptions, including counterparty risk, competition, inflation,
sanctions, public health, piracy, terrorist attacks and other measures;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Compliance with, and our liabilities under, governmental, tax, environmental, ESG and safety laws and regulations;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Changes in governmental regulation, tax and trade matters and actions taken by regulatory authorities;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Capital expenditures and other costs necessary to operate and maintain and our vessels and to replace our vessel as they age;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Operational risks and labor interruptions;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Potential funding calls by our protection and indemnity clubs, and our insurers and our clubs may not cover losses or otherwise have
sufficient resources to cover claims;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Increases in operating costs, including crew costs and fuel prices;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Arrest or requisition of our vessels;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Conducting business in China and changes in the economic, regulatory and political environment in the Asia Pacific region;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Fraud, fraudulent and illegal behavior, including the smuggling of drugs or other contraband onto our vessels;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Attracting and retaining key management personnel and other employees, and managing growth and improving our operating and financial
systems and recruiting suitable employees;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Refinancing our existing indebtedness or obtaining additional financing, and compliance with covenants in existing financing arrangements;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Reliance on short-term or spot charters in volatile shipping markets and not benefiting from long-term charters;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Contracts for newbuilding vessels presenting certain economic and other risks;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; 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: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Reliance on information systems and potential security breaches;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
A limited number of financial institutions may hold our cash;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Purchasing and operating secondhand vessels may result in increased operating costs and reduced fleet utilization;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Ability to provide reports as to the effectiveness of our internal control over financial reporting;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
We depend upon a few significant customers for a large part of our revenues;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Fluctuations in foreign currency exchange and interest rates;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Effects of U.S. federal tax law on us and our shareholders;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Compliance with economic substance requirements;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Volatility of our stock price and dilution of shareholders;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Whether an active and liquid stock market will exist and/or remain and our common shares could be delisted from Nasdaq;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Our ability to declare and pay dividends; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Anti-takeover provisions of our articles of incorporation and bylaws and shareholders rights agreement.</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Risks
relating to Our Industry</span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
international dry bulk shipping industry is cyclical and volatile. </i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. For more information
see &#8220;&#8212;The dry bulk vessel charter market remains significantly below its high in 2008.&#8221; Currently all 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. For
more information, see &#8220;&#8212;We depend on short-term or spot charters in volatile shipping markets.&#8221; 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.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">supply
                                            of and demand for energy resources, commodities, and semi-finished consumer and industrial
                                            products and the location of consumption versus the location of their regional and global
                                            exploration production or manufacturing facilities;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            globalization of production and manufacturing;</span></td></tr></table>

<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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">port
                                            and canal congestion charges;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
                                            dry bulk shipping market conditions, including fluctuations in charter hire rates and vessel
                                            values and demand for and production of dry bulk products;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">global
                                            and regional economic and political conditions, including exchange rates, trade deals, trade
                                            disputes or the imposition of tariffs on various commodities or finished goods, conflicts
                                            and wars (including the Ukraine conflict, the war between Israel and Hamas or the Houthi
                                            crisis in the Red Sea), and the rate and geographic distributions of economic growth;</span></td></tr></table>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in seaborne and other transportation patterns, including the distance dry bulk cargoes are
                                            to be moved by sea;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">embargoes
                                            and strikes;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">natural
                                            disasters and weather; and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">public
                                            health threats, pandemics, such as COVID-19 (and various variants that may emerge), epidemics
                                            and other disease outbreaks and governmental responses thereto.</span></td></tr></table>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            size of the newbuilding orderbook;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            price of steel and vessel equipment;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">technological
                                            advances in vessel design and capacity;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            number of newbuild deliveries, which among other factors relates to the ability of shipyards
                                            to deliver newbuilds by contracted delivery dates and the ability of purchasers to finance
                                            such newbuilds;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            scrapping rate of older vessels;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            availability of financing for new vessels and shipping activity;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">vessel
                                            casualties; and</span></td></tr></table>

<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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            number of vessels that are out of service, namely those that are laid-up, dry docked, awaiting
                                            repairs, or otherwise not available for hire.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">port
                                            and canal congestion, speed of vessel operation and waiting times;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            number of vessels that are in or out of service, including due to vessel casualties; and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 style="width: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in national or international regulations (including, but not limited to, environmental regulations)
                                            that may limit the useful lives of vessels and effectively cause reductions in the carrying
                                            capacity of vessels.</span></td></tr></table>

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

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

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

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

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


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<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"><b><i>&#160;</i></b></p>

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

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

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. In the following years volatility was less extreme, although there were still multiple instances where
the index decreased or increased by more than 50% in short periods of time. In 2023, the BDI ranged from a low of 530 on February 16,
2023 to a high of 3,346 on December 4, 2023. In 2024 through March 13, 2024, the BDI ranged from a high of 2,377 on March 11, 2024 to
a low of 1,308 on January 17, 2024, but, due to its volatile nature, there can be no assurance of the future performance of the BDI.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decline from historic highs and volatility in charter rates following 2008 is due to various factors, including the over-supply of dry
bulk vessels, the lack of trade financing for purchases of commodities carried by sea, which resulted in a significant decline in cargo
shipments, and trade disruptions caused by natural or other disasters, such as those that resulted from the dam collapse in Brazil in
2019 and the outbreak of the coronavirus infection in China. Following Russia&#8217;s invasion of Ukraine in February 2022, the U.S.,
the EU, the UK, and other countries have imposed sanctions against Russia and certain disputed regions of Ukraine. The sanctions imposed
by the U.S. and other countries against Russia include, among others, restrictions on selling or importing goods, services, or technology
in or from affected regions, travel bans, and asset freezes impacting connected individuals and political, military, business, and financial
organizations in Russia, severing large Russian banks from U.S. and/or other financial systems, and barring some Russian enterprises
from raising money in the U.S. market. The U.S., the EU, and other countries could impose wider sanctions and take other actions. The
war in Ukraine has resulted in higher freight market volatility and while the initial effect on the dry bulk freight market was positive,
the long-term effects so far remain unclear. More recently, the war between Israel and Hamas has resulted in increased tensions in the
Middle East region, including missile attacks by the Houthis on vessels in the Red Sea.</span></p>

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

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

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
international shipping industry and dry bulk market are highly competitive.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 independent and state-owned 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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also face competition from companies with more modern vessels with more fuel-efficient designs than our current vessels. Competition
from more technologically advanced vessels could adversely affect the chartering opportunities available to us and the charter rates
we will be able to negotiate, therefore adversely affecting our business, operating results, cash flows, and financial condition, while
also significantly decreasing the resale value of our vessels.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Political
instability, terrorist or other attacks, war and international hostilities could affect our business, results of operations, cash flows
and financial condition</i></b></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, operating results, cash flows, financial
conditions, and available cash may be adversely affected by changing economic, political, and governmental conditions in the countries
and regions in which our vessels or other vessels we may acquire are employed or registered. We operate in a sector of the economy that
is likely to be adversely impacted by the effects of political conflicts, including the war
between Ukraine and Russia and between Israel and Hamas, Russia and NATO tensions, China and Taiwan disputes, United States and China
trade relations, instability between Iran and the West, hostilities between the United States and North Korea, political unrest and conflicts
in the Middle East, the South China Sea region, the Red Sea region (including missile attacks controlled by the Houthis on vessels transiting
the Red Sea), and other countries and geographic areas, geopolitical events, such as Brexit, terrorist or other attacks (or threats thereof)
around the world, and war (or threatened war) or international hostilities.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
continuing war and recent developments in Ukraine, the Middle East, including tensions between the U.S. and Iran, the war between Israel
and Hamas and the conflict in the Red Sea, 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, Israel and Hamas, 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.
These uncertainties could also adversely affect our ability to obtain additional financing on terms acceptable to us or at all.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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 and the length and breadth of which remains highly unpredictable,
may lead to further regional and international conflicts or armed action. This conflict has disrupted supply chains and caused instability
and significant volatility in the global economy, with effects on shipping freight rates, which have experienced volatility. 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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, including
removing Russian-based financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system and
restricting imports of Russian oil, liquefied natural gas, and coal. 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 currently 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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ongoing conflict between Russia and Ukraine could result in the imposition of further economic sanctions by the United States, the United
Kingdom, the European Union, or other countries against Russia, trade tariffs, or embargoes with uncertain impacts on the markets in
which we operate. In addition, the U.S. and certain other North Atlantic Treaty Organization (NATO) countries have been supplying Ukraine
with military aid. U.S. officials have also warned of the increased possibility of Russian cyberattacks, which could disrupt the operations
of businesses involved in the dry bulk industry, including ours, and could create economic uncertainty particularly if such attacks spread
to a broad array of countries and networks. Although Ukraine and Russia reached an agreement to extend an arrangement allowing shipment
of grain from Ukrainian ports through a humanitarian corridor in the Black Sea in November 2022, Russia terminated this agreement in
July 2023. While much uncertainty remains regarding the global impact of the war in Ukraine, it is possible that such tensions could
adversely affect our business, financial condition, operating results, and cash flows.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the intensity and duration of the recently declared war between Israel and Hamas is difficult to predict and its impact on the world
economy and our industry is uncertain. While much uncertainty remains regarding the global impact of the war between Israel and Hamas,
it is possible that such tensions could result in the eruption of further hostilities in other regions, including the Red Sea, and could
adversely affect our business, financial conditions, operating results, and cash flows.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 ongoing war in Ukraine has previously resulted in missile attacks
on commercial vessels in the Black Sea and the recent outbreak of conflict in the Red Sea has also resulted in missile attacks on vessels.
Acts of terrorism and piracy have also affected vessels trading in regions such as the Gulf of Guinea, the Red Sea, the
Gulf of Aden off the coast of Somalia, and the Indian Ocean. <span style="font-size: 10pt">The International Maritime Organization&#8217;s
(&#8220;IMO&#8221;) 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.</span></span></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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
current state of the world financial market and current economic conditions could have a material adverse impact on our results of operations,
financial condition and cash flows, and could cause the market price of our common shares to decline.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various
macroeconomic factors, including rising inflation, higher interest rates, global supply chain constraints, and the effects of overall
economic conditions and uncertainties, such as those resulting from the current and future conditions in the global financial markets,
could adversely affect our business, results of operations, financial condition, and ability to pay dividends. Inflation and rising interest
rates may negatively impact us by increasing our operating costs and our cost of borrowing. Interest rates, the liquidity of the credit
markets, and the volatility of the capital markets could also affect the operation of our business and our ability to raise capital on
favorable terms, or at all. Adverse economic conditions also 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 vessels and other vessels we may acquire. In addition, the
cost for crew members, oils and bunkers, and other supplies may increase. Furthermore, 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. As a result, downturns in the worldwide economy could have a material
adverse effect on our business, results of operations, financial condition, and ability to pay dividends.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
world economy continues to face a number of actual and potential challenges, including the war between Ukraine and Russia and between
Israel and Hamas, tensions in the Red Sea or Russia and NATO tensions, China and Taiwan disputes, the United States and China trade relations,
instability between Iran and the West, hostilities between the United States and North Korea, political unrest and conflict in the Middle
East, the South China Sea region, and other geographic countries and areas, terrorist or other attacks (including threats thereof) around
the world, war (or threatened war) or international hostilities, and epidemics or pandemics, such as COVID-19 and its variants, and banking
crises or failures, such as the recent Silicon Valley Bank, Signature Bank, and First Republic Bank failures. See also &#8220;&#8212;Pandemics
such as the coronavirus (COVID-19) may 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.&#8221; In addition, the continuing war in Ukraine, the length and breadth of which remains highly unpredictable,
has led to increased economic uncertainty amidst fears of a more generalized military conflict or significant inflationary pressures,
due to the increases in fuel and grain prices following the sanctions imposed on Russia. Furthermore, it is difficult to predict the
intensity and duration of the war between Israel and Hamas or the Houthi rebel attacks on shipping in the Red Sea and their impact on
the world economy is uncertain. If such conditions are sustained, the longer-term net impact on the dry bulk market and our business
would be difficult to predict with any degree of accuracy. Such events may have unpredictable consequences and contribute to instability
in the global economy or cause a decrease in worldwide demand for certain goods and, thus, shipping.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Europe, concerns regarding the possibility of sovereign debt defaults by European Union, or EU, member countries, although generally
alleviated, have in the past disrupted financial markets throughout the world, and may lead to weaker consumer demand in the EU, the
U.S., and other parts of the world. The withdrawal of the UK from the EU, or 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.</span></p>

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

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

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

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the recent economic slowdown in the Asia Pacific region, particularly in China, may exacerbate the effect of the weak
economic trends in the rest of the world. Before the global economic financial crisis that began in 2008, China had one of the
world&#8217;s fastest growing economies in terms of gross domestic product, or GDP, which had a significant impact on shipping
demand. China&#8217;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. For the year ended December 31,
2023, China&#8217;s GDP growth rate was claimed by China to have recovered to 5.2%, but the economy continues to be weighed down by
the ongoing crisis in the property market. It is possible that China and other countries in the Asia Pacific region will continue to
experience volatile, slowed, or even negative economic growth in the near future. Changes in the economic conditions of China, and
changes in laws or policies adopted by its government or the implementation of these laws and policies by local authorities,
including with regards to tax matters and environmental concerns (such as achieving carbon neutrality), could affect vessels that
are either chartered to Chinese customers or that call to Chinese ports, vessels that undergo drydocking at Chinese shipyards and
Chinese financial institutions that are generally active in ship financing, and could have a material adverse effect on our
business, operating results, cash flows, and financial condition.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
governments may turn to trade barriers to protect their domestic industries against foreign imports, thereby depressing shipping demand.
There is significant uncertainty about the future relationship between the United States, China, and other exporting countries, including
with respect to trade policies, treaties, government regulations, and tariffs. Protectionist developments, or the perception that they
may occur, may have a material adverse effect on global economic conditions, and may significantly reduce global trade. Moreover, increasing
trade protectionism may cause an increase in (i) the cost of goods exported from regions globally, particularly from the Asia-Pacific
region, (ii) the length of time required to transport goods, and (iii) the risks associated with exporting goods. Such increases may
further reduce the quantity of goods to be shipped, shipping time schedules, voyage costs, and other associated costs, which could have
an adverse impact on our charterers&#8217; business, operating results, and financial condition and could thereby affect their ability
to make timely charter hire payments to us and to employ our vessels. This could have a material adverse effect on our business, operating
results, and financial condition.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
markets in the United States and Europe have in the past experienced significant contraction, deleveraging, and reduced liquidity, and
there is a risk that the U.S. federal government and state governments and European authorities may continue to implement a broad variety
of governmental action and/or introduce new financial market regulations. Global financial markets and economic conditions have been,
and continue to be, volatile and we face risks associated with the trends in the global economy, such as changes in interest rates, instability
in the banking and securities markets around the world, the risk of sovereign defaults, and reduced levels of growth, among other factors.
Major market disruptions and the current adverse changes in market conditions and regulatory climate worldwide may adversely affect our
business and operating results or impair our ability to borrow under our current financial arrangements or future financial arrangements
we may enter into contemplating borrowing from the public and/or private equity and debt markets. Many lenders have increased interest
rates, enacted tighter lending standards, refused to refinance existing debt at all or on terms similar to current debt and reduced (or
in some cases ceased to provide) funding to borrowers and other market participants, including equity and debt investors and, in some
cases, have been unwilling to provide financing on attractive terms or even at all. Due to these factors, we cannot be certain that financing
will be available if needed and to the extent required, on acceptable terms or at all. In the absence of available financing or financing
on favorable terms, we may be unable to complete vessel acquisitions, take advantage of business opportunities, or respond to competitive
pressures.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
over-supply of dry bulk carrier capacity may depress charter rates.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market supply of vessels generally increases with deliveries of new vessels and decreases with the recycling of older vessels, conversion
of vessels to other uses, such as floating production and storage facilities, and loss of tonnage as a result of casualties. 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 recent years,
the market supply of dry bulk vessels had increased due to the high level of new deliveries. Dry bulk newbuildings were delivered in
significant numbers starting at the beginning of 2006 and continued to be delivered in significant numbers through 2017. In addition,
the dry bulk newbuilding orderbook, extending up to 2028, was approximately 8.66% of the existing world dry bulk fleet as of December
31, 2023, according to Clarksons Research, and the orderbook may increase further in proportion to the existing fleet. 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 the
coming year whether the number of worldwide dry bulk carrying capacity, net of scrapped vessels, will increase.</span></p>

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

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

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


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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"></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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
industry is subject to complex laws and regulations.</i></b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 IMO&#8217;s 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 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 off hire 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.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 financial arrangements
that require that our vessels be ISM-Code certified. If we breach such covenants due to failure to maintain ISM Code certification and
are unable to remedy the relevant breach, our lenders could accelerate our indebtedness and foreclose on the vessels in our fleet securing
our financial arrangements or otherwise terminate charters for any sale and leaseback transaction to which we are a party. As of the date
of this annual report on Form 20-F, each of our vessels is ISM Code-certified.</span></p>

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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reactions
to climate change may impose additional requirements.</span></p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
on January 1, 2024 the EU Emissions Trading Scheme, or the ETS, for ships sailing into and out of EU ports came into effect, and the
FuelEU Maritime Regulation is expected to come into effect on January 1, 2025. The ETS is to apply gradually over the period from 2024
to 2026. 40% of allowances would have to be surrendered in 2025 for the year 2024; 70% of allowances would have to be surrendered in
2026 for the year 2025; and 100% of allowances would have to be surrendered in 2027 for the year 2026. Compliance is to be on a companywide
(rather than per ship) basis and &#8220;shipping company&#8221; is defined widely to capture both the ship owner and any contractually
appointed commercial operator/ship manager/bareboat charterer who not only assume full compliance for ETS but also under the ISM Code.
If the latter contractual arrangement is entered into this needs to be reflected in a certified mandate signed by both parties and presented
to the administrator of the scheme. 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). Furthermore, the newly passed EU Emissions Trading Directive 2023/959/EC makes clear that all maritime allowances would be auctioned
and there will be no free allocation. 78.4 million emissions allowances are to be allocated specifically to maritime. If we do not have
allowances, we will be forced to purchase allowances from the market, which can be costly, especially if other shipping companies are
similarly looking to do the same. New systems, personnel, data management systems, costs recovery mechanisms, revised service agreement
terms and emissions reporting procedures will have to be put in place, at significant cost, to prepare for and manage the administrative
aspect of ETS compliance. The cost of compliance, and of our future EU emissions and costs to purchase an allowance for emissions (if
we must purchase in order to comply) are unknown and difficult to predict, and are based on a number of factors, including the size of
our fleet, our trips within and to and from the EU, and the prevailing cost of allowances.</span></p>

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

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
operations may be adversely impacted by severe weather, including as a result of climate change.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tropical
storms, hurricanes, typhoons, and other severe maritime weather events could result in the suspension of operations at the planned ports
of call for our vessels and other vessels we may acquire and require significant deviations from planned routes. In addition, climate
change could result in an increase in the frequency and severity of these extreme weather events. The closure of ports, rerouting of
vessels, damage of production facilities, as well as other delays caused by increasing frequency of severe weather, could stop operations
or shipments for indeterminate periods and have a material adverse effect on our business, operating results, and financial condition.</span></p>

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, and the supply and demand for dry bulk commodities. 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.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital
expenditure and other costs necessary to operate and maintain our vessels may increase.</i></b></span></p>

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
insurance may not be adequate to cover our losses that may result from our operations.</i></b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
insurers have over the last few years increased premiums and reduced or restricted coverage for losses caused by terrorist acts generally.</span></p>

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

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

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


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<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; text-align: justify"></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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,
market disruptions, delays, and rerouting and could also subject us to litigation. Epidemics and other public health incidents may also
lead to crew member illness, which can disrupt the operations of our vessels or other vessels we may acquire, or result in the imposition
of public health measures, which may prevent our vessels or other vessels we may acquire from calling on ports or discharging cargo in
the affected areas or in other locations after having visited the affected areas.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. The ongoing conflict in Ukraine has previously resulted in missile attacks on commercial
vessels in the Black Sea and the recent outbreak of conflict in the Red Sea has also resulted in missile attacks on vessels. Acts of
terrorism and piracy have also affected vessels trading in regions such as the South China Sea, the Gulf of Guinea region off the coast
of Nigeria, which has experienced increased incidents of piracy in recent years, the Red Sea, the Gulf of Aden off the Coast of Somalia
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 between Israel and Hamas, 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.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our vessels or other vessels we may acquire suffer damage, they may need to be repaired at a drydocking facility. The time and costs
of repairs are unpredictable and may be substantial. We may have to pay repair costs that our insurance does not cover in full. The loss
of earnings while our vessels or other vessels we may acquire are being repaired and repositioned, as well as the actual cost of these
repairs and repositioning, would decrease our earnings. In addition, space at drydocking facilities is sometimes limited and not all
drydocking facilities are conveniently located. We may be unable to find space at a suitable drydocking facility and be forced to travel
to a drydocking facility that is not conveniently located to our vessels&#8217; positions. The loss of earnings while these vessels are
forced to wait for space or to travel to more distant drydocking facilities, or both, would decrease our earnings.</span></p>

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

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

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


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<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; 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">&#160;</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"><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.</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>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">&#160;</p>


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<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"><b><i></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, the imposition of new regulations adopted by the IMO, war and unrest
in oil producing countries and regions, regional production patterns and environmental concerns. While fuel prices remained generally
lower in 2023 as compared to 2022, 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.</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>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&#8217;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 our financial arrangements, 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>

<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 that 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.</p>

<p style="font: 10pt Times New 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>

<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.
Although 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 of such compensation 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">&#160;</p>


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<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"></p>

<p style="font: 10pt Times New 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, for example 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 our existing financial arrangements 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.</p>

<p style="font: 10pt Times New 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>

<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&#8217;s GDP growth rate for the year ended December 31, 2023 was approximately 5.2% according to China. 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"></p>

<p style="font: 10pt Times New 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><i>Pandemics such
as the coronavirus (COVID-19) may 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></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">Global public health
threats, such as the COVID-19 outbreak, and its variants, influenza, and other highly communicable diseases or viruses, outbreaks of
which have from time to time occurred in various parts of the world in which we operate, including China, could disrupt global financial
markets and economic conditions and adversely impact our operations, the timing of completion of any outstanding or future newbuilding
projects, as well as the operations of our charterers and other customers. For example, the outbreak of COVID-19 caused severe global
disruptions, with governments in affected countries imposing travel bans, quarantines, and other emergency public health measures. Companies
have also taken precautions, such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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. 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, reduced in the beginning of 2023 and rebounded towards the end 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. Although the incidence and
severity of COVID-19 and its variants have diminished over time, periodic spikes in incidence occur and similar restrictions, and future
prevention and mitigation measures against outbreaks of epidemic and pandemic diseases, are likely to have an adverse impact on global
economic conditions, which could materially and adversely affect our future operations. As a result of such measures, our vessels and
other vessels we may acquire may not be able to call on or disembark from ports located in regions affected by the outbreak. In addition,
we may experience severe operational disruptions and delays, unavailability of normal port infrastructure and services including limited
access to equipment, critical goods and personnel, disruptions to crew changes, quarantine of ships or crew, counterparty solidity, closure
of ports and custom offices, as well as disruptions in the supply chain and industrial production, which may lead to reduced cargo demand,
among other potential consequences attendant to epidemic and pandemic diseases. 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.</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">The extent to which
our business, operating results, cash flows, financial condition, financings, value of our vessels or other vessels we may acquire, and
ability to pay dividends may be negatively affected by a resurgence of COVID-19 or future pandemics, epidemics, or other outbreaks of
infectious diseases is highly uncertain and will depend on numerous evolving factors that we cannot predict, including, but not limited
to, (i) the duration and severity of the infectious disease outbreak; (ii) the imposition of restrictive measures to combat the outbreak
and slow disease transmission; (iii) the introduction of financial support measures to reduce the impact of the outbreak on the economy;
(iv) shortages or reductions in the supply of essential goods, services, or labor; and (v) fluctuations in general economic or financial
conditions tied to the outbreak, such as a sharp increase in interest rates or reduction in the availability of credit. We cannot predict
the effect that an outbreak of a new COVID-19 variant or strain, or any future infectious disease outbreak, pandemic, or epidemic may
have on our business, operating results, cash flows, and financial condition, which could be material and adverse.</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"><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></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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. Additionally, in July 2023, IMO adopted the 2023 IMO Strategy on Reduction
of GHG Emissions from Ships, which identifies a number of levels of ambition, including (1) decreasing the carbon intensity from ships
through the implementation of further phases of EEDI for new ships; (2) reducing carbon dioxide emissions per transport work, as an average
across international shipping, by at least 40% by 2030, and (3) pursuing net-zero GHG emission by or around 2050. 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.</span></p>

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

<p style="font: 12pt 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">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 3.4% percent from December 2022 to
December 2023. 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. 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.
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>

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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>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 a company&#8217;s 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 impact on climate change and human rights, ethics and compliance with laws, 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 societal 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 don&#8217;t have
any vessels flagged in the EU, but in the future we may have 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; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 6, 2024, the SEC adopted final rules to enhance
and standardize climate-related disclosures by public companies and in public offerings. The final rules will become effective 60 days
following publication of the adopting release in the Federal Register. As a non-accelerated filer, we will be required to provide the
enhanced climate-related disclosures in our annual reports for the year ending December 31, 2027. Costs of compliance with these new rules
may be significant and may have a material adverse effect on our future performance, results of operations, cash flows and financial position.</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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b><i>The smuggling
of drugs or other contraband onto our vessels may lead to governmental claims against us.</i></b></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 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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><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"><b><i>Labor interruptions
could disrupt our business.</i></b></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">Our vessels are manned
by masters, officers and crews (totaling 135 as of December 31, 2023). 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.</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"><span style="font-size: 10pt"><b><span style="text-decoration: underline">Company-Specific Risk Factors</span></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b><i>&#160;</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"></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">The fair market values
of our vessels and other vessels we may acquire are related to prevailing freight charter rates. While the fair market value of vessels
and the freight charter market have a very close relationship as the charter market moves from trough to peak, the time lag between the
effect of charter rates on market values of ships can vary. A decrease in the market value of our vessels and other vessels we may acquire
could require us to raise additional capital in order to remain compliant with our loan covenants or the covenants in the other financing
agreements and could result in the loss of our vessels and other vessels we may acquire (including, through foreclosure by our lenders
and lessors) and adversely affect our earnings and financial condition.</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">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.</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">The market value of
our vessels may increase and decrease depending on a number of factors including:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><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"><span style="font-size: 10pt">prevailing
    level of charter rates;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">the environmental friendliness of our vessels;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">general economic and market conditions
    affecting the shipping industry, including relating to COVID-19 and the Ukraine conflict and related sanctions;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">competition from other shipping companies;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">configurations, sizes and ages of
    vessels;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">sophistication
    and condition of vessels;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><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"><span style="font-size: 10pt">advances
    in efficiency, such as introduction of autonomous vessels;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">supply and demand for vessels;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">other modes of transportation;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">cost and number of newbuildings;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">ability
    of buyers to access financing and capital;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><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"><span style="font-size: 10pt">number
    of vessels scrapped or otherwise removed from the world fleet;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><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"><span style="font-size: 10pt">lifetime
    maintenance record;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><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"><span style="font-size: 10pt">the cost
    of retrofitting or modifying existing ships to respond to technological advances in vessel design or equipment, changes in applicable
    environmental or other regulations or standards, or otherwise;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="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"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">technological advances.</span></td></tr>
  </table>
<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">In addition, as vessels
grow older, they generally decline in value. 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 six 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 any financing arrangements may 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></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">As of December 31,
2023, we were in compliance with 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.</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">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 CIT Loan Facility or future financing arrangements we may enter into. If we breach the financial
and other covenants under our financial arrangements, our lenders or capital providers could accelerate our indebtedness, or require
us to pay down our indebtedness to a level where we regain compliance with such covenants, and/or foreclose on vessels in our fleet or
terminate a bareboat charter in the case where we have a sale and leaseback transaction, 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.</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 a more detailed
discussion on our loan covenants and cross-default provisions, see &#8220;Item 5.B Liquidity and Capital Resources&#8212;Indebtedness&#8212;CIT
Loan Facility.&#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">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.</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">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.</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; background-color: white"><span style="font-size: 10pt"><b><i>We
may not be able to attract and retain key management personnel and other employees in the shipping industry.</i></b></span></p>

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

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

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

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


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    <!-- Field: /Page -->

<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; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-size: 10pt"><b><i>Our
financial arrangements contain, 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 existing loan
agreement and the expectation that such may exist in any future financing arrangements, a default by us under one loan could lead to
defaults under multiple loans.</i></b></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">Our CIT Loan Facility
contains, and future financing arrangements may 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><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">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.</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">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), which are currently
present in our CIT Loan Facility. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><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">Our CIT Loan Facility
contains, and any financing agreements we may enter into in the future may contain, cross-default provisions, pursuant to which 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 any other loans and financing agreements we have entered into.</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">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 financing arrangements. For more information regarding our current financing
arrangements, see 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; text-indent: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b><i>We cannot assure you that we will
be able to refinance our existing indebtedness or obtain additional financing.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><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 currently have secured
indebtedness under one loan agreement and are also party to one sale and leaseback transaction. For more information on our existing
financing arrangements, please see &#8220;Item 5.B. Liquidity and Capital Resources&#8212;Indebtedness.&#8221; We may finance future
fleet expansion with additional secured indebtedness or sale and leaseback arrangement or similar structures. 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.</span></p>

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

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


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<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"><b><i>&#160;</i></b></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently charter most of the vessels in our fleet 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. Index-linked charters, regardless of the length of charter, reflect similar rate volatility as spot/voyage rates, as they
are usually dependent on market conditions that may be volatile, although the index-linked hire rate may enable us to capture
increased profit margins during periods of improvements in vessel charter rates. We cannot give assurances that future available
short-term spot charters or index-linked charters will enable us to operate our vessels profitably.</span></p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Index-linked charters, regardless
of the length of charter, reflect similar rate volatility as spot/voyage rates, as the hire changes depending on then existing market
conditions that may be volatile, 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.</span></p>

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

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

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

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

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

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


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
conduct a substantial amount of business in China.</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Four
of our subsidiaries have contracts for the construction of four Ultramaxes for anticipated delivery in 2024-2026. 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
four 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.</span></p>

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

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

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


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<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"></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>The aging of
our fleet may result in increased operating costs in the future.</i></b></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">In general, the cost
of maintaining a vessel in good operating condition increases with the age of the vessel. As of December 31, 2023 and 2022, the weighted
average age of the vessels in our fleet was 11.2 years. Our oldest vessel was built in 2007, and our youngest vessel was built in 2024.
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, which could result in lower utilization
and, therefore, lower revenues. 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.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b><i>We may have difficulty
managing our planned growth properly.</i></b></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">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.</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 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 ability to manage our planned growth will primarily depend on our ability
to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">generate
    excess cash flow so that we can invest without jeopardizing our ability to cover current and foreseeable working capital needs;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><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"><span style="font-size: 10pt">finance
    our operations;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><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"><span style="font-size: 10pt">identify
    opportunities to enter other seaborne transportation sectors;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">locate and acquire suitable vessels;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">identify and consummate acquisitions
    and/or joint ventures;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">enhance our customer base;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">integrate
    any acquired businesses or vessels, including those operating in sectors in which we do not currently operate, successfully with
    our existing operations;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt"></span></p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">hire,
    train, and retain qualified personnel and crew to manage and operate our growing business and fleet; and</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
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    <td style="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: 12pt Times New Roman, Times, Serif; margin: 0"><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">A delay in the delivery
to us of any new 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:</span></p>

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


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<p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

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<tr style="vertical-align: top">
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    <td style="padding-right: 0.8pt; text-align: justify; width: 92%"><span style="font-size: 10pt">work stoppages or other hostilities
    or political or economic disturbances that disrupt the operations of the shipyard;</span></td></tr>
</table>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">quality or engineering problems;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">bankruptcy or other financial crisis
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">a backlog of orders at the shipyard;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">weather interference or catastrophic
    events, such as major earthquakes or fires;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">our requests for changes to the original
    vessel specifications or disputes with the shipyard;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">shortages of or delays in the receipt of necessary
    construction materials, such as steel; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><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">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.</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">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.</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">Furthermore, 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.</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">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. 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. 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.</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">To the extent we scrap
or sell vessels, we may decide to terminate the employment of some of our staff.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><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"><b><i>Legislative or
regulatory changes in Greece may adversely affect our results from operations.</i></b></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">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.</span></p>

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


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<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"><span style="font-size: 10pt">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.</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">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.</span></p>

<p style="font: 10pt/12.55pt 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-size: 10pt"><b><i>Changing
laws and evolving reporting requirements could have an adverse effect on our business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-size: 10pt">Changing
laws, regulations, and standards relating to reporting requirements, including the EU General Data Protection Regulation, or GDPR, may
create additional compliance requirements for us.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-size: 10pt">GDPR
broadens the scope of personal privacy laws to protect the rights of EU citizens and requires organizations to report on data breaches
within 72 hours and be bound by more stringent rules for obtaining the consent of individuals on how their data can be used. GDPR was
enforced on May 25, 2018, and non-compliance exposes entities to significant fines or other regulatory claims which could have an adverse
effect on our business, financial condition, and operations.</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"><span style="font-size: 10pt"><b><i>A cyber-attack or our information
systems otherwise not properly working could materially disrupt our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><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 rely on information
technology systems and networks in our operations and administration of our business. Information systems are vulnerable to security
breaches by computer hackers and cyber terrorists. The safety and security of our vessels or other vessels we may acquire as well as
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. Despite our cybersecurity measures, a successful cyber-attack, including as a result of spam, targeted
phishing-type emails, and ransomware attacks, or other breach of or significant interruption or failure of our information technology
systems, 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.</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">Additionally, any changes
in the nature of cyber threats might require us to adopt additional procedures for monitoring cybersecurity, which could require additional
expenses and/or capital expenditures. 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 a threat and any potential impact at this time.</span></p>

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

<p style="font: 10pt 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"><p style="margin-top: 0; margin-bottom: 0"></p><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: left; width: 100%"><a href="#contents"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Table of Contents</span></span></a></td></tr></table><p style="margin-top: 0; margin-bottom: 0"></p><p style="margin-top: 0; margin-bottom: 0"></p></div>
    <!-- Field: /Page -->

<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"></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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b><i>Purchasing and
operating secondhand vessels may result in increased operating costs and reduced fleet utilization.</i></b></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">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.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><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"><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></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">As of December 31,
2023 and December 31, 2022, the vessels in our fleet had a weighted average age of 11.2 years, for both years. Our oldest vessel was
built in 2007, and our youngest vessel was built in 2024. 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;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"></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"><b><i>We depend upon
a few significant customers for a large part of our revenues.</i></b></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 may derive a significant
part of our revenue from a small number of customers. During the years ended December 31, 2023, 2022 and 2021, we derived substantially
all of our revenues from approximately 28, 37 and 23 customers, respectively, and approximately 55%, 39% and 47%, 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.</span></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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
could lose a customer or the benefits of a time charter if, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#8226;</td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#8226;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#8226;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we lose a key customer, we may be unable to obtain charters on comparable terms with charterers of comparable standing or we may have
increased exposure to the volatile 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.</span></p>

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

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

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generate substantially all of our revenues from the trading of our vessels in U.S. dollars, but during the years ended December 31, 2023,
2022 and 2021 we incurred approximately 30%, 30% and 31%, 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.</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
interest rates borne by our financing arrangements fluctuate 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. In particular, the interest provisions in our CIT Loan Facility and our sale and leaseback arrangement are based on Term
SOFR.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 1.45pt 10pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
increase in SOFR, including as a result of the interest rate increases effected by the United States Federal Reserve and the United States
Federal Reserve&#8217;s recent hike of U.S. interest rates in response to rising inflation, would affect the amount of interest payable
under our existing financing arrangement, which, in turn, could have an adverse effect on our profitability, earnings, cash flow and
ability to pay dividends. Furthermore, as a secured rate backed by government securities, SOFR may be less likely to correlate with the
funding costs of financial institutions. As a result, parties may seek to adjust spreads relative to SOFR in underlying contractual arrangements.
Therefore, the use of SOFR-based rates may result in interest rates and/or payments that are higher or lower than the rates and payments
that were expected when interest was based on LIBOR. If SOFR performs differently than expected or if our lenders insist on a different
reference rate to replace SOFR in the future, that could increase our borrowing costs (and administrative costs to reflect the transaction),
which would have an adverse effect on our profitability, earnings, and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 1.45pt 10pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 and have the potential to cause us to breach covenants
in our financing arrangements that require maintenance of certain financial positions and ratios.</span></p>


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<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"><span style="font-size: 10pt"><b><i>We may have to
pay tax on U.S. source shipping income.</i></b></span></p>

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

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

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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;</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">U.S. shareholders of
a PFIC are subject to a disadvantageous U.S. federal income tax regime with respect to the income derived by the PFIC, the distributions
they receive from the PFIC, and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC, unless
those shareholders make an election available under the Code (which election could itself have adverse consequences for such shareholders).
In particular, U.S. shareholders who are individuals would not be eligible for the preferential tax rate on qualified dividends. Please
read &#8220;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.</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">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 vessels that
we 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;</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">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.</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"></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;</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"><span style="font-size: 10pt">&#160;</span></p>


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<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; text-align: justify"></p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the U.S. Iran Threat Reduction Act (which was signed into law in 2012) amended the Securities Exchange Act of 1934, as amended, or 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.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
vessels may call on ports subject to economic sanctions or embargoes.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which is subject to substantial U.S. sanctions,
although not a comprehensive embargo. 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.</span></p>

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

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

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


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<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">&#160;&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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 and removed again in October 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&#8217;
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;</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 are a Marshall Islands
corporation with principal executive offices in Greece. Our management company is also a Marshall Islands entity. Most of our subsidiaries
are Marshall Islands entities, 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.</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">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 with respect to Marshall Islands Economic substance
requirements, revocation of the formation documents and dissolution of the applicable non-compliance Marshall Islands entity or 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. Accordingly, any implementation of, or changes to, any of
the economic substance regulations that impact us could increase the complexity and costs of carrying on business in these jurisdictions,
and thus could adversely affect our business, financial condition or results of operations.</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 do not know (i)
if the E.U. will once again add the Marshall Islands from the list of non-cooperative jurisdictions, or add Malta to that list; (ii)
what actions the Marshall Islands or Malta may take, if any, to remove itself from such list if it should be placed on the list of non-cooperative
jurisdictions; (iii) how quickly the E.U. would react to any changes in legislation of the Marshall Islands or Malta; or (iv) 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.</span></p>

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

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

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


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<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;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
international nature of our operations may make the outcome of any bankruptcy proceedings difficult to predict.</i></b></span></p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
stock price has been volatile and no assurance can be made that it will not substantially depreciate.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
stock price has been volatile recently. The closing price of our common shares within 2023 has ranged from a peak of $2.97 on December
22, 2023 to a low of $0.85 on September 5, 2023, representing a 71% difference. We can offer no comfort or assurance that our stock price
will stop being volatile or not substantially depreciate. Our stock price was $2.33 on March 13, 2024.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;investor
reaction to our business strategy;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;our
continued compliance with the listing standards of the Nasdaq Capital Market;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;regulatory
or legal developments in the United States and other countries, especially changes in laws or regulations applicable to our industry;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;variations
in our financial results or those of companies that are perceived to be similar to us;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;our
ability or inability to raise additional capital and the terms on which we raise it;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;our
dividend strategy;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;our
continued compliance with our debt covenants;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;variations
in the value of our fleet;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;declines
in the market prices of stocks generally;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;trading
volume of our common shares;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;sales
of our common shares by us or our shareholders;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;speculation
in the press or investment community about our Company or industry;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;general
economic, industry and market conditions; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">&#8226;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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.</span></p>


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><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"><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></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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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.</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">Our issuance of additional
common shares or other equity securities of equal or senior rank in these situations would have the following effects:</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#8226;	our existing
shareholders&#8217; proportionate ownership interest in us would decrease;</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#8226;	the proportionate
amount of cash available for dividends payable on our common shares could decrease;</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#8226;	the relative
voting strength of each previously outstanding common share could be diminished; and</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#8226;	the market
price of our common shares could decline.</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">In addition, we may
be obligated to issue, upon exercise or conversion of outstanding warrants pursuant to the terms thereof:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></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: 33pt"><span style="font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-size: 10pt">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;</span></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: 33pt"><span style="font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-size: 10pt">458,500
                                            common shares issuable upon exercise of outstanding June private placement 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;</span></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: 33pt"><span style="font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-size: 10pt">833,333
                                            common shares issuable upon exercise of outstanding July private placement 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;</span></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: 33pt"><span style="font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-size: 10pt">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;</span></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: 33pt"><span style="font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-size: 10pt">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</span></td></tr></table>

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


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    <!-- Field: /Page -->

<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%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 33pt"><span style="font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-size: 10pt">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.</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0"></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: 33pt"><span style="font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-size: 10pt">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.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">In addition:</span></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; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 18pt"/><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">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.</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0"></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 style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">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%.</span></td></tr></table>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><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">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 2023 has ranged from a peak of $2.97 on December 22, 2023 to a low of $0.85 on September 5, 2023, representing a 71% change. 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:</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; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in"><span style="font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
trading of our ships, and whether one or more ships are not trading or otherwise off hire;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in"><span style="font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;regulatory
or legal developments in the United States and other countries;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in"><span style="font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
recruitment or departure of key personnel;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in"><span style="font-size: 10pt">&#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;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in"><span style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in"><span style="font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;actual
or anticipated changes in estimates as to financial results or recommendations by securities analysts;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in"><span style="font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;announcement
or expectation of additional financing efforts;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in"><span style="font-size: 10pt">&#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;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in"><span style="font-size: 10pt">&#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;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in"><span style="font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;changes
in estimates or recommendations by securities analysts, if any, that cover our stock;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in"><span style="font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;market
conditions in the shipping industry and dry bulk sector; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in"><span style="font-size: 10pt">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;general
economic, industry, and market conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 2.45pt 0 0; text-align: justify"><span style="font-size: 10pt">The closing
price of our common shares was $2.97 on December 22, 2023 to and $0.85 on September 5, 2023. In addition, there has been volatility for
our intra-day common share price. For example, the high and low intra-day prices on October 19, 2023 were $2.29 and $1.63, respectively,
and the high and low intra-day prices on December 1, 2023 were $2.50 and $1.96, 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; text-indent: 36pt"><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">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.</span></p>

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

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

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

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

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

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b><i>Our common shares
could be delisted from Nasdaq, which could affect their market price and liquidity.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (most recently on July
12, 2023), a written notification from Nasdaq, indicating that because the closing bid price of our common shares for the last 30 consecutive
business days was below $1.00 per share, we no longer meet the minimum bid price continued listing requirement for Nasdaq, as set forth
in Nasdaq Listing Rule 5450(a)(1). On some occasions we were able to regain compliance within the grace period prescribed by Nasdaq pursuant
to a reverse stock split. 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 financing arrangements, which contain 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.</span></p>

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


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    <!-- Field: /Page -->

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if we, within a two year period, conduct reverse stock splits with a cumulative ratio of 250:1 or more, or if the closing bid
price of our common shares is $0.10 or less for a period of ten consecutive trading days during any bid compliance period, then Nasdaq
will immediately initiate delisting procedures.</span></p>

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
instance, the CIT Loan Facility presently prohibits our declaration and payment of dividends under certain circumstances. Please read
&#8220;Item 5.B. Liquidity and Capital Resources&#8212;Indebtedness&#8221; for further information.</span></p>

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">the rates we obtain from our charters
    as well as the rates obtained upon the expiration of our existing charters;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">the level of our operating costs;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><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>
  </table>

<p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p>

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    <div style="break-before: page; margin-top: 6pt"><p style="margin-top: 0; margin-bottom: 0"></p><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: left; width: 100%"><a href="#contents"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Table of Contents</span></span></a></td></tr></table><p style="margin-top: 0; margin-bottom: 0"></p><p style="margin-top: 0; margin-bottom: 0"></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>

<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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">vessel acquisitions and related financings;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">restrictions in our current and future
    debt arrangements;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">our ability to obtain debt and equity
    financing on acceptable terms as contemplated by our growth strategy;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">prevailing global and regional economic
    and political conditions;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">the effect of governmental regulations
    and maritime self-regulatory organization standards on the conduct of our business;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">our overall financial condition;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">our cash requirements and availability;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">the amount of cash reserves established
    by our board of directors; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">restrictions under Marshall Islands
    law.</span></td></tr>
  </table>
<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">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.</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 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.</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">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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><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"><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></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 are a holding company
and our subsidiaries, which are all directly and wholly owned by us, will conduct all of our operations and own or charter through financing
arrangements 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.</span></p>

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

<p style="font: 10pt 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"><p style="margin-top: 0; margin-bottom: 0"></p><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: left; width: 100%"><a href="#contents"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Table of Contents</span></span></a></td></tr></table><p style="margin-top: 0; margin-bottom: 0"></p><p style="margin-top: 0; margin-bottom: 0"></p></div>
    <!-- Field: /Page -->

<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"><span style="font-size: 10pt"><i>Multi Class Stock</i>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><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 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.</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">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. In addition, the current holder of our Series B stock is not subject
to the limitations of our shareholders rights agreement, so it is able to acquire common shares. Such holder&#8217;s interest could differ
from other shareholders&#8217; interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><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"><i>Blank Check Preferred
Shares</i>.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><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"><i>Classified Board
of Directors</i>.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><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"><i>Advance Notice Requirements
for Shareholder Proposals and Director Nominations</i>.</span></p>

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

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

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


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<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; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Calling
of Special Meetings of Shareholders</i></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Action
by Written Consent in Lieu of a Meeting</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles permit any action which may or is required by the Marshall Islands Business Corporations Act, or 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.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;Anti-Takeover
Effects of Certain Provisions of our Articles of Incorporation and Bylaws&#8212;Business Combinations&#8221; within the &#8220;Description
of Securities&#8221; filed as Exhibit 2.1 hereto.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we have entered into a shareholders rights agreement that makes it more difficult for a third party, subject to certain exceptions,
to acquire us without the support of our board of directors. See &#8220;Description of Securities&#8221; filed as Exhibit 2.1 hereto
for a description of our shareholders rights agreement. These anti-takeover provisions, along with provisions of our shareholders rights
agreement, could substantially impede the ability of our shareholders to impose a change in control and, as a result, may adversely affect
the market price of our common shares and your ability to realize any potential change of control premium.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to Marshall Islands corporate law, which is not well-developed.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate affairs are governed by our articles of incorporation, our 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. 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.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increases
in interest rates may cause the market price of our shares to decline.</i></b></span></p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
price of our common shares may be volatile and may fluctuate due to factors such as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</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="text-align: justify; width: 3%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td>
    <td style="text-align: justify; width: 94%"><span style="font-family: Times New Roman, Times, Serif; 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>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mergers
    and strategic alliances in the dry bulk shipping industry;</span></td>
    </tr>

<tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">market conditions
    in the dry bulk shipping industry;</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in
    government regulation;</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shortfalls
    in our operating results from levels forecast by securities analysts;</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    concerning us or our competitors; and</span></td></tr>

<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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

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

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span id="item4"></span>Item
4. Information on the Company</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif"><b><i>A.
History and Development of the Company</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif"><i>History
relating to our shares and certain financings</i></span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif">On
April 11, 2016, our common shares began trading on the Nasdaq Capital Market and ceased trading on the Nasdaq Global Market.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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 shares on the Principal Market on any trading day
during the period beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. over the Pricing Period multiplied by 80%, where the
&#8220;Pricing Period&#8221; equals the ten consecutive trading days immediately preceding the date on which the conversion notice was
executed or (ii) $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.</span></p>

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


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<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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 shares, 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 of 1933, as amended, or 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.</span></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">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.</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">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.</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">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.</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">From June 22, 2020
to 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.</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">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 stock split.</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; text-indent: 0cm"><span style="font-size: 10pt">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.</span></p>

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

<p style="font: 10pt 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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<p style="font: 11pt Book Antiqua, 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-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
entered into a deed of accession, amendment and restatement of the CIT Loan Facility with First Citizens Bank &amp; Trust Company (formerly
known as CIT Bank N.A.), whereby the CIT Loan Facility was amended and restated and an additional borrower, Salaminia Maritime Limited,
acceded to the CIT Loan Facility. The CIT Loan Facility principal amount was increased to $52.25 million, by a top up loan amount of
$18 million for the purpose of financing our vessel <i>Orion Globe</i> 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 <i>Orion Globe</i>.
Furthermore, the LIBOR interest provisions of the CIT Loan Facility were replaced with Term SOFR plus a margin of 3.35% (or 5.35% default
interest). In August 2023, we entered into&#160;a second deed of accession, amendment and restatement of the CIT Loan Facility with First
Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.), whereby the CIT Loan Facility was further amended and restated and
two additional borrowers, Argo Maritime Limited and Talisman Maritime Limited, acceded to the CIT Loan Facility. The CIT Loan Facility
was further increased to $72.25 million, by a top up loan amount of $25 million for the purpose of financing our vessels <i>Diamond Globe
</i>and <i>Power Globe</i> and for general corporate and working capital purposes. The CIT Loan Facility (including the new top up loan
amount) became further secured by first preferred mortgages over the vessels <i>Diamond Globe</i> and <i>Power Globe</i>. The CIT Loan
Facility currently bears interest at Term SOFR together with an adjustment of 0.1% per annum plus a margin of 2.70% (or 4.70% default
interest) per annum. For more information regarding the terms of the CIT Loan Facility, 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
August 3, 2023, we entered into a Shareholders Rights Agreement between the Company and </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computershare
Trust Company, N.A., <span style="background-color: white">as rights agent, and our board of directors authorized and declared a dividend
distribution of one right for each outstanding common share to shareholders of record as of the close of business on August 21, 2023.
Each right entitles the registered holder to purchase from us one one-thousandth of a share of Series C Participating Preferred Stock
at an exercise price of $5.00 per one one-thousandth of a preferred share, subject to adjustment. For additional information, please
see </span>&#8220;Description of Securities&#8221; filed as Exhibit 2.1 hereto.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our issued and outstanding capital stock consisted of 20,582,301 common shares and 10,300 Series B preferred shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent
history relating to our ships </i></span></p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 approximately 64,000 dwt. The vessel was built at Nihon Shipyard Co. in Japan.
The total consideration for the construction of the vessel was approximately $37.5 million. On January 22, 2024, we paid the final installment
to Nihon Shipyard Co. in Japan and took delivery of the new Ultramax with carrying capacity of approximately 64,000 dwt that was named
m/v &#8220;GLBS Hero&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 approximately 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 to be named m/v
&#8220;GLBS MIGHT&#8221; and the second one scheduled to be delivered 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. For more information regarding the sale and leaseback agreement that we entered into in February 2024 in respect
of the vessel GLBS MIGHT, see &#8220;&#8212;Recent developments (post-2023).&#8221;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the agreement to sell Sun Globe and given the significant increase in the vessel&#8217;s market value, we assessed that there were indications
that impairment losses recognized in the previous periods with respect to this vessel had decreased. Therefore, the carrying amount of
the vessel was increased to its recoverable amount, determined based on its selling price less cost to sell, and we recorded a reversal
of impairment in the amount of $4.4 million during the first quarter of 2023. The vessel was delivered to its new owners on June 5, 2023
and we recorded a gain of $71,000.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 11, 2023, we, through a wholly owned subsidiary, entered into an agreement to sell the 2009-built Sky Globe for a gross price
of $10.7 million, before commissions, to an unaffiliated third party. The vessel was delivered to its new owners on September 7, 2023.
We recognized a gain of approximately $2.2 million as a result of the sale.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 16, 2023, we through a wholly owned subsidiary, entered into an agreement to sell the 2010-built Star Globe for a gross price
of $11.2 million, before commissions, to an unaffiliated third party. The vessel was delivered to its new owners on September 13, 2023.
We recognized a gain of approximately $1.6 million as a result of the sale.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 18, 2023, we, through Thalia Shipholding S.A. and Olympia Shipholding S.A., signed two contracts for the construction and purchase
of two fuel efficient bulk carriers of approximately 64,000 dwt each. The two vessels are expected be built at Nihon Shipyard Co. in
Japan and are scheduled to be delivered during the second half of 2026. The total consideration for the construction of both vessels
is approximately $75.5 million, which the Company intends to finance with a combination of debt and equity. In August 2023, we paid the
first installment of $7.5 million for both vessels under construction.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our fleet was comprised of a total of six dry bulk vessels consisting of four Kamsarmaxes, one Panamax and one
Supramax, and we had contracted for the construction of five additional Ultramaxes (one of which was delivered in January 2024). The
weighted average age of the vessels in our fleet as of December 31, 2023 was 11.2 years, and their carrying capacity was 453,745 dwt.
The weighted average age of the vessels in our fleet as of February 29, 2024 was 9.9 years, and their carrying capacity was 517,487 dwt.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent
developments (post-2023)</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 23, 2024, we, through our subsidiary Daxos Maritime Limited, entered into a $28 million sale and leaseback agreement with SK
Shipholding S.A., a subsidiary of Shinken Bussan Co., Ltd. of Japan (&#8220;Shinken&#8221;), with respect to the approximately 64,000
dwt bulk carrier to be named &#8220;GLBS MIGHT,&#8221; which is scheduled to be delivered from the relevant shipyard during the third
quarter of 2024. For more information regarding the terms of the sale and leaseback agreement, see &#8220;Item 5.B. Liquidity and Capital
Resources &#8212; Indebtedness.&#8221;</span></p>

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


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 -80pt; text-align: justify; text-indent: 60pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;<i>&#160;&#160;&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 -80pt; text-align: justify; text-indent: 120pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
executive office is located at the office of Globus Shipmanagement Corp., which we refer to as our Manager, at 128 Vouliagmenis Avenue,
3<sup>rd</sup> 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. 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. Information that is available on or accessed through these websites does not constitute
part of, and is not incorporated by reference into, this annual report on Form 20-F.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 36pt; text-align: justify"><b><i>B. Business Overview</i></b></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">We are an integrated dry bulk shipping company, providing
marine transportation services on a worldwide basis. We own (or charter through finance leases), 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 build 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 (or bareboat chartering in through financial arrangements) 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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table presents information concerning the vessels in our
fleet as of March 14, 2024:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 12pt 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: 23%; padding-right: 0.8pt; text-align: left"><span style="font-size: 10pt"><b>Vessel</b></span></td>
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    <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</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center"><b>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%; padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt"><b>Flag</b></span></td>
    <td style="width: 1%; padding-right: 0.8pt; 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</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center"><b>Owner/Lessee</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%; padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt"><b>Shipyard</b></span></td>
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    <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>Delivery</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>Date</b></p></td>
    <td style="width: 1%; padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 10%">
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>Capacity</b></p>
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  <tr style="background-color: rgb(204,238,255)">
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    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Devocean Maritime Ltd.</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
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    <td style="padding-right: 0.8pt">&#160;</td>
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    <td style="padding-right: 0.8pt">&#160;</td>
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  <tr style="background-color: White">
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    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">2005</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
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    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Panamax</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">June 2011</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 0.8pt; text-align: left"><span style="font-size: 10pt"><i>m/v Galaxy Globe</i></span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt"><i>2015</i></span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Serena Maritime Limited</span></td>
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    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Hudong-Zhonghua</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Kamsarmax</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">October 2020</span></td>
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  <tr style="background-color: White">
    <td style="padding-right: 0.8pt; text-align: left"><span style="font-size: 10pt"><i>&#160;m/v Diamond Globe</i></span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">2018</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Argo Maritime Limited</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">&#160;Jiangsu New Yangzi Shipbuilding Co.</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">&#160;Kamsarmax</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">&#160;June 2021</span></td>
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  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 0.8pt; text-align: left"><span style="font-size: 10pt"><i>m/v Power Globe</i></span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">2011</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">&#160;Talisman Maritime Limited</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
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    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">&#160;Kamsarmax</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
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    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">80,655</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 0.8pt; text-align: left"><span style="font-size: 10pt"><i>&#160;m/v Orion Globe</i></span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">2015</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Salaminia Maritime Limited</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Tsuneishi Zosen</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">&#160;Kamsarmax</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">&#160;November 2021</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">81,837</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 0.8pt; text-align: left"><span style="font-size: 10pt"><i>m/v GLBS Hero</i></span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">2024</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Calypso Shipholding S.A.</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Nihon Shipyard Co.</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">Ultramax</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">January 2024</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">63,742</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 0.8pt; text-align: left">&#160;</td>
    <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>
    <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>
    <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>
    <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>
    <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="background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: right">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: right"><span style="font-size: 10pt">Total:</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="text-align: center; padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: right">&#160;</td>
    <td style="border-bottom: Black 2pt double; padding-right: 0.8pt; text-align: center"><span style="font-size: 10pt">517,487</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
own or charter in each of our vessels through separate, wholly owned subsidiaries, all of which are incorporated in the Marshall Islands.
Our Supramax vessel is 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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 22, 2024, we paid the final installment to Nihon Shipyard Co. in Japan and on January 25, 2024 we took delivery of a new Ultramax
with carrying capacity of approximately 64,000 dwt that was named m/v &#8220;GLBS Hero&#8221;.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the above vessels, we have contracted for the construction of four additional Ultramaxes. See &#8220;Item 4.A. History and
Development of the Company.&#8221;</span></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: 12pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
of our Vessels</b></span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the date of the filing of this annual report on 20-F, all of our vessels were employed on short-term time charters, of which
three are index-linked.</span></p>

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

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

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

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

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

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

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basic
Hire Rate and Term</i></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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.</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; text-indent: 36pt"><span style="font-size: 10pt"><i>Off-hire</i></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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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.</span></p>

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


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<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"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt"><i>Ship
Management and Maintenance</i></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 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 2023, we paid Globus Shipmanagement $700 per vessel
per day. All fees payable to Globus Shipmanagement for vessels that we own or charter in are eliminated upon consolidation of our accounts.</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; text-indent: 36pt"><span style="font-size: 10pt"><i>Termination</i></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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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.</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; text-indent: 36pt"><span style="font-size: 10pt"><i>Commissions</i></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">During the year ended
December 31, 2023, we paid commissions of 5% to each time charter agreement then in effect.</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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>Bareboat Charter</b></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">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.</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt"><i>Redelivery</i></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">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.</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; text-indent: 36pt"><span style="font-size: 10pt"><i>Ship
Management and Maintenance</i></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">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.</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; text-indent: 36pt"><span style="font-size: 10pt"><i>Commissions</i></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">Commissions on bareboat
charters typically range from 0% to 3.75%.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b>Our Customers</b></span></p>

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

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


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<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; text-align: justify"><span style="font-size: 10pt"><b>Competition</b></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">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.</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">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.</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">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">environmental, health and safety
    record;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">compliance with regulatory industry
    standards;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">reputation for customer service,
    technical and operating expertise;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">the ability to finance vessels at
    competitive rates and overall financial stability;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><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"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">relationships with shipyards and
    the ability to obtain suitable berths;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><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">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 operatin</span>g
cash flow could be materially adversely affected.</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"></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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>The Dry Bulk Shipping
Industry</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">The world dry bulk
fleet is generally divided into seven 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.</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; text-indent: 18pt"><span style="font-family: Wingdings; font-size: 10pt">&#216;
</span><span style="font-size: 10pt"><i>Handysize</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.</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; text-indent: 18pt"><span style="font-family: Wingdings; font-size: 10pt">&#216;
</span><span style="font-size: 10pt"><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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Wingdings; font-size: 10pt">&#216;
</span><span style="font-size: 10pt"><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.</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; text-indent: 18pt"><span style="font-family: Wingdings; font-size: 10pt">&#216;
</span><span style="font-size: 10pt"><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
&#147;Panamax&#148; 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.</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; text-indent: 18pt"><span style="font-family: Wingdings; font-size: 10pt">&#216;
</span><span style="font-size: 10pt"><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.</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; text-indent: 18pt"><span style="font-family: Wingdings; font-size: 10pt">&#216;
</span><span style="font-size: 10pt"><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.</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; text-indent: 18pt"><span style="font-family: Wingdings; font-size: 10pt">&#216;
</span><span style="font-size: 10pt"><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.</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">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.</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">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.</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">&#160;</p>

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

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


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    <!-- Field: /Page -->

<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"><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">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.</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">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. In 2023, the BDI ranged from a high of 3,346 on December 4, 2023 to a low of 530
on February 16, 2023. In 2024 through March 13, 2024, the BDI ranged from a high of 2,377 on March 11, 2024 to a low of 1,308 on January
17, 2024.</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"><b>Vessel Prices</b></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">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 they declined in the latter half of 2022 and in the beginning
of 2023. Since the beginning of 2023, they have been on an increasing trend with normal fluctuations.</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">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 they declined in the latter half of 2022 and in the beginning of 2023. Price declines were observed
until the fourth quarter of 2023 when values rebounded to levels noted at the beginning of the year. Since then, dry bulk vessels&#8217;
prices have been following an upward pattern due to resilient ton-mile demand, limited effective supply of vessels and modest orderboo</span>k.</p>

<p style="font: 10pt Times New 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>

<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"></p>

<p style="font: 10pt Times New 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>

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<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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-size: 10pt"><b>Disclosure of
Activities pursuant to Section&#160;13(r) of the U.S. Securities Exchange Act of 1934 </b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-size: 10pt">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 2023 and which we believe may be required to be disclosed pursuant to Section&#160;13(r) of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify; background-color: white"><span style="font-size: 10pt">In
2023, our vessels did not complete any port call in Iran, and we are not aware of any vessels owned or controlled by our affiliates completing
any port call in Iran.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-size: 10pt">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&#8217;s instructions, perform voyages which would require disclosure pursuant to Exchange Act Section 13(r).</span></p>

<p style="font: 10pt Calibri, Helvetica, Sans-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 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, but we always evaluate and reevaluate our legally available
options.</span></p>

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

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

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

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

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<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"><span style="font-size: 10pt">&#160;</span></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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<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"><span style="font-size: 10pt">&#160;</span></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>
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<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"><span style="font-size: 10pt">&#160;</span></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>
<p style="font: 10pt Times New 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>

<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"><span style="font-size: 10pt">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.</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">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 in our fleet are certified as being &#8220;in class&#8221;
by Nippon Kaiji Kyokai (Class NK) or Lloyds. 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">Vessels are drydocked
during intermediate and special surveys for repairs of their underwater parts. If &#8220;in water survey&#8221; notation is assigned,
there is an 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. One drydock must coincide with the special survey while
the time distance between two dry docks must not exceed 36 months. We budget 30 days per drydocking per vessel. Actual length will vary
based on the condition of each vessel, shipyard schedules and other factors.</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>

<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">
<tr style="vertical-align: top; background-color: White">
    <td style="border: Black 0.5pt solid; vertical-align: middle; text-align: left; width: 43%"><span style="font-size: 10pt"><b>Vessel Name</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; width: 17%"><span style="font-size: 10pt"><b>Drydocking</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; width: 20%"><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; text-align: center; width: 20%"><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; vertical-align: middle; 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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">June 2025</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; 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; padding-right: 5.4pt; padding-left: 5.4pt; 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; vertical-align: middle; 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; padding-right: 5.4pt; padding-left: 5.4pt; 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; padding-right: 5.4pt; padding-left: 5.4pt; 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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">Class NK</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; vertical-align: middle; 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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">October 2025</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">October 2025</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; 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; vertical-align: middle; 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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">May 2026</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">May 2028</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">Lloyds</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; vertical-align: middle; 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; padding-right: 5.4pt; padding-left: 5.4pt; 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; padding-right: 5.4pt; padding-left: 5.4pt; 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; padding-right: 5.4pt; padding-left: 5.4pt; 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; vertical-align: middle; text-align: left"><span style="font-size: 10pt"><i>m/v Orion Globe</i></span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">March 2025</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">March 2025</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">Class NK</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; vertical-align: middle; text-align: left"><span style="font-size: 10pt"><i>m/v GLBS Hero</i></span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">January 2027</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">January 2029</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">Class NK</span></td></tr>
  </table>
<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"><span style="font-size: 10pt">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 within the prescribed time limits.</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"></span></p>

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<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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>Risk Management
and Insurance</b></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; text-indent: 36pt"><span style="font-size: 10pt"><i>General</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">The operation of any
cargo vessel embraces a wide variety of risks, including the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></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="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></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"></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; text-indent: 36pt"><span style="font-size: 10pt"><i>Hull
and Machinery and War Risks</i></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">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 nature of the coverage. The hull
and machinery deductible is $100,000 per incident, whereas the collision deductible is $50,000 per incident. In case that a Particular
Average and a Collision Liability Claim arise from the same casualty, the total deductible shall not exceed USD 100,000. The war risk
insurance has no deductible for hull and machinery and increased value, however loss of hire is subject to a 7 days deductible.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt"><i>Protection
and Indemnity Insurance</i></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">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.</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">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.</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">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.</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">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.</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">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 each incident
or occurrence each Owner&#8217;s Entry on claims in respect of oil pollution, a $3.0 billion limit each Ship any one event on cover for
passengers and seamen/crew combined and a sub-limit of $2.0 billion for passenger claims each ship and any one event.</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">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.</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; text-indent: 36pt"><span style="font-size: 10pt"><i>Uninsured
Risks</i></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">Not all risks are insured
and not all risks are insurable. The principal insurable risk which nevertheless remains uninsured across our fleet is the &#8220;loss
of hire&#8221; due to strikes and/or delays arising from H&amp;M and/or P&amp;I perils. We generally do not insure the risk of loss of
hire because we regard the cost as disproportionate. This insurance provides, subject to a deductible, a limited indemnity for hire that
is not receivable by the shipowner for reasons set forth in the policy. An example of a &#8220;strike and delay insurance policy&#8221; would cover the
loss of hire on a 10 or 17 days basis for delays arising from H&amp;M perils such as collision, stranding or machinery damage. For a 17
days cover the premium per annum pro rata would be calculated on the 120% of the daily hire.</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"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Delays arising from P&amp;I perils such as illness,
injury or saving life at sea, can also be covered by this policy. In the case of loss of hire deriving from P&amp;I perils, the annual
premium per vessel for a 17 days cover would be the 25% of the daily hire per annum pro rata however this is not a standalone cover and
can only be combined with the aforementioned H&amp;M perils cover.</p>

<p style="font: 10pt Times New 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 kind of a &#8220;strike and delay insurance policy&#8221;
would have an annual aggregate claims limit of USD 1,500,000 per annum pro rata and its purpose would be to secure the hire income during
periods described above.</p>


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


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<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"></p>

<p style="font: 10pt Times New 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></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; text-indent: 36pt"><span style="font-size: 10pt"><i>Sources
of Applicable Rules and Standards</i></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">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.</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">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.</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">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.</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">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.</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">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.</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; text-indent: 36pt"><span style="font-size: 10pt"><i>Ship
Safety Regulation</i></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">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.</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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<p style="font: 12pt 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">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.</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"><span style="font-size: 10pt">Effective July 1, 2024,
amendments to the International Code on the Enhanced Programme of Inspections during Surveys of Bulk Carriers and Oil Tankers, 2011 will
become effective, addressing inconsistencies on examination of ballast tanks at annual surveys for bulk carriers and oil tankers.</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">Amendments to SOLAS
chapter II-2, intended to prevent the supply of oil fuel not complying SOLAS flashpoint requirements, requiring that ships carrying oil
fuel must, prior to bunkering, be provided with a declaration certifying that the oil fuel supplied is in conformity with regulation
SOLAS II.2/4.2.1, will enter into effect January 1, 2026.</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">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&#8217;s flag state.</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">The vessels that we
operate maintain ISM and ISPS certifications for safety and security of operations.</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 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><i>Regulations
to Prevent Pollution from Ships </i></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">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 is applicable to dry bulk, tanker and
LNG carriers, among other vessels, and 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).</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">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.</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 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 for the Mediterranean Sea as a whole to apply from July 1,
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%; however ships operating in this ECA will be exempted from compliance
with the 0.1% m/m sulfur content standard for fuel oil until July 1, 2025. 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. Amendments to Annex VI requiring bunker delivery notes to include a flashpoint
of fuel oil or a statement that the flashpoint has been measured at or above 70&#176;C as mandatory information, will become effective
May 1, 2024. These regulations subject ocean-going vessels to stringent emissions controls and may cause us to incur substantial costs.</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">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>

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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>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">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. In July 2023, the IMO adopted the 2023 IMO Strategy on Reduction of GHG Emissions
from Ships, which identifies a number of levels of ambition, including (1) decreasing the carbon intensity from ships through implementation
of further phases of energy efficiency for new ships; (2) reducing carbon dioxide emissions per transport work, as an average across international
shipping, by at least 40% by 2030; and (3) pursuing net-zero GHG emissions by or around 2050. These regulations could cause us to incur
additional substantial 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">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; and are expected
to become effective on May 1, 2024. Beginning in January 2023, MARPOL Annex VI requires EEXI and CII certification. 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 was to be completed in 2023, with
the first rating awarded in 2024. With respect to the CII, taking effect from January 1, 2023, ships of 5,000 gross tonnage are required
to document and verify their actual annual operational CII achieved against a determined required annual operational CII. 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>

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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">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.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MEPC 79 adopted amendments to Annex VI on the reporting
of mandatory values related to the implementation of the IMO short-term GHG reduction measure, including attained EEXI, CII and rating
values to the IMO DCS, which will become effective May 1, 2024. MEPC 80 adopted the 2023 IMO Strategy on Reduction of GHG Emissions from
Ships with enhanced targets to mitigate harmful emissions. The revised IMO GHG Strategy comprises a common ambition to ensure an uptake
of alternative zero and near-zero GHG fuels by 2030 and to achieve net-zero emissions from international shipping by 2050. MEPC 81 will
take place in spring 2024 in which the IMO will decide on the market-based mechanism to reach the emission reduction targets&#8211; either
through a global emissions trading scheme for shipping or a global carbon levy.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MEPC 77 adopted a non-binding resolution which urges
Member States and ship operators to voluntarily use distillate or other cleaner alternative fuels or methods of propulsion that are safe
for ships and could contribute to the reduction of black carbon emissions from ships when operating in or near the Arctic.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">MEPC 79 adopted amendments to Annex VI on the reporting
of mandatory values related to the implementation of the IMO short-term GHG reduction measure, including attained EEXI, CII and rating
values to the IMO DCS, which will become effective May 1, 2024. MEPC 80 adopted the 2023 IMO Strategy on Reduction of GHG Emissions from
Ships with enhanced targets to mitigate harmful emissions. The revised IMO GHG Strategy comprises a common ambition to ensure an uptake
of alternative zero and near-zero GHG fuels by 2030 and to achieve net-zero emissions from international shipping by 2050. MEPC 81 will
take place in spring 2024 in which the IMO will decide on the market-based mechanism to reach the emission reduction targets&#8211; either
through a global emissions trading scheme for shipping or a global carbon levy.</p>

<p style="font: 10pt Times New 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 0 0 36pt; 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. In 2023, amendments to the Anti-fouling Convention came
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>

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<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 globally 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, 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: 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">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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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.</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 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 April 2023, 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>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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. 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. From a risk management perspective, new systems, personnel, data management systems,
costs recovery mechanisms, revised service agreement terms and emissions reporting procedures may have to be put in place, which may
be at a significant cost, to prepare for and manage the administrative aspect of ETS compliance. FuelEU was passed into law on July 25,
2023 and will apply from January 1, 2025.</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">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. 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. Now that the HKC has been ratified and will enter into force on June 26, 2025, it is expected that
the EU Ship Recycling Regulation will be reviewed in light of this.</p>

<p style="font: 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. Marshall Islands-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>

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<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/102% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>European Mandatory Non-Financial
Reporting Regulations</i></p>

<p style="font: 10pt/102% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt/102% Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 28, 2022, the EU Parliament adopted
the Corporate Sustainability Reporting Directive (&#8220;CSRD&#8221;). EU member states have 18 months from this date (by July 6, 2024)
to integrate it into national law. The CSRD will create new, detailed sustainability reporting requirements and will significantly expand
the number of EU and non-EU companies subject to the EU sustainability reporting framework. The required disclosures will go beyond environmental
and climate change reporting to include social and governance matters (for
example, respect for employee and human rights, anti-corruption and bribery, corporate governance and diversity and inclusion). In addition,
it will require disclosure regarding the due diligence processes implemented by a company in relation to sustainability matters and the
actual and potential adverse sustainability impacts of an in-scope company&#8217;s operations and value chain. The CSRD will begin to
apply on a phased basis starting from financial year 2024 through to 2028, applicable to large EU and non-EU undertakings with substantial
presence in the EU, subject to certain financial and employee thresholds being met. New systems, personnel, data management systems and
reporting procedures will have to be put in place, at significant cost, to prepare for and manage the administrative aspect of CSRD compliance.</p>

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<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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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.</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">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.</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">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. In August 2023, the EPA and Department of the Army issued a final
rule to amend the revised WOTUS definition to conform the definition of WOTUS to the U.S. Supreme Court&#8217;s interpretation of the
Clean Water Act in its decision dated May 25, 2023. The final rule became effective September 8, 2023 and operates to limit the Clean
Water Act.</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">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. Several U.S. states have added specific requirements to the VGP, including submission
of a Notice of Intent, or NOI, or retention of a PARI form and submission of annual reports. 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. On October 18, 2023, the EPA published a Supplemental Notice
to the Vessel Incidental Discharge National Standards of Performance, which shares new ballast water information that the EPA received
from the USCG. Comments to the Supplemental Notice were due by December 18, 2023. Under VIDA, all provisions of the VGP 2018 and the
USCG ballast water regulations remain in force and effect as currently written until the EPA publishes standard. The new regulations
could require the installation of new equipment.</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">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.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</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="padding-right: 0.8pt; text-align: justify; width: 4%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify; width: 4%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify; width: 92%"><span style="font-size: 10pt">the development of vessel security
    plans; and</span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</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="padding-right: 0.8pt; text-align: justify; width: 4%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify; width: 4%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify; width: 92%"><span style="font-size: 10pt">compliance with flag state security
    certification requirements.</span></td></tr>
</table>

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

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    <!-- Field: /Page -->

<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"></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: 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: 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">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>


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    <!-- 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"><span style="font-size: 10pt">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.</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; text-indent: 36pt"><span style="font-size: 10pt"><i>The
Maritime Labour Convention </i></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">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.</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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">C.
Organizational Structure</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">Globus Maritime Limited
is a holding company. As of the date of this annual report, Globus wholly owns 12 operational subsidiaries, all of which are Marshall
Islands corporations seven of our operational subsidiaries each own one vessel, four of our operational subsidiaries each are a counterparty
to a ship building contract (one of which is also the counterparty to the bareboat charterer under a sale and leaseback) 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 or bareboat chartering subsidiaries. In addition, four 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; We also own a number of entities that used to own our ships that we sold. Those subsidiaries
are formed in the Marshall Islands and Malta.</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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt"><b><i>D.
Property, Plants and Equipment</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><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">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 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, 2023, we did not owe any amount
of back rent to F.G. Europe.</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">As of December&#160;31, 2023 and 2022 our fleet consisted
of six and nine vessels, respectively, with an aggregate carrying value of $100.6 and $129.5 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"></p>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">A vessel-by-vessel carrying value summary
as of December&#160;31, 2023 and 2022 follows:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></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; text-align: center; width: 10%"><span style="font-size: 10pt">Dwt</span></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 10%"><span style="font-size: 10pt">Year Built</span></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 10%"><span style="font-size: 10pt">Month and Year of
    Acquisition</span></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 10%"><span style="font-size: 10pt">Purchase Price (in millions of U.S. Dollars)</span></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 10%"><span style="font-size: 10pt">Carrying&#160;Value<br/>
as of December 31, 2023 (in millions of U.S. Dollars)</span></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 10%"><span style="font-size: 10pt">Carrying&#160;Value<br/>
as of December 31, 2022 (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">6.9</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">7.6</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">-</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">9.8</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">-</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt"> 9.3</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">-</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">9.3</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">10.0</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">10.2</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">17.0</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">16.7</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">25.4</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">25.0</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">14.7</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">16.0</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom"><span style="font-size: 10pt"><i>m/v 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">26.6</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></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>
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    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>129.5</b></span></td></tr>
</table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">Other than our vessels
and contracts to construct vessels, we do not have any material property. Six of our vessels are subject to priority mortgages, which
secure our obligations under the CIT Loan Facility. For more information on the vessels currently comprising our fleet, please see &#8220;Item
4.B. Business Overview.&#8221; For more information on our shipbuilding contracts, see &#8220;Item 4.A. History and Development of the
Company.&#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">For more information
on our financing arrangements, 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 financing arrangements are 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"><span style="font-size: 10pt"></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: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><span id="item4a"></span>Item 4A. Unresolved
Staff Comments</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">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"></span></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="item5"></span>Item 5. 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. 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. 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 2023 and 2022
items and year-on-year comparisons between 2023 and 2022. Discussions of 2021 items and year-on-year comparisons between 2022 and 2021
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, 2022 filed with the SEC
on March 20, 2023. </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"><span style="font-size: 10pt"><b><i>A.
Operating Results</i></b></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>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>


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<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; text-align: justify"><span style="font-size: 10pt">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.</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 0 10pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">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.)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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. 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 shares on the Principal Market on any trading day during the period beginning at 9.30 a.m. New York City time
and ending at 4.00 p.m. over the Pricing Period multiplied by 80%, where the &#8220;Pricing Period&#8221; equals the ten consecutive
trading days immediately preceding the date on which the conversion notice was executed or (ii) $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.</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">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.)</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">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.</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">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.</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">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.</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">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>


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<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; text-align: justify"><span style="font-size: 10pt">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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><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">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.</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">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.</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">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.</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">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.</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">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 stock split.</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">As of December 31,
2023, our issued and outstanding capital stock consisted of 20,582,301 common shares and 10,300 Series Preferred Shares.</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; text-indent: 0cm"><span style="font-size: 10pt">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.</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">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%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">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.</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; text-indent: 0cm"><span style="font-size: 10pt">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. 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.</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">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.</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">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. On May 10, 2021, we fully drew $34.25 million under this facility. The proceeds
of this financing were used to repay the outstanding balance of the EnTrust Loan Facility.</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">In August 2022, we
entered into a deed of accession, amendment and restatement of the CIT Loan Facility with First Citizens Bank &amp; Trust Company (formerly
known as CIT Bank N.A.), whereby the CIT Loan Facility was amended and restated and an additional borrower, Salaminia Maritime Limited,
acceded to the CIT Loan Facility. The CIT Loan Facility principal amount was increased to $52.25 million, by a top up loan amount of
$18 million for the purpose of financing our vessel <i>Orion Globe</i> 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 LIBOR interest provisions of the CIT Loan Facility were replaced with Term SOFR plus a margin of 3.35% (or 5.35% default
interest) per annum. On August 10, 2022, we fully drew the top up amount of $18 million.</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">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 approximately 64,000 dwt. The vessel was built at Nihon Shipyard Co. in Japan and was delivered
on January 25, 2024. The total consideration for the construction of the vessel was approximately $37.5 million, which we financed with
equity. In May 2022 we paid the first installment of $7.4 million, in March 2023 paid the second installment of $3.8 million, in September
2023 paid the third installment of $3.7 millionand in November 2023 paid the fourth installment of $3.7 million. On January 22, 2024,
we paid the final installment of $18.5 million and on January 25, 2024 we took delivery of the new vessel which was named m/v GLBS Hero.</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; text-align: justify; margin-right: 0; margin-left: 0"><span style="font-size: 10pt">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 approximately 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 to be named m/v &#8220;GLBS MIGHT&#8221; 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. For more information regarding the sale and leaseback agreement that we entered into in February 2024 in
respect of the vessel GLBS MIGHT, see &#8220;&#8212;Recent developments (post-2023).&#8221;</span></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"><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. Following the agreement to sell Sun Globe and given the significant increase in the vessel&#8217;s
market value, we assessed that there were indications that impairment losses recognized in the previous periods with respect to this
vessel had decreased. Therefore, the carrying amount of the vessel was increased to its recoverable amount, determined based on its selling
price less cost to sell, and we recorded a reversal of impairment in the amount of $4.4 million during the first quarter of 2023. The
vessel was delivered to its new owners on June 5, 2023 and we recorded a gain of $71,000.</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">In August 2023, we
entered into&#160;a second deed of accession, amendment and restatement of the CIT Loan Facility with First Citizens Bank &amp; Trust
Company (formerly known as CIT Bank N.A.), whereby the CIT Loan Facility was further amended and restated and two additional borrowers,
Argo Maritime Limited and Talisman Maritime Limited, acceded to the CIT Loan Facility. The CIT Loan Facility was further increased to
$72.25 million, by a top up loan amount of $25 million for the purpose of financing our vessels <i>Diamond Globe</i> and <i>Power Globe
</i>and for general corporate and working capital purposes. The CIT Loan Facility (including the new top up loan amount) became further
secured by first preferred mortgages over the vessels <i>Diamond Globe</i> and <i>Power Globe</i>. The CIT Loan Facility currently bears
interest at Term SOFR together with an adjustment of 0.1% per annum plus a margin of 2.70% (or 4.70% default interest) per annum. On
August 10, 2023, we fully drew the top up amount of $25 million.</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">On August 11, 2023,
we, through a wholly owned subsidiary, entered into an agreement to sell the 2009-built Sky Globe for a gross price of $10.7 million,
before commissions, to an unaffiliated third party. The vessel was delivered to its new owners on September 7, 2023. We recognized a
gain of approximately $2.2 million as a result of the sale.</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">On August 16, 2023,
we, through a wholly owned subsidiary, entered into an agreement to sell the 2010-built Star Globe for a gross price of $11.2 million,
before commissions, to an unaffiliated third party. The vessel was delivered to its new owners on September 13, 2023. We recognized a
gain of approximately $1.6 million as a result of the sale.</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">On August 18, 2023, we, through Thalia Shipholding
S.A. and Olympia Shipholding S.A., signed two contracts for the construction and purchase of two fuel efficient bulk carrier of approximately
64,000 dwt each. The two vessels will be built at Nihon Shipyard Co. in Japan and are scheduled to be delivered during the second half
of 2026. The total consideration for the construction of both vessels is approximately $75.5 million, which we intend to finance with
a combination of debt and equity. In August 2023, we paid the first installment of $7.5 million for both vessels under construction.</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"><b><i>Recent Developments
(post-2023)</i></b></span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">On February 23, 2024,
we, through our subsidiary Daxos Maritime Limited, entered into a $28 million sale and leaseback agreement with SK Shipholding S.A.,
a subsidiary of Shinken, with respect to the approximately 64,000 dwt bulk carrier to be named &#8220;GLBS MIGHT,&#8221; which is scheduled
to be delivered during the third quarter of 2024. For more information regarding the terms of the sale and leaseback agreement, 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 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.</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">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.</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 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">The average number
of vessels in our fleet for the year ended December 31, 2023 was 7.8, for the year ended December&#160;31, 2022 was 9.0, and for the
year ended December&#160;31, 2021 was 7.1.</span></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"><span style="font-size: 10pt">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 or bareboat chartering subsidiaries to provide such services
and also entered into a consultancy agreement with an affiliated ship-management company.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="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 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.</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">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, including removing Russian-based
financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system and restricting imports of
Russian oil, liquefied natural gas, and coal. 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.</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">The ongoing conflict
between Russia and Ukraine could result in the imposition of further economic sanctions by the United States, the United Kingdom, the
European Union, or other countries against Russia, trade tariffs, or embargoes with uncertain impacts on the markets in which we operate.
In addition, the U.S. and certain other North Atlantic Treaty Organization (NATO) countries have been supplying Ukraine with military
aid. U.S. officials have also warned of the increased possibility of Russian cyberattacks, which could disrupt the operations of businesses
involved in the dry bulk industry, including ours, and could create economic uncertainty particularly if such attacks spread to a broad
array of countries and networks. Although Ukraine and Russia reached an agreement to extend an arrangement allowing shipment of grain
from Ukrainian ports through a humanitarian corridor in the Black Sea in November 2022, Russia terminated this agreement in July 2023.
While much uncertainty remains regarding the global impact of the war in Ukraine, it is possible that such tensions could adversely affect
our business, financial condition, operating results, and cash flows.</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">Furthermore, the intensity
and duration of the recently declared war between Israel and Hamas is difficult to predict and its impact on the world economy and our
industry is uncertain. While much uncertainty remains regarding the global impact of the war between Israel and Hamas, it is possible
that such tensions could result in the eruption of further hostilities in other regions, including the Red Sea, and could adversely affect
our business, financial conditions, operating results, and cash flows.</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">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 ongoing war in Ukraine has previously resulted in missile attacks on commercial vessels
in the Black Sea and the recent outbreak of conflict in the Red Sea has also resulted in missile attacks on vessels. Acts of terrorism
and piracy have also affected vessels trading in regions such as the Gulf of Guinea, the Red Sea, the Gulf of Aden off the coast of Somalia,
and the Indian Ocean. 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.</span></p>

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

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

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 20pt; text-align: justify; background-color: white">&#160;&#160;&#160;&#160;&#160;&#160;IMO 2020 Compliance</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">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. This increased demand for low sulfur fuel resulted in an increase in prices for such fuel during the beginning of 2020. Until
September 2023 bunker prices increased and then started decreasing again.</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; background-color: white">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. 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.</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"><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">&#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.</p>

<p style="font: 10pt Times New 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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 4%; text-align: justify">&#160;</td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 4%; text-align: justify">&#160;</td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 4%; text-align: justify">&#160;</td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; text-align: justify"><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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;&#160;&#160;&#160;&#160;&#160;&#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="margin-top: 0; margin-bottom: 0">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt"><p style="margin-top: 0; margin-bottom: 0"></p><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: left; width: 100%"><a href="#contents"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Table of Contents</span></span></a></td></tr></table><p style="margin-top: 0; margin-bottom: 0"></p><p style="margin-top: 0; margin-bottom: 0"></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>

<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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; text-align: justify"><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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><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">The following discussion
is intended to help you understand how acquisitions of vessels affect our business and results of operations.</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">Our business is comprised
of the following main elements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">employment and
    operation of our dry bulk vessels and management of a vessel owned by a third party; and</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify"><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"><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">The employment and
operation of our vessels and the vessel we manage require the following main components:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; text-align: justify"><span style="font-size: 10pt">vessel surveying; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; text-align: justify"><span style="font-size: 10pt">vessel performance monitoring.</span></td></tr>
  </table>
<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">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify">&#160;<span style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin-top: 0; margin-bottom: 0"></p><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: left; width: 100%"><a href="#contents"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Table of Contents</span></span></a></td></tr></table><p style="margin-top: 0; margin-bottom: 0"></p><p style="margin-top: 0; margin-bottom: 0"></p></div>
    <!-- Field: /Page -->

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><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">The principal factors
that affect our profitability, cash flows and shareholders&#8217; return on investment include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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="text-align: justify; width: 4%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 4%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify; width: 92%"><span style="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"><span style="font-size: 10pt">&#160;</span>&#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="text-align: justify; width: 4%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 4%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify; width: 92%"><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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">financing costs;
    and</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">fluctuations in foreign exchange rates.</span></td></tr>
  </table>
<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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>Revenue</b></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 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><i>Overview</i></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 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.</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">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.</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; text-indent: 0.5in"><span style="font-size: 10pt"><i>Voyage
revenues and management &amp; consulting fee income</i></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">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 75 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin-top: 0; margin-bottom: 0"></p><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: left; width: 100%"><a href="#contents"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Table of Contents</span></span></a></td></tr></table><p style="margin-top: 0; margin-bottom: 0"></p><p style="margin-top: 0; margin-bottom: 0"></p></div>
    <!-- Field: /Page -->

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><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">Our voyage revenues
decreased in 2023 compared to 2022, mainly due to lower short-term daily time charter rates earned on average from our vessels on a year-on-year
basis and the decrease of our fleet from an average of 9.0 vessels in 2022 to 7.8 vessels in 2023. Our voyage revenues increased in 2022
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.</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; text-indent: 36pt"><span style="font-size: 10pt"><i>Employment
of our Vessels</i></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">As of the date of this
annual report on Form 20-F, we employed our vessels as follows:</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"></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="text-align: justify; width: 4%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 4%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify; width: 92%"><span style="font-size: 10pt"><i>m/v River Globe</i> &#8211; on a time charter that began
    in March 2024 and is expected to expire in April 2024, at a gross rate of $12,500 per day;</span></td></tr>
</table>

<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"></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="text-align: justify; width: 4%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 4%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify; width: 92%"><span style="font-size: 10pt"><i>m/v
                                            Moon Globe</i> &#8211; on a time charter that began in January 2024 and is expected to expire
                                            in March 2024, at a gross rate of $8,500 per day;</span></td></tr>
</table>

<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"></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="text-align: justify; width: 4%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 4%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify; width: 92%"><span style="font-size: 10pt"><i>m/v
                                            Galaxy Globe </i>on a time charter that began in November 2023 and is expected to expire
                                            in August 2024, at a gross rate of 104% of the average BKI-82 5TC INDEX as quoted by the
                                            Baltic Exchange per day;</span></td></tr>
</table>


<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 0 0 18pt"></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="text-align: justify; width: 4%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 4%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify; width: 92%"><span style="font-size: 10pt"><i>m/v
                                            Diamond Globe &#8211; </i>on a time charter that began in October 2023 and is expected to
                                            expire in July 2024, at a gross rate of $18,705.44 per day until May 2024 and subsequently at a gross
                                            rate of 104% of the average BKI-82 5TC INDEX as quoted by the Baltic Exchange per day;</span></td></tr>
</table>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 18pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 18pt"></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="text-align: justify; width: 4%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 4%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify; width: 92%"><span style="font-size: 10pt"><i>m/v
                                            Power Globe &#8211; </i>on a time charter that began in November 2023 and is expected to
                                            expire in April 2024, at a gross rate of $10,650 per day;</span></td></tr>
</table>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 18pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 18pt"></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="text-align: justify; width: 4%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 4%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify; width: 92%"><span style="font-size: 10pt"><i>m/v
                                            Orion Globe &#8211; </i>on a time charter that began in June 2023 and is expected to expire
                                            in April 2024, at a gross rate of 104.5% of the average BKI-82 5TC INDEX as quoted by the
                                            Baltic Exchange per day; and</span></td></tr>
</table>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 18pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 18pt"></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="text-align: justify; width: 4%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 4%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify; width: 92%"><span style="font-size: 10pt"><i>m/v
                                            GLBS Hero &#8211; </i>on a time charter that began in January 2024 and is expected to expire
                                            in October 2024, at a gross rate of 122% of the average BSI-58 INDEX as quoted by the Baltic
                                            Exchange per day.</span></td></tr>
</table>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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.</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"><b>Critical Accounting
Policies</b></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">Critical accounting
policies are those that are both most important to the portrayal of the company&#8217;s financial condition and results, and require
management&#8217;s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects
of matters that are inherently uncertain. For a description of all our significant accounting policies, see Note 2 to our annual audited
financial statements included in this annual report on Form 20-F.</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"><b>Voyage Expenses</b></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 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.</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">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.</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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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><span style="font-size: 10pt">If we charter our vessels
on bareboat charters, the charterer will pay for most of the voyage expenses and operating expenses.</span></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 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, 2023, commissions
amounted to $0.4 million. 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.</p>

<p style="font: 10pt Times New 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>

<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. In
2023, operating expenses were lower due to the decrease of the fleet from nine to six vessels by the end of 2023; however, our per vessel
operating expenses increased by approximately 3%. If industry-wide inflationary pressures continue during 2024 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"></p>

<p style="font: 10pt Times New 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. 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 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 in a decrease of approximately $118,000 to the depreciation charge included in the consolidated statement
of comprehensive income for 2022. During the fourth quarter of 2023, we adjusted the scrap rate from $440/ton to $480/ton, due to the
increased scrap rates worldwide. This resulted in a decrease of approximately $62,000 to the depreciation charge included in the consolidated
statement of comprehensive income for 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 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"></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">&#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
or bareboat charter 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">&#160;</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>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"></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"></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">Until 2021, we operated 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, with a corresponding
impact in equity. On March 13, 2024, we adopted a new equity incentive program. For more information, see &#8220;Item 6.E. Share Ownership&#8212;Equity
Incentive Plan.&#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>

<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 in our fleet may be impaired. Such indicators are:</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 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 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 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">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. 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. 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, 2023 and 2022, 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">&#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;<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, no indicators for reversal of impairment were present and no reversal
of previously recognized impairment losses was required for the financial year ended December 31, 2022. <span style="font-size: 10pt">Following
the agreement to sell Sun Globe and given the significant increase in the vessel&#8217;s market value, we assessed that there were indications
that impairment losses recognised in the previous periods with respect to this vessel had decreased. Therefore, the carrying amount of
the vessel was increased to its recoverable amount, determined based on selling price less cost to sell, and we recorded a reversal of
impairment in the amount of $4.4 million during the first quarter of 2023. No indicators for reversal of impairment were present and
no reversal of previously recognized impairment losses was required for the remaining financial year ended December 31, 2023.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>Gain/(Loss) on Sale
of Vessels</b></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">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.</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">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. The vessel was delivered to its new owners on June 5, 2023. We recognized a gain of $71,000
as a result of the sale, which is included in the consolidated statement of comprehensive income for 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">On August 11, 2023,
we through a wholly owned subsidiary, entered into an agreement to sell the 2009-built Sky Globe for a gross price of $10.7 million,
before commissions, to an unaffiliated third party. The vessel was delivered to its new owners on September 7, 2023. We recognized a
gain of approximately $2.2 million as a result of the sale, which is included in the income statement component of the consolidated statement
of comprehensive income for 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">On August 16, 2023,
we, through a wholly owned subsidiary, entered into an agreement to sell the 2010-built Star Globe for a gross price of $11.2 million,
before commissions, to an unaffiliated third party. The vessel was delivered to its new owners on September 13, 2023. We recognized a
gain of approximately $1.6 million as a result of the sale, which is included in the income statement component of the consolidated statement
of comprehensive income for 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"></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"><b>Other (Expenses)/Income,
Net</b></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 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.</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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>Interest Income
from Bank Balances &amp; Bank Deposits</b></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 earn interest on
the funds we have deposited with certain banks as well as from short-term certificates of deposit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"></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"><b>Interest Expense
and Finance Costs</b></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 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, 2023 and 2022, we had $52.6 million and $44.4 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"></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"><b>Gain/(Loss) on Derivative
Financial Instruments</b></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">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. These instruments are not designated
for hedge accounting.</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"></span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin-top: 0; margin-bottom: 0"></p><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: left; width: 100%"><a href="#contents"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Table of Contents</span></span></a></td></tr></table><p style="margin-top: 0; margin-bottom: 0"></p><p style="margin-top: 0; margin-bottom: 0"></p></div>
    <!-- Field: /Page -->

<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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>Foreign Exchange
Gains/(Losses), Net</b></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 generate all 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.</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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>Factors Affecting
Our Results of Operations</b></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 the
important measures for analyzing trends in our results of operations consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></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 or bareboat chartered
    in 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"><span style="font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></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>Operating days</i>. Operating
    days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to any reason,
    including unforeseen circumstances but excluding days during which vessels are seeking employment. The shipping industry uses operating
    days to measure the aggregate number of days in a period during which vessels generate revenues.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</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: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></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>TCE rates</i>. We define TCE rates
    as our revenue less net revenue from our bareboat charters less voyage expenses during a period divided by the number of our available
    days during the period excluding bareboat charter days, which is consistent with industry standards. TCE is a non-GAAP measure. TCE
    rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters
    with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally
    not expressed in per day amounts while charter hire rates for vessels on time charters generally are expressed in such amounts.</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 table reflects our ownership days, available
days, operating days, average number of vessels and fleet utilization for the periods indicated.&#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>
    <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>
<tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt"><b>2023</b></span></td>
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    <td style="vertical-align: top">&#160;</td>
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<tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt; width: 41%"><span style="font-size: 10pt">Ownership days</span></td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: left; width: 1%">&#160;</td>
    <td style="vertical-align: top; text-align: right; width: 10%"><span style="font-size: 10pt">2,850</span></td>
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    <td style="text-align: left; vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: top; text-align: right; width: 10%"><span style="font-size: 10pt">3,285</span></td>
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    <td style="text-align: left; vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: top; text-align: right; width: 10%"><span style="font-size: 10pt">2,594</span></td>
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    <td style="text-align: left; vertical-align: bottom; width: 1%">&#160;</td>
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    <td style="text-align: left; vertical-align: bottom; width: 1%">&#160;</td>
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    </tr>
<tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Available days</span></td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">2,754</span></td>
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    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">3,073</span></td>
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    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">1,778</span></td>
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    <td style="text-align: left; vertical-align: bottom">&#160;</td>
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    </tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Operating days</span></td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">2,710</span></td>
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    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">3,029</span></td>
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    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">2,477</span></td>
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    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">1,733</span></td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">1,756</span></td>
    </tr>
<tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Fleet utilization</span></td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">98.4%</span></td>
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    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">98.5%</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">97.9%</span></td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">97.5%</span></td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">98.2%</span></td>
    </tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Average number of vessels</span></td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">7.8</span></td>
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    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">9.0</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="text-align: left; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">5.2</span></td>
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    <td style="text-align: left; vertical-align: bottom">&#160;</td>
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    </tr>
<tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt"><span style="font-size: 10pt">Daily time charter equivalent (TCE) rate*</span></td>
    <td style="vertical-align: top; padding-right: 0.8pt; text-align: left"><span style="font-size: 10pt">$</span></td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">9,768</span></td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="text-align: left; vertical-align: bottom"><span style="font-size: 10pt">$</span></td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">18,227</span></td>
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    <td style="text-align: left; vertical-align: bottom"><span style="font-size: 10pt">$</span></td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">16,627</span></td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="text-align: left; vertical-align: bottom"><span style="font-size: 10pt">$</span></td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">5,210</span></td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="text-align: left; vertical-align: bottom"><span style="font-size: 10pt">$</span></td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">7,564</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">*Amounts subject to rounding.</p>

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


<!-- Field: Page; Sequence: 80 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- 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"></p><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: left; width: 100%"><a href="#contents"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Table of Contents</span></span></a></td></tr></table><p style="margin-top: 0; margin-bottom: 0"></p><p style="margin-top: 0; margin-bottom: 0"></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">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>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td colspan="9" 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;Year&#160;Ended&#160;December&#160;31,</b></span></td></tr>
  <tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">&#160;(Expressed&#160;in&#160;Thousands&#160;of&#160;U.S.&#160;Dollars,
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  <tr>
    <td style="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; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2023</b></span></td>
    <td style="width: 1%; 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="white-space: nowrap; width: 1%; 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>2021</b></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 1%; 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; vertical-align: bottom; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
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  <tr>
    <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: right"><span style="font-size: 10pt">&#160;</span></td>
    <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: right"><span style="font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; 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: right"><span style="font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; 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: right"><span style="font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; 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: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">30,840</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><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">43,211</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">11,753</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Less: Voyage expenses</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">3,936</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><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"><span style="font-size: 10pt">Net revenue </span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">26,904</span></td>
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  <tr style="background-color: White">
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,754</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><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"><span style="font-size: 10pt">Daily TCE rate*</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">9,768</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><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">7,564</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"><i>*Amounts subject to rounding</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>Results of Operations</b></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">The following is a
discussion of our operating results for the year ended December 31, 2023 compared to the year ended December 31, 2022. Variances are
calculated on the numbers presented in the discussion over operating results.</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; text-indent: 36pt"><span style="font-size: 10pt"><b><i>Year
ended December 31, 2023 compared to the year ended December 31, 2022</i></b></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">As of December 31,
2023 and 2022, our fleet consisted of six vessels (one Supramax, four Kamsarmaxes and one Panamax) and nine vessels (four Supramaxes,
four Kamsarmaxes and one Panamax), respectively, with an aggregate carrying capacity of 453,745 dwt and 626,257 dwt, respectively. During
the years ended December 31, 2023 and 2022 we had an average of 7.8 and 9.0 dry bulk vessels in our fleet, respectively.</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 the year ended
December 31, 2023, we had an operating income of $6.3 million, while for the year ended December 31, 2022, we had an operating income
of $23.6 million.</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"><i>Voyage revenues.
</i>Voyage revenues decreased by $30.6 million, or 50%, to $30.8 million in 2023, compared to $61.4 million in 2022. The decrease is
attributable to the decrease of the average number of vessels from 9.0 in 2022 to 7.8 in 2023 and the decrease of TCE from $18,227 in
2022 to $9,768 in 2023. In 2023, we had total operating days of 2,710 and fleet utilization of 98.4%, compared to 3,029 operating days
and a fleet utilization of 98.5% in 2022. The foregoing fleet utilization percentages 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 2,850 and 3,285 ownership days in 2023 and 2022, respectively, which
decrease is due to the sale of three of our vessels within 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"><i>Voyage expenses.
</i>Voyage expenses decreased by $1.5 million, or 28%, to $3.9 million in 2023, compared to $5.4 million in 2022. This decrease is attributed
to the lower TCE rates achieved within 2023 which led to fewer commission expense and the substantially more days of dry-docking repairs
in 2022 compared to 2023, which led to a higher bunker expense in 2022 compared to 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; background-color: #FDFDFD"><span style="font-size: 10pt"><i>Vessel
operating expenses.</i> Vessel operating expenses decreased by $1.9 million, or 11%, to $16.1 million in 2023, compared to $18 million
in 2022. The breakdown of our operating expenses for the year ended December 31, 2023 was as follows:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FDFDFD"></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">
    <td style="text-align: justify; width: 20%"><span style="font-size: 10pt">Crew expenses</span></td>
    <td style="text-align: left; width: 20%"><span style="font-size: 10pt">51%</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">19%</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">14%</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">6%</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; background-color: #FDFDFD">&#160;</p>


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


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    <!-- Field: /Page -->

<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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">The decrease is mainly
attributed to the decrease of the fleet from 9.0 vessels on average for 2022 to 7.8 vessels on average for 2023. Daily vessel operating
expenses increased from $5,483 in 2022 to $5,645 in 2023, representing an increase of 3%, <span style="background-color: white">mainly
due to industry-wide inflationary pressures</span>.</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"><i>Depreciation.</i>
Depreciation charge during the year ended December 31, 2023 reached $4.7 million compared to $5.6 million during 2022. This is mainly
attributed to the decrease of the fleet from 9.0 vessels on average for 2022 to 7.8 vessels on average for 2023. 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 in a decrease
of approximately $118,000 to the depreciation charge included in the consolidated statement of comprehensive income for 2022. During
the fourth quarter of 2023, we adjusted the scrap rate from $440/ton to $480/ton due to the increased scrap rates worldwide. This resulted
in a decrease of approximately $62,000 to the depreciation charge included in the consolidated statement of comprehensive income for
2023.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>Depreciation of
dry-docking costs</i>. Depreciation of dry-docking costs decreased by $0.4 million, or 9%, to $4.2 million in 2023, compared to $4.6
million in 2022. The decrease is mainly attributed to the decrease of the fleet from 9.0 vessels on average for 2022 to 7.8 vessels on
average for 2023.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>Administrative expenses.
</i>Administrative expenses increased by $0.6 million or 21% to $3.5 million in 2023, from $2.9 million in 2022. This is mainly attributed
to the increased personnel expenses in 2023 amounting to $2 million compared to $1.5 million in 2022.</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"><i>Administrative expenses
payable to related parties.</i> Administrative expenses payable to related parties amounted to $0.7 million in 2023, compared to $1.4
million in 2022. 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, although this amount was paid in 2023. There was
no such agreement for 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"><i>Interest expense
and finance costs.</i> Interest expense and finance costs increased by $2.1 million, or 91%, to $4.4 million in 2023, compared to $2.3
million in 2022. Our weighted average interest rate for 2023 was 8.19% compared to 5.58% during 2022. Total borrowings outstanding as
of December 31, 2023 amounted to $52.6 million, compared to $44.4 million as of December 31, 2022. Our sole credit facility that was
in place as of December 31, 2023 and 2022, the CIT Loan Facility, is denominated in U.S. dollars.</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"><i>Gain on derivative
financial instruments. </i>Following the entry into the CIT Loan Facility, we entered into an Interest Rate Swap agreement on May 10,
2021. Following the deed of accession, amendment and restatement of the CIT Loan Facility 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.).</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 the year ended
December 31, 2023, the Company recognized a total gain of $0.4 million. The $0.2 million gain was in relation with the initial swap agreement
entered in 2021, approximately $1.1 million was the interest for the interest rate swap during the year ended December 31, 2023, minus
$0.9 million loss is according to the interest rate swap valuation and is included in the consolidated statement of comprehensive income.</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 the year ended
December 31, 2023, the Company recognized a gain of approximately $0.2 million in relation with the new swap agreement entered in 2022,
approximately $0.4 million was the interest for the interest rate swap during the year ended December 31, 2023, minus approximately $0.2
million loss is according to the interest rate swap valuation and is included in the consolidated statement of comprehensive income.</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 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.</span></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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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.</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"><i>Reversal of Impairment.
</i>On March 6, 2023, we, through a wholly owned subsidiary, entered into an agreement to sell the 2007-built <i>Sun Globe</i> for a
gross price of $14.1 million, before commissions, to an unaffiliated third party. Following the agreement to sell <i>Sun Globe</i> and
given the significant increase in the vessel&#8217;s market value, we assessed that there were indications that impairment losses recognized
in the previous periods with respect to this vessel have decreased. Therefore, the carrying amount of the vessel was increased to its
recoverable amount, determined based on selling price less cost to sell, and we recorded reversal of impairment amounting $4.4 million,
and is included in the consolidated statement of comprehensive income.</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"><i>Gain from the sale
of vessels.</i> Gain from sale of vessels amounted to $3.8 million for the year ended December 31, 2023. As a result of the sale of <i>Sky
Globe</i> and <i>Star Globe</i> we recognized a gain of approximately $2.2 million and $1.6 million, respectively. Both vessels were
delivered to their new owners in September 2023.</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FDFDFD"><span style="font-size: 10pt"><i>Interest
Income.</i> During the year ended December 31, 2023, interest income reached approximately $2.6 million compared to $0.4 million for
the year ended December 31, 2022. This is mainly attributed to the increase of interest rates worldwide during 2023 and the fact that
the Company has proceeded to secure short-term time deposits.</span></p>

<p style="font: 10pt 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>Gain from loan modification.
</i>Following the amendment and restatement of the CIT Loan Facility reached in August 2023 we recognized a gain on modification amounted
to approximately $0.4 million that had adjusted the carrying value of the loan and classified under Gain from the modification of the
Loan in the consolidated statement of comprehensive income.</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">&#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"></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"><b><i>B. 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 long-term 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 $74.2 million as of December 31, 2023, which compares to a minimum liquidity requirement under our CIT Loan Facility
of $900,000 and a minimum cash reserve of $3 million as of December 31, 2023. Given the anticipated capital expenditures related to commitments
under shipbuilding contracts and drydockings during 2024-2026, 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, 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. In August 2022, we entered into a deed of accession, amendment and restatement of the CIT Loan Facility
with First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.), whereby the CIT Loan Facility was amended
and restated and an additional borrower, Salaminia Maritime Limited, acceded to the CIT Loan Facility. The CIT Loan Facility principal
amount was increased to $52.25 million, by a top up loan amount of $18 million for the purpose of financing our vessel <i>Orion Globe</i>
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 LIBOR interest provisions of the CIT Loan Facility were replaced
with Term SOFR plus a margin of 3.35% (or 5.35% default interest) per annum. In August 2023, we entered into&#160;a second deed of accession,
amendment and restatement of the CIT Loan Facility with First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.), whereby
the CIT Loan Facility was further amended and restated and two additional borrowers, Argo Maritime Limited and Talisman Maritime Limited,
acceded to the CIT Loan Facility. The CIT Loan Facility was further increased to $72.25 million, by a top up loan amount of $25 million
for the purpose of financing our vessels <i>Diamond Globe</i> and <i>Power Globe</i> and for general corporate and working capital purposes.
The CIT Loan Facility (including the new top up loan amount) became further secured by first preferred mortgages over the vessels <i>Diamond
Globe</i> and <i>Power Globe</i>. The CIT Loan Facility currently bears interest at Term SOFR together with an adjustment of 0.1% per
annum plus a margin of 2.70% (or 4.70% default interest) per annum.</p>

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


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<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; text-align: justify">The mandatory debt repayments in 2024 under the CIT
Loan Facility are $6.3 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, 2023, our CIT Loan Facility contained
covenants that require (1) a minimum loan (including any exposure under a related swap agreement) to value ratio of 70% until May 2024,
and thereafter 65% 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 requirements, 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 Russian/Ukraine
conflict and the Israel/Hamas war, and general conditions in the dry bulk market. We may from time to time seek to raise additional capital
through equity or debt offerings, including sale and leaseback transactions, 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, 2023, 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, 2023, we had approximately $3.6
million in &#8220;restricted cash.&#8221; As of December 31, 2023, we had an aggregate debt outstanding of $52.6 million, from the CIT
Loan Facility. Please see &#8220;&#8211;Cash Flows&#8221; below to see our cash position at December 31, 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">On February 23, 2024, we, through our subsidiary Daxos
Maritime Limited, entered into a $28 million sale and leaseback agreement with SK Shipholding S.A., a subsidiary of Shinken, with respect
to the approximately 64,000 dwt bulk carrier to be named &#8220;GLBS MIGHT,&#8221; which is scheduled to be delivered during the third
quarter of 2024. For more information regarding the terms of the sale and leaseback agreement and our other financing arrangements, see
&#8220;&#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">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 $69.8 million as of December 31, 2023 and to $45.4 million as of December 31, 2022. If we are unable
to satisfy our liquidity requirements, we may not be able to continue as a going concern. Six 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"></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"><b>&#160;</b></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 $74.2 million in unrestricted
bank deposits as of December 31, 2023, and $52.8 million in unrestricted bank deposits as of 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">Restricted cash that consists of cash pledged as collateral
was $3.6 million at the end of 2023, and $6 million at the end of 2022. 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"><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 used in operating activities in 2023 amounted
to $4.5 million, compared to net cash generated from operating activities of $26.9 million in 2022. The decrease is primarily attributable
to a decrease in the average number of vessels of our fleet and the average TCE rates achieved by the vessels in our fleet in 2023 compared
to 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 Generated From / (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 generated from investing activities was $18.4
million during the year ended December 31, 2023, which was mainly attributable to the net proceeds from the sale of certain of our vessels
amounting to $35.1 million and $2.6 million from interest received, partially offset by the advances of $19.1 million paid for the newbuildings
during 2023, and vessels&#8217; improvements and purchases of office furniture and equipment amounting 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">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"></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, 2023 amounted to $7.4 million and consisted of $25 million proceeds from our new deed of accession, amendment
and restatement of the CIT Loan Facility entered into in August 2023 and a $2.3 million decrease in pledged bank deposits, partially offset
by the $0.4 million payment of financing costs, $2.5 million of interest paid, $6.2 million of indebtedness that we repaid and $10.5 million
of indebtedness that we prepaid 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, 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 entered into in August 2022, partially offset 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; background-color: white">Please see &#8220;Item 5.
A. Operating Results&#8221; of our Form 20-F filed with the SEC on March 20, 2023 for a discussion of the year-to-year comparison between
2022 and 2021. Please see &#8220;Item 5. B. Liquidity and Capital Resources&#8221; of our Form 20-F filed with the SEC on March 20, 2023
for a discussion of the liquidity and capital resources that we had in 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i></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"><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, 2023 and 2022, we and our vessel-owning
subsidiaries had outstanding borrowings under the CIT Loan Facility of an aggregate of $52.6 million and $44.4 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>EnTrust Loan Facility</i></p>

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


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<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; 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; text-indent: 36pt"><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.) (the &#8220;CIT Loan Facility&#8221;), 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 were originally Devocean Maritime Ltd., Domina Maritime Ltd, Dulac Maritime S.A.,
Artful Shipholding S.A., Longevity Maritime Limited and Serena Maritime Limited. The CIT Loan Facility is guaranteed by Globus Maritime
Limited. We fully drew $34.25 million under the CIT Loan Facility on May 10, 2021 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">On August 5, 2022, we entered into a deed of accession,
amendment and restatement of the CIT Loan Facility with First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.), whereby
the CIT Loan Facility was amended and restated and an additional borrower, Salaminia Maritime Limited, acceded to the CIT Loan Facility.
The CIT Loan Facility principal amount was increased to $52.25 million, by a top up loan amount of $18 million for the purpose of financing
our vessel <i>Orion Globe</i> 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 LIBOR interest provisions
of the CIT Loan Facility were replaced with Term SOFR plus a margin of 3.35% (or 5.35% default interest) per annum. We fully drew the
$18 million top up loan amount under the CIT Loan Facility on August 10, 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.) and we paid First Citizens Bank &amp; Trust Company (formerly known as CIT
Bank N.A.) an upfront fee in the amount of 1.00% of the top up loan amount.</p>

<p style="font: 10pt Times New 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, the Company, through a wholly owned
subsidiary, entered into an agreement to sell the 2007-built Sun Globe. On May 10, 2023, the Company prepaid the total remaining amount
of $3.7 million of the CIT Loan Facility tranche of Longevity Maritime Limited (the owning company of the vessel Sun Globe) in order to
conclude the sale and delivery of the vessel to the new owners which took place on June 5, 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">On August&#160;10, 2023, we entered into&#160;a second
deed of accession, amendment and restatement of the CIT Loan Facility with First Citizens Bank &amp; Trust Company (formerly known as
CIT Bank N.A.), whereby the CIT Loan Facility was further amended and restated and two additional borrowers, Argo Maritime Limited and
Talisman Maritime Limited, acceded to the CIT Loan Facility. The CIT Loan Facility was further increased to $72.25 million, by a top up
loan amount of $25 million for the purpose of financing our vessels <i>Diamond Globe</i> and <i>Power Globe</i> and for general corporate
and working capital purposes. The CIT Loan Facility (including the new top up loan amount) became further secured by first preferred mortgages
over the vessels <i>Diamond Globe</i> and <i>Power Globe</i>. We fully drew the $25 million top up loan amount under the CIT Loan Facility
on August 10, 2023. 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 top up loan amount.</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">On August 11, 2023, the Company, through a wholly
owned subsidiary, entered into an agreement to sell the 2009-built Sky Globe. On August 29, 2023 the Company prepaid the total remaining
amount of $3.3 million of the CIT Loan Facility tranche of Domina Maritime Ltd (the owning company of the vessel Sky Globe) in order to
conclude the sale and delivery of the vessel to the new owners which took place on September 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; background-color: white">On August 16, 2023, the Company,
through a wholly owned subsidiary, entered into an agreement to sell the 2010-built Star Globe. On September 7, 2023 the Company prepaid
the total remaining amount of $3.6 million of the CIT Loan Facility tranche of Dulac Maritime S.A. (the owning company of the vessel Star
Globe) in order to conclude the sale and delivery of the vessel to the new owners which took place on September 13, 2023.</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">Following the conclusion of the second amendment and
restatement of the CIT Loan Facility and the sales of the vessels Sun Globe, Sky Globe and Star Globe, described above, the vessels securing
the CIT Loan Facility are the&#160;<i>Diamond Globe</i>,&#160;<i>Power Globe</i>,&#160;<i>Orion Globe</i>,&#160;<i>River Globe</i>,&#160;<i>Moon
Globe</i>,&#160;and&#160;<i>Galaxy Globe</i>. The remaining borrowers under the CIT Loan Facility are Devocean Maritime Ltd., Artful Shipholding S.A.,
Serena Maritime Limited, Salaminia Maritime Limited, Argo Maritime Limited and Talisman Maritime Limited and the CIT Loan Facility remains
guaranteed by Globus Maritime Limited.</p>

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


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    <!-- Field: /Page -->

<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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The CIT Loan Facility currently bears interest at
Term SOFR together with an adjustment of 0.1% per annum plus a margin of 2.70% (or 4.70% default interest) per annum. It consists of six
tranches, which shall be repaid in consecutive quarterly installments with the final installment due on the first four tranches in May&#160;2026
and on the final two tranches in August&#160;2027. Through May&#160;2026, each quarterly installment for all six tranches is an aggregate
amount of $1,564,394, with the balloon payment due in May 2026 for the first four tranches being an aggregate amount of $19,040,909. Thereafter,
each quarterly installment for the remaining two tranches is an aggregate amount of $500,000, with the balloon payment due in August 2027
for the remaining two tranches in an aggregate amount of $17,000,000.&#160;</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">The CIT Loan Facility may
be prepaid prior to maturity. If the prepayment of the tranche financing Orion Globe occurs on or before August&#160;10, 2024, the prepayment
fee is 1% of the amount prepaid, subject to certain exceptions. If the prepayment of the tranche financing either Diamon Globe or Power
Globe occurs on or before August&#160;2024, the prepayment fee is 2% of the amount prepaid and thereafter until August&#160;2025, the
prepayment fee is 1% of the amount prepaid, subject to certain exceptions. We cannot reborrow any amount of the CIT Loan Facility that
is prepaid or repaid.</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; background-color: white"><span style="font-size: 10pt">The
CIT Loan Facility is currently secured by:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<tr style="vertical-align: top">
    <td style="width: 3%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 3%"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td>
    <td style="text-align: justify; width: 94%"><span style="font-size: 10pt">first preferred mortgages over <i>m/v River Globe</i>,
    <i>m/v Moon Globe</i>, <i>m/v Diamond Globe</i>, <i>m/v Power Globe</i>, <i>m/v Galaxy Globe</i> and <i>m/v Orion Globe</i>;</span></td></tr>
</table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<tr style="vertical-align: top">
    <td style="width: 3%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 3%"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td>
    <td style="text-align: justify; width: 94%"><span style="font-size: 10pt">pledges over the shares of each borrower; and</span></td></tr>
</table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<tr style="vertical-align: top">
    <td style="width: 3%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 3%"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td>
    <td style="text-align: justify; width: 94%"><span style="font-size: 10pt">pledges over bank accounts, a pledge of each
    borrower&#8217;s rights under any swap agreement in respect of the CIT Loan Facility, a general assignment over each vessel&#8217;s
    earnings, insurances and any requisition compensation in relation to that vessel, and an assignment of the rights of Globus Maritime
    with respect to any indebtedness owed to it by the borrowers.</span></td></tr>
</table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-size: 10pt">We
are not permitted, without the written consent of First-Citizens Bank&#160;&amp; Trust Company, 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: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-size: 10pt">The
CIT Loan Facility contains various covenants requiring the borrowers and/or Globus Maritime Limited to, among other things, ensure that:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="vertical-align: top">
    <td style="width: 3%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 3%"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">the borrowers maintain a minimum cash reserve at all times
    of not less than $500,000 for each mortgaged ship;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="vertical-align: top">
    <td style="width: 3%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 3%"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">a minimum loan (including any exposure under a related
    swap agreement) to value ratio of 70% is maintained until May&#160;2024, and thereafter 65%; </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="vertical-align: top">
    <td style="width: 3%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 3%"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">each borrower maintains in its earnings account minimum
    liquidity of $150,000 in respect of each vessel owned by it then subject to a mortgage;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="vertical-align: top">
    <td style="width: 3%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 3%"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">Globus Maritime Limited maintains cash in an amount of
    not less than $150,000 for each vessel that it owns that is not subject to a mortgage as part of the CIT Loan Facility;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="vertical-align: top">
    <td style="width: 3%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 3%"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">Globus Maritime Limited maintains a maximum leverage ratio
    of 0.75:1.00; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="vertical-align: top">
    <td style="width: 3%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 3%"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td>
    <td style="width: 94%; 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 remaining tenure 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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">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 vessel
owned by it and (for certain vessels) the installation of a ballast water treatment system on the vessel 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 vessel&#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, Argo Maritime Limited, which is required to set
aside quarterly payments that aggregate to $675,000,
and Talisman Maritime Limited, which is required to set aside quarterly payments that aggregate to $315,000.</p>

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


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></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; background-color: white">The CIT Loan Facility also
contains limitations on the occurrence of additional indebtedness by each borrower, other than indebtedness that is subordinated to the
CIT Loan Facility indebtedness and/or indebtedness incurred in the ordinary course of owning, operating, trading, chartering, maintaining
and repairing the vessel owned by the relevant borrower that does not exceed $500,000 or $50,000, depending on the circumstances set out
in the CIT 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; background-color: white">Globus Maritime Limited is
prohibited from making dividends (other than up to $1,000,000 annually on or in respect of its preferred shares) in cash or redeem or
repurchase its common 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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The CIT Loan Facility also
prohibits certain changes of control, including, among other things, the delisting of Globus from 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&#160;&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, 2023, the Company was in compliance
with the covenants of the CIT Loan Facility. We believe that the CIT Loan Facility and the sale and leaseback arrangement referenced below
are adequate to meet our needs for the foreseeable future based on our current 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; text-indent: 36pt"><i>Financing arrangements post-December
31, 2023</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>$28 million Sale and Leaseback Agreement &#8211;
GLBS MIGHT</i></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">On February 23, 2024, we, through our subsidiary Daxos
Maritime Limited (&#8220;Daxos&#8221;), entered into a $28 million sale and leaseback agreement with SK Shipholding S.A., a subsidiary
of Shinken, with respect to the approximately 64,000 dwt bulk carrier to be named &#8220;GLBS MIGHT,&#8221; which is scheduled to be delivered
during the third quarter of 2024. Upon delivery of the vessel, we expect to bareboat charter back the vessel for a charter period of 10
years. Charter hire shall be paid monthly, in consecutive instalments consisting of (i) a fixed amount equal to $3,000 per day for the
first three years from the delivery date, $3,200 per day for the next two years, $3,300 per day for the two years following, and $3,800
per day for the final three years and (ii) a variable amount priced at Term SOFR plus a 2.1% margin for the first three years from the
delivery date, Term SOFR plus a 2.45% margin for the following four years, and Term SOFR plus a 2.35% margin for the final three years.
The deposit and balance payable under the memorandum of agreement (the &#8220;MOA&#8221;) in connection of the sale to the vessel to SK
Shipholding S.A., as well as the performance of Daxos&#8217; obligations under both the MOA and the bareboat charter are guaranteed by
us. As part of this transaction, we will have continuous options to buy back the vessel following the third anniversary of its delivery,
at purchase prices stipulated in the bareboat charter depending on when the option is exercised. At the end of the ten-year period, we
will have an obligation to buy back the vessel at a purchase price of $15,809,000.</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"><b></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, 2023 and 2022, 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"></p>


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<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>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 approximately 64,000 dwt. The vessel was built at Nihon Shipyard Co. in Japan. The total consideration for the construction of the
vessel was approximately $37.5 million, which we financed with equity. In May 2022, we paid the first installment of $7.4 million, in
March 2023, we paid the second installment of $3.8 million, in September 2023, we paid the third installment of $3.7 million and in November
2023, we paid the fourth installment of $3.7 million. On January 22, 2024, we paid the final installment of $18.5 million and on January
25, 2024 we took delivery of m/v GLBS Hero.</p>

<p style="font: 10pt Times New 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 approximately 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 to be delivered 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">On August 18, 2023, we signed two contracts, through
Thalia Shipholding S.A. and Olympia Shipholding S.A., for the construction and purchase of two fuel efficient bulk carrier of approximately
64,000 dwt each. The two vessels will be built at Nihon Shipyard Co. and are scheduled to be delivered during the second half of 2026.
The total consideration for the construction of both vessels is approximately $75.5 million, which we intend to finance with a combination
of debt and equity. In August 2023, we paid the first installment of $7.5 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">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, including sale and
leaseback transactions, 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"></p>

<p style="font: 10pt Times New 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. 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"></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; 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"><span style="font-size: 10pt"><b><i>D.
Trend Information</i></b></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 0 10pt; text-align: justify"><span style="font-size: 10pt">Our results
of operations depend primarily on the charter rates earned by our vessels. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-size: 10pt; 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. The global dry cargo fleet is forecasted to grow</span> <span style="font-size: 10pt">2.7% in 2024 and 1.9% in 2025, according
to BIMCO, and BIMCO expects <span style="background-color: white">cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025</span>. BIMCO
estimates that the dry bulk orderbook is 8.7% of the current fleet as of January 2024, with a 12% newbuilding contracting in 2023, half
of which are expected to be delivered after 2025.</span></p>

<p style="font: 10pt 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, 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. In 2023, the BDI
ranged from a low of 530 on February 16, 2023 to a high of 3,346 on December 4, 2023. During calendar year 2024 to March 13, 2024,
the BDI has ranged from a high of 2,377, (on March 11, 2024) to a low of 1,308 (on January 17, 2024).</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">In the beginning of
2024, the International Monetary Fund forecasted the global economy to grow by 2.9% for the year 2024 and 3.1% for the year 2025.</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">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 third 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.</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">In addition, disruptions
in the Red Sea and the Panama Canal could lead to longer sailing distances, with the possibility of ships being rerouted for longer distances
to get to certain points, resulting in increased need for ships. In particular, following the outbreak of the 2023 Israel&#8211;Hamas
war, missile attacks by the Houthis have been reported at vessels passing off Yemen&#8217;s coast in the Red Sea in December 2023. This
has caused several vessels to divert via the Cape of Good Hope in South Africa, in order to avoid transiting the Red Sea. The initial
effect of Red Sea tensions on the dry bulk market has been positive for the dry bulk market as the longer route via the Cape of Good
Hope is absorbing more vessels, thereby reducing supply. Looking forward, it is impossible to predict the course of this conflict and
whether there would be any serious escalation emanating from the current state of affairs. Similar to the conflict in Ukraine, we believe
that a generalized conflict involving several Middle Eastern nations would possibly result in higher inflation and possibly slower economic
growth, which could potentially have an adverse effect on the demand for dry bulk commodities. To the extent that Red Sea tensions remain
contained to the region, the effects on the dry bulk market could be similar to what we have seen so far. Apart from the effect on the
dry bulk market, the current situation presents a significant safety hazard for all vessels transiting the Red Sea, and could ultimately
potentially result in heavy damage being sustained due to successful missile strikes.</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">The dry bulk orderbook
stands at 86.8 million dwt, or 8.7% of the world&#8217;s total dry bulk fleet. BIMCO estimates that Panamax and Supramax fleets will
account for 71% of deliveries in 2024-25. This could lead to recycling of older ships or reduced rates for those size ships if there
is an increase in supply.</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">Please read &#8220;Item
4.B. Business Overview,&#8221; &#8220;Item 5. A. Operating Results&#8221; and &#8220;Item 5. B. Liquidity and Capital Resources.&#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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>E. Critical Accounting Estimates</i></b></p>

<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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></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">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item6"></span>Item 6. 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 2026, the term of our Class II directors expires at our annual general meeting of shareholders in 2024, and the term of our Class III
directors 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: 12pt 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; padding-right: 0.8pt"><span style="font-size: 10pt"><b>Name</b></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 0.8pt"><span style="font-size: 10pt"><b>Position</b></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 0.8pt"><span style="font-size: 10pt"><b>Age</b></span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 33%; padding-right: 0.8pt"><span style="font-size: 10pt">Georgios Feidakis</span></td>
    <td style="width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 32%; padding-right: 0.8pt"><span style="font-size: 10pt">Director, Chairman of the Board of
    Directors</span></td>
    <td style="width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 32%; padding-right: 0.8pt"><span style="font-size: 10pt">73</span></td>
    </tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">Ioannis Kazantzidis</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">Director</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">73</span></td>
    </tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">Jeffrey O. Parry</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">Director</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">64</span></td>
    </tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">Athanasios Feidakis</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">Director, President, Chief Executive Officer, Chief Financial Officer</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">37</span></td>
    </tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">Christina Tampourea</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">Director</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">51</span></td>
    </tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">Olga Lambrianidou</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">Secretary</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">68</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"><span style="font-size: 10pt"><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 specializing in real estate, which was our landlord
until August 2022.</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"><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. 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.</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"><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.</span></p>

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


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<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; text-align: justify"><span style="font-size: 10pt"><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 been a Director of Saeed Mohammed Heavy Equipment Trading LLC, a general
trading company, based in Jebel Ali, UAE from 2009 to 2023. Mr. Kazantzidis has served as the Chairman of Nazaki Corporation, a private
investment company based in the British Virgin Islands, since 1988. Mr. Kazantzidis was the Chairman of Fisherman&#8217;s Wharf Pvt Ltd
from&#160;1989 to 2015, and a director of Dow Corning Lanka Pvt Ltd from 2000 to 2013 and Propasax Pvt Ltd from 2010 to 2015.&#160;As
of December 31, 2020, to December 31, 2023 Mr. Kazantzidis was a director of Longdon Place Developers LLC.</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; text-align: justify; margin-right: 0; margin-left: 0"><span style="font-size: 10pt"><b>Christina
Tampourea</b>, a Class II director, was appointed to our board on March 13, 2024. Ms. Tampourea has been the Group Chief Commercial Officer
of IASO Group of hospitals since 2014. She is an experienced executive in the health care and hospital industry since 2001. She is a
Member of the Operational Committee and Management team. She possesses in depth knowledge in hospital operations, people management and
organizational development as well as in development and running of commercial operations specializing in the implementation of strategies
with the ultimate objective to improve customer experience and deliver financial growth to the organization. Additionally, she has been
actively involved in greenfield project teams in charge of setting up new healthcare units in Greece. Ms. Tampourea holds a Bachelor
of Science Degree in Business Administration, with a Double major in Marketing and Management from the American College &#8220;Deree
College&#8221; of Athens Greece. She currently serves as a board member in four companies: ELITOUR Greek Health Tourism Council in Greece
as of March 2020; IASO Thessaly, a private hospital since September 2022 and its sister affiliate, the Institute of Life at IASO since
September 2022; and as a board member at the Plakentia Veterinary Clinic since 2023.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information regarding the Company&#8217;s Equity
Incentive Plan, see &#8220;Item 6.E. Share Ownership&#8212;Equity Incentive Plan.&#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; text-align: justify; text-indent: 0.5in"><b><i>B. Compensation</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 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. 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 this annual report on Form 20-F, all of the December 2021 bonus has been paid. Each of our other directors has an
appointment letter relating to his or her appointment as a director, none of which provide for benefits upon any future termination of
employment or change of control.</p>

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


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<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="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2023, the aggregate remuneration that should have been
paid to Goldenmare amounted to approximately $432,000, but we paid approximately $355,000 and owed approximately $77,000 as of December
31, 2023. In 2022, the aggregate remuneration that should have been paid to Goldenmare amounted to approximately $2.0 million, none of
which was paid as of December 31, 2022 but has subsequently been paid in full. In 2021, the aggregate remuneration that should have been
paid to Goldenmare amounted to approximately $1.2 million, but we paid approximately $231,000 and owed approximately $985,000 as of December
31, 2021 but has subsequently been paid in full. We did not pay or owe any remuneration directly to Athanasios Feidakis, our sole executive
officer and sole senior manager, in 2021, 2022, or 2023.</span></p>

<p style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 13, 2024, we awarded Goldenmare a one time bonus
of $3 million, half of which is payable immediately upon the delivery of the newbuilding vessel Hull NE442 (i.e., the vessel being constructed
by Nantong Cosco Khi Ship Engineering pursuant to the agreement dated May 13, 2022) and the balance at the delivery of Hull NE443 (i.e.,
the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the other agreement dated May 13, 2022), in each case
assuming Athanasios Feidakis remains Chief Executive Officer at each such relevant time.&#160;&#160;</span></p>

<p style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The aggregate compensation, including bonuses, actually
paid to Goldenmare was approximately $2.5 million in 2023, $57,000 in 2022 and $1.9 million in 2021. Our senior management received no
common shares in 2023, 2022 and 2021. In addition, we owed Goldenmare $77,000, $2.1 million and $985,000 on December 31, 2023, 2022 and
2021, respectively. We currently owe Goldenmare an aggregate of $77,000. We did not pay, and do not owe, any compensation directly to
Athanasios Feidakis, our sole executive officer, who comprises our senior management.</span></p>
<p style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2022 we changed how we
compensate our non-executive directors. In 2022 and 2023, our non-executive directors each received $40,000 annually as members of
our board. In addition, in 2022 and 2023, each non-executive and independent directors who previously received shares received an
additional $20,000 per year. In 2022 and 2023, non-executive and independent directors on our remuneration committee and nomination
committee each received an additional $5,000 annually per committee and the chairperson of our audit committee received an
additional $10,000 annually, our lead independent director (i.e., Jeffrey O. Parry) received an additional $10,000 annually, and the
chairperson of our board received an additional $40,000 annually. The aggregate compensation other than share based compensation
actually paid to our non-executive directors in 2023 was $240,000, in 2022 was $285,000 and in 2021 was $120,000. In addition, in
2021, non-executive directors (excluding our non-executive Chairman, Mr. George Feidakis) received an aggregate of 12,178 common
shares. In 2023 and 2022 they received no common shares. As of December 31, 2023, 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 2023, which amount
was paid in 2024. In 2024, we changed the compensation scheme of our directors and pay each director (except for a director who is
also an executive officer) $80,000 per annum, regardless of committee participation.</span></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,
2023 a non-current liability of approximately $171,000 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">In line with Nasdaq requirements, we have established
a clawback policy which, subject to limited exceptions, requires that any incentive compensation (including both cash and equity compensation)
paid to any current or former executive officer on or after October 2, 2023 is subject to recoupment if (i) the incentive compensation
was calculated based on financial statements that were required to be restated due to material noncompliance with financial reporting
requirements, without regard to any fault or misconduct; and (ii) that noncompliance resulted in overpayment of the incentive compensation
within the three fiscal years preceding the date the restatement.</p>

<p style="font: 10pt Times New 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. For information regarding the Company&#8217;s Equity Incentive Plan, see &#8220;Item 6.E. Share Ownership&#8212;Equity Incentive
Plan.&#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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt"><b><i>&#160;&#160;&#160;&#160;&#160;&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt"><b><i>&#160;C.
Board Practices</i></b></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">Our board of directors
and executive officer oversee and supervise our operations.</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">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. 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 and Rule 10A-3 of the Exchange Act, we believe that Mr. Ioannis Kazantzidis, Mr. Parry and Ms. Tampourea are independent
directors. Each director is fully indemnified by us for actions associated with being a director to the extent permitted under Marshall
Islands law.</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 an Audit Committee,
a Remuneration Committee and a Nomination Committee.</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">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 certain 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.</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">The Remuneration Committee
is comprised of Jeffrey O. Parry, Ioannis Kazantzidis and Christina Tampourea. 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.</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">The Nomination Committee
is comprised of George Feidakis, Ioannis Kazantzidis, Jeffrey O. Parry and Christina Tampourea. 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.</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 information about
the term of each director, see &#8220;Item 6.A. Directors and Senior Management.&#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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>D. 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, 2023, we had 24 full-time employees
and two consultants that we hired directly. All 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"></p>

<p style="font: 10pt Times New 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. 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; text-align: justify"></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: 2pt 0; text-align: justify">On March 13, 2024, our board of directors adopted
the Globus Maritime Limited 2024 Equity Incentive Plan, or the Plan. The purpose of the Plan is to provide our officers, key employees,
directors, consultants and service provider, whose initiative and efforts are deemed to be important to the successful conduct of our
business, with incentives to (a) enter into and remain in the service of our company or our subsidiaries
or affiliates, (b) acquire a proprietary interest in the success of our Company, (c) maximize their performance and (d) enhance the long-term
performance of our Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0; text-align: justify">&#160;</p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0; text-align: justify">The number of our common shares reserved
for issuance under the Plan is 2,000,000 shares. The Plan is administered by the remuneration committee of our board of directors. Under
the Plan, our officers, key employees, directors, consultants and service providers may be granted incentive stock options, non-qualified
stock options, stock appreciation rights, restricted stock, unrestricted stock, restricted stock units, unrestricted stock, other equity-based
or equity-related awards, and dividend equivalents at the discretion of our remuneration committee. Any awards granted under the Plan
that are subject to vesting are conditioned upon the recipient&#8217;s continued service as an employee or a director of the Company,
through the applicable vesting date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Adjustments may be made to outstanding awards in the
event of a corporate transaction or change in capitalization or other extraordinary event. In the event of a &#8220;change in control&#8221;
(as defined in the Plan), unless otherwise provided by the Plan administrator in an award agreement, awards then outstanding shall become
fully vested and exercisable in full.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 2pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0; text-align: justify">Our board of directors may amend or terminate
the Plan and may amend outstanding awards, provided that no such amendment or termination may be made that would materially impair the
rights or materially increase any obligations of a grantee under an outstanding award without such grantee&#8217;s consent. Shareholders&#8217;
approval of Plan amendments may be required in certain circumstances if required by applicable rules of a national securities exchange
or the SEC. Unless terminated earlier by our board of directors, the Plan will expire 10 years from the date on which the Plan was adopted
by 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"><i>Grants under the Equity Incentive Plan</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">No awards were granted pursuant to any equity incentive
plan during the years ended December 31, 2023, 2022 and 2021, but we issued shares directly to our directors, which was not part of the
Plan.</p>

<p style="font: 10pt Times New 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>F. Disclosure of a registrant&#8217;s action
to recover erroneously awarded compensation</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; text-indent: 36pt">	</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item7"></span>Item 7. 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. 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 13, 2024 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 13, 2024. 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">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 13, 2024, or exercisable within 60 days after March 13, 2024, 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>


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    <!-- Field: /Page -->

<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; 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; width: 78%"><span style="font-size: 10pt">Name and address of beneficial owner</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt; width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; text-align: right; width: 10%"><span style="font-size: 10pt">Number
    of common shares beneficially owned as of March 13, 2024</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt; text-align: right; width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; text-align: right; width: 10%"><span style="font-size: 10pt">Percentage
    of common shares beneficially owned as of March 13, 2024</span></td>
    </tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left; vertical-align: bottom"><span style="font-size: 10pt"><b><i>5% Beneficial Owners</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: 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">5.51%</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>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">5,115,776</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">24.8%</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">328,828</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">1.6%</span></td>
    </tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christina
    Tampourea</span></td><td style="vertical-align: bottom; padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="vertical-align: bottom; padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*%
    </span></td></tr>
<tr style="vertical-align: bottom; background-color: White"><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>5,459,862</b></span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><b>26.5*%(6)</b></span></td>
    </tr>
</table>

<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"><i></i></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>*Less
than 1.0% of the outstanding shares.</i></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>(1) Based solely
on the information reported on Amendment No. 2 to Schedule 13G jointly filed with the SEC on February 14, 2024 by Armistice Capital,
LLC and Mr. Steven Boyd. 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></span></p>

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

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>(2) Based solely
on the information reported on Amendment No. 3 to Schedule 13G jointly filed with the SEC on February 8, 2023 by Intracoastal Capital
LLC, Mr. Mitchell P. Kopin and Mr. David B. Asher. 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></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>(3) Based solely
on the information reported on Amendment No. 3 to Schedule 13G jointly filed with the SEC on February 13, 2023 by Lind Global Macro Fund,
LP, Lind Global Partners LLC and Mr. Jeff Easton 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></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>(4) Based solely
on the information reported on Amendment No. 2 to Schedule 13G jointly filed with the SEC on February 8, 2023 by Hudson Bay Capital Management
LP and Mr. Sander Gerber. 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 such persons is 777 Third Avenue, 30th Floor, New York, NY 10017.</i></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>(5) Based solely
on the information reported on Amendment No. 6 to Schedule 13D jointly filed with the SEC on December 22, 2023 by Firment Shipping Inc.
and Mr. George Feidakis Mr. George Feidakis beneficially owns 5,115,776 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></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>When we filed our
annual reports for the years ended 2022, 2021 and 2020, Mr. George Feidakis beneficially owned 3.7%, 3.7% and less than 1% of our common
shares, respectively.</i></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><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;Description of Securities&#8221;
filed as Exhibit 2.1 hereto.</i></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i></i></span></p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i></i></span></p>

<p style="font: 8pt 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">As of March 8, 2024, we had seven shareholders of
record, three of which are located in the United States, one of which was Cede &amp; Co., a nominee of The Depository Trust Company, which
is located in the United States and held an aggregate of 20,567,032 of our common shares, representing 99.9% of our outstanding common
shares. We believe that the common shares that are held by Cede &amp; Co. include common shares beneficially owned by both holders in
the United States and non-U.S. beneficial owners. Our major common shareholders have the same voting rights as our other common shareholders.
We are not aware of any arrangements, the operation of which may at a subsequent date result in a change in control of the Company. 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.</p>

<p style="font: 10pt Times New 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.&#160;</p>

<p style="font: 8pt Times New 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. 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. On June&#160;22, 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, 2023, 2022 and 2021 fiscal years, the rent charged amounted to $349,000, $341,000 and $242,000, respectively, to F.G.
Europe and Cyberonica S.A for the rental of office space for our operations. As of December 31, 2023, 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"></p>

<p style="font: 10pt Times New 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"></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"></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 23, 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"></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.
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. 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, which was paid in full in 2023. Each of our other directors has a contract relating to his appointment as a director.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 14, 2024, we awarded a consultant affiliated
with our chief executive officer a one time bonus of $3 million, half of which is payable immediately upon the delivery of the newbuilding
vessel Hull NE442 (i.e., the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the agreement dated May 13, 2022)
and the balance at the delivery of Hull NE443 (i.e., the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the
other agreement dated May 13, 2022), in each case assuming Athanasios Feidakis remains Chief Executive Officer at each such relevant 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 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">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. On July 27, 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%. On
March 2, 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;Description of Securities&#8221;
filed as Exhibit 2.1 hereto.</p>

<p style="font: 10pt Times New 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 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. 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>

<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;&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item8"></span>Item 8. 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"></p>

<p style="font: 10pt Times New 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: 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"><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 financing arrangements, 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 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, 2023, 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">No Series A Preferred Shares were outstanding as of
December 31, 2023, 2022, and 2021, or as of the date 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">Our financing arrangements impose 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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We can provide no assurance that dividends will be
paid in the future and 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. Please see &#8220;Item 3.D. Risk Factors&#8212;Risks Relating to our Common Shares&#8212;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.&#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></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i>B. 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">There have been no significant changes since the date of the financial
statements included in this annual report on Form 20-F, other than those described in Note 20 &#8220;Events after the reporting date&#8221;
to our consolidated financial statements.</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"></p>

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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>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item9"></span>Item 9. 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; text-indent: 36pt">Not applicable except for Item
9.A.4. and Item 9.C.</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>Share History and Markets</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">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"></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"></p>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item10"></span>Item 10. 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; text-align: justify"></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; text-align: justify"></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>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 100%; text-align: justify"><span style="font-size: 10pt">Our Amended and Restated Articles of Incorporation <span style="background-color: white">have been filed as an exhibit to our report filed with the SEC on Form 6-K on </span>October 22, 2020. Our Amended and Restated Bylaws <span style="background-color: white">have been filed as an exhibit to our report filed with the SEC on Form 6-K on </span>August 2, 2019. Our Certificate of Designation for Series A Preferred Stock has <span style="background-color: white">been filed as an exhibit to our report filed with the SEC on Form 6-K on</span> April 27, 2012. Our Amended and Restated Statement of Designation of Rights, Preferences, and Privileges of Series B Preferred Stock has <span style="background-color: white">been filed as an exhibit to our report filed with the SEC on Form 6-K on </span>July 27, 2020. Our Statement of Designation of Rights, Preferences and Privileges of Series C Participating Preferred Shares has <span style="background-color: white">been filed as an exhibit to our report filed with the SEC on Form 6-K on </span>August 3, 2023. </span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">A description
of the material terms of our restated articles of incorporation, as amended, and bylaws and of our capital stock is included in &#8220;Description
of Securities&#8221; filed as Exhibit 2.1 hereto and incorporated by reference herein.</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; background-color: white"><b>Description of Common
Shares</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Each outstanding common share
entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any
outstanding preferred shares, holders of common shares are entitled to receive ratably (based on number of shares held) all dividends,
if any, declared by our board of directors out of funds legally available for dividends. Upon our dissolution or liquidation, after payment
in full of all amounts required to be paid to creditors and to the holders of our preferred shares having liquidation preferences, if
any, the holders of our common shares will be entitled to receive pro rata (based on number of shares held) our remaining assets available
for distribution. Holders of our common shares do not have conversion, redemption or preemptive rights to subscribe to any of our securities.
The rights, preferences and privileges of holders of common shares are subject to the rights of the holders of our preferred shares, including
our existing classes of preferred shares and any preferred shares we may issue in the future.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Our amended and restated
articles of incorporation authorize our board of directors to establish one or more series of preferred shares and to determine, with
respect to any series of preferred shares, the terms and rights of that series, including the designation of the series; the number of
shares of the series; the preferences and relative, participating, option or other special rights, if any, and any qualifications, limitations
or restrictions of such series; and the voting rights, if any, of the holders of the series.</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>Description of Warrants</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For a summary of certain terms and provisions of our
Class A Warrants, PP Warrants, December 2020 Warrants, January 2021 Warrant, February 2021 Warrants and June 2021 Warrants, please see
&#8220;Description of Warrants&#8221; within the &#8220;Description of Securities&#8221; filed as Exhibit 2.1 hereto</p>

<p style="font: 10pt Times New 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 be obligated to issue, upon exercise or conversion
of outstanding 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; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 3pt"/><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>

<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: 3pt"/><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>


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<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%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 3pt"/><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="margin-top: 0; margin-bottom: 0"></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: 3pt"/><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="margin-top: 0; margin-bottom: 0"></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: 3pt"/><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="margin-top: 0; margin-bottom: 0"></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: 3pt"/><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="margin-top: 0; margin-bottom: 0"></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: 3pt"/><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; background-color: white"></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On August 3, 2023, we entered
into a Shareholders Rights Agreement, or the Rights Agreement, with Computershare Trust Company, N.A. as Rights Agent. Pursuant to the
Rights Agreement, each common share includes one right, or a Right, that entitles the holder to purchase from us one one-thousandth of
a share of our Series C Participating Preferred Stock at an exercise price of $5.00 per one one-thousandth of a Series C Preferred Share,
subject to specified adjustments. The Rights will separate from the common shares and become exercisable only if a person or group (subject
to limited exceptions) acquires beneficial ownership of 15% or more of our common shares in a transaction not approved by our board of
directors. In that situation, each holder of a Right (other than the acquiring person, whose Rights will become void and will not be exercisable)
will have the right to purchase, in lieu of one one-thousandth of a share of Series C Preferred Stock, upon payment of the exercise price,
a number of our common shares having a then-current market value equal to twice the exercise price. In addition, if we are acquired in
a merger or other business combination after an acquiring person acquires 15% or more of our common shares, each holder of the Right will
thereafter have the right to purchase, in lieu of one one-thousandth of a share of Series C Preferred Share, upon payment of the exercise
price, a number of common shares of the acquiring person having a then-current market value equal to twice the exercise price. The acquiring
person will not be entitled to exercise these Rights. Georgios Feidakis, Athanasios Feidakis, Konstantina Feidakis, Angelina Feidakis,
Firment Shipping Inc. and Goldenmare Limited, or any of their respective affiliates are excluded from the definition of &#8220;Acquiring
Person&#8221; and therefore may obtain beneficial ownership of 15% or more of the outstanding common shares without causing the Rights
to be exercisable. Under the Rights Agreement&#8217;s terms, it will expire on February 3, 2025.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">A copy of the Rights Agreement
is filed as Exhibit 4.1 to our report on Form 6-K filed with the SEC on August 3, 2023 and incorporated by reference as Exhibit 2.3 hereto.</p>

<p style="font: 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. 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. Information on the Company,&#8221; &#8220;Item 5.B. Liquidity and Capital
Resources&#8212;Indebtedness,&#8221; &#8220;Item 6.B. Compensation,&#8221; &#8220;Item 6.E. Share Ownership&#8221; and &#8220;Description
of Securities&#8221; filed as Exhibit 2.1 hereto 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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i>D. 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;&#160;</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"><b><i>E. 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">Because we (including our subsidiaries) do not, and
assuming that we and our subsidiaries continue not to, carry on business or conduct transactions or operations in the Marshall Islands,
and because we anticipate (and therefore assume) 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 such shareholders will not be required by the Marshall Islands to file
a tax return related to our common shares.</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"></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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>United States 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">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.</p>

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


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<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"><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">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"></p>

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


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<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"><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: 12pt Times New Roman, Times, Serif; margin: 0">&#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: 4%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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>

<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: 4%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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;</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, 2023 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>


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<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; 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">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, 2023, 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"></p>

<p style="font: 10pt Times New 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>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 0 0 36pt; 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>


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<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; text-align: justify"><i>Distributions</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">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 could 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>


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<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">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. 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, 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">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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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: 4%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"></p>


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<p style="font: 12pt 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 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. 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.</span></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">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 could 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"></p>


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<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"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><i>Net Investment Income
Tax</i></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">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; 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.</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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt"><b><i>United
States Federal Income Taxation of Non-United States Holders</i></b></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">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 shares, that is effectively connected
with the conduct of that trade or business will generally be subject to regular United States federal income tax in the same manner as
discussed above relating to the taxation of United States Holders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"></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; text-indent: 36pt"><span style="font-size: 10pt"><b><i>Backup
Withholding and Information Reporting</i></b></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">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><span style="font-size: 10pt">&#160;</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: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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"><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">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.</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">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.</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">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.</span></p>

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


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<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"><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; 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. 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"></p>

<p style="font: 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. 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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>H. 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 annual reports and other information with the SEC. Our SEC filings
are also available to the public at the website maintained by the SEC at http://www.sec.gov, as well as on our website at www.globusmaritime.gr.
Information that is available on or accessed through these websites does not constitute part of, and is not incorporated by reference
into, 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; text-indent: 36pt"><b><i>I. 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="item11"></span>Item 11. 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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>Interest Rates</b></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 are exposed to market
risks associated with changes in interest rates relating to our loan arrangements. As of December 31, 2023, we had a $52.6 million principal
balance outstanding under our CIT Loan Facility and as of December 31, 2022 we had a $44.4 million principal balance outstanding under
our CIT Loan Facility.</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">Interest costs incurred
under our loan arrangements are included in our consolidated statement of comprehensive income.</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">In 2023, the weighted
average interest rate for our then-outstanding facilities in total was 8.19% and the respective interest rates on our loan agreements
ranged from 7.67% to 8.52%, including margins.</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 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.</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">The following table
sets forth the sensitivity of our CIT Loan Facility as of December 31, 2023 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.</span></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="vertical-align: top; background-color: White">
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    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 88%; padding-right: 0.8pt"><span style="font-size: 10pt">2024</span></td>
    <td style="width: 1%; padding-right: 0.8pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; padding-right: 0.8pt"><span style="font-size: 10pt">$&#160;</span></td>
    <td style="width: 10%; padding-right: 0.8pt; text-align: right"><span style="font-size: 10pt">0.5 million</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">2025</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">$&#160;</span></td>
    <td style="padding-right: 0.8pt; 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="padding-right: 0.8pt"><span style="font-size: 10pt">2026</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">$</span></td>
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  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">2027</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">$</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">On February 23, 2024 we entered into a new sale and
leaseback transaction with SK Shipholding S.A., a subsidiary of Shinken. 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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    <!-- 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"><span style="font-size: 10pt"><b>Currency and Exchange
Rates</b></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 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.</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 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.</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"></span></p>

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

<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: 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">&#160;</p>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item12"></span>Item 12. 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="part2"></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="item13"></span>Item 13. 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item14"></span>Item 14. 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"></p>

<p style="font: 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"><span style="font-size: 10pt"><b>Series
B Preferred Shares</b></span></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>

<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>. 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"></p>

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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">&#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>
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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><b>Shareholders Rights Agreement</b></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 0 10pt; text-align: justify; text-indent: 0cm">Pursuant to the Shareholders
Rights Agreement dated August 3, 2023, each common share includes one <span style="background-color: white">one preferred share purchase
right </span>that entitles the holder to purchase from us one-thousandth of a share of our <span style="background-color: white">Series
C Participating Preferred Shares</span> if any third party (except for <span style="background-color: white">Georgios Feidakis, Athanasios
Feidakis, Konstantina Feidakis, Angelina Feidakis, Firment Shipping Inc. and Goldenmare Limited,
or any of their respective affiliates) acquires beneficial ownership of 15% or more of our common shares without the approval of our board
of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0cm"><span style="background-color: white">The
superior voting rights of our Series C Participating Preferred Shares limit the ability of our common shareholders to control or influence
corporate matters. See &#8220;Description of Securities,&#8221; attached hereto as Exhibit 2.1 and incorporated by reference herein,
and &#8220;Item 3. D. Risk Factors.&#8221;</span>&#160;</p>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item15"></span>Item 15. 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. 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"></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">&#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, 2023 was effective.</p>

<p style="font: 10pt Times New 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></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(c) 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"></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>(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">There have been no changes in our internal control
over financial reporting during the year covered by this Annual Report that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.</p>

<p style="font: 10pt Times New 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>

<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>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item16a"></span>Item 16A. 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.</p>

<p style="font: 10pt Times New 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>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item16b"></span>Item 16B. 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. Information
on, or accessed through, our website does not constitute a part of this annual report and is not incorporated by reference. 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. Shareholders may direct their requests to the attention of Secretary, 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: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item16c"></span>Item 16C. 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, 2023 and 2022. 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>
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    <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>2022</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">$</span></td>
    <td style="text-align: right; width: 10%"><span style="font-size: 10pt">226,800</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: left; width: 1%">$</td>
    <td style="text-align: right; width: 10%"><span style="font-size: 10pt">203,500</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">$&#160;</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">9,837</span></td>
    <td>&#160;</td>
    <td style="text-align: left">$</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">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">236,636</span></td>
    <td>&#160;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right"><span style="font-size: 10pt">210,350</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">Audit fees for the years ended December 31, 2023 and
2022 were paid in Euros, and we assume an exchange rate of 0.93&#8364;/$ and 0.95&#8364;/$ for 2023 and 2022, respectively.</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">&#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">&#160;</p>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item16d"></span>Item 16D. 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: 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"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item16e"></span>Item 16E. 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"></p>

<p style="font: 10pt Times New 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>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item16f"></span>Item 16F. 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item16g"></span>Item 16G. 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"><span style="font-size: 10pt">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.</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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.</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">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:</span></p>

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


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    <!-- Field: /Page -->

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#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: 4%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><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></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">in lieu of holding regularly scheduled meetings of the board of directors at which only independent directors are present, we will not be holding such regularly scheduled meetings;</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: 4%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">in lieu of a board of directors that is comprised by a majority of independent directors, our board of directors is not comprised of a majority of independent directors; </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: 4%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify">in lieu of an audit committee comprised
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify">&#160;</p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">in lieu of having a remuneration committee with the authorities and responsibilities set forth in the Nasdaq rules, our remuneration committee is not required to have such authorities and responsibilities; 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: 4%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 4%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 92%; 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>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item16h"></span>Item 16H. 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="item16ii"></span>Item 16I. 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 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item16j"></span>Item 16J. Insider trading policies</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">We have adopted an insider trading policy which applies
to all of the Company&#8217;s directors, officers and employees as well as certain related parties, and sets forth procedures governing
the purchase, sale and other disposition of our securities by such parties. Our insider trading policy is reasonably designed to promote
compliance with applicable insider trading laws, rules and regulations, and any listing standards applicable to the Company. A copy of
our insider trading policy has been filed as Exhibit 11.1 to 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="item16k"></span>Item 16K. Cybersecurity</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">We believe that cybersecurity is fundamental in our
operations and, as such, we are committed to maintaining robust governance and oversight of cybersecurity risks and to implementing comprehensive
processes and procedures for identifying, assessing, and managing material risks from cybersecurity threats as part of our broader risk
management system and processes. Our cybersecurity risk management strategy prioritizes detection, analysis and response to known, anticipated
or unexpected threats; effective management of security risks; and resiliency against incidents. With the ever-changing cybersecurity
landscape and continual emergence of new cybersecurity threats, our senior management team and board of directors ensure that significant
resources are devoted to cybersecurity risk management and the technologies, processes and people that support it. W<span style="background-color: white">e
assess the impact of cybersecurity threats on our business, including our strategic direction, operational performance, and financial
stability, using insights from any past cybersecurity incidents in the shipping industry of which we are aware.</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">We have implemented risk-based processes for assessing,
identifying, and managing material risks from cybersecurity threats. These processes include access controls to organizational systems,
data encryption, and cybersecurity training and security awareness campaigns, and are designed to systematically evaluate potential vulnerabilities
and cybersecurity threats and minimize their potential impact on our organization&#8217;s operations, assets, and stakeholders. Our IT
security services are provided by a third party that is ISO 27001 certified. Accordingly, we also implement processes to oversee and identify
material cybersecurity risks associated with our utilization of third-party service providers on whom we have a material dependency, such
as conducting due diligence assessments to evaluate their cybersecurity measures, data protection practices, and compliance with relevant
regulatory requirements.</p>

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


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    <!-- 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">As we do not have a dedicated board committee solely
focused on cybersecurity, our board of directors has oversight responsibility for risks and incidents relating to cybersecurity threats,
including compliance with disclosure requirements, cooperation with law enforcement, and related effects on financial and other risks.
Senior management regularly discusses cyber risks and trends and, should they arise, any material incidents with our board of directors.
We consult with outside counsel as appropriate, including on materiality analysis and disclosure matters, and in the event of an incident
our board of directors will make the final materiality determinations and disclosure and other compliance decisions. Our external IT provider
maintains a dedicated cybersecurity auditing team that independently tests our cybersecurity controls.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Overall, our approach to cybersecurity risk management
includes the following key elements:</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 style="width: 36pt">(i)</td><td style="text-align: justify">Continuous monitoring of cybersecurity threats, both internal and external, through the use of data analytics
and network monitoring systems.</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 style="width: 36pt">(ii)</td><td style="text-align: justify">Engagement of third-party consultants and other advisors to provide IT services and to assist in assessing
points of vulnerability of our information security systems.</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 style="width: 36pt">(iii)</td><td style="text-align: justify">Training and Awareness &#8211; we have various information technology policies relating to cybersecurity.
We also provide employee training that is administered on a periodic basis that reinforces our information technology policies, standards
and practices, as well as the expectation that employees comply with these policies and identify and report potential cybersecurity risks.
We also require employees to sign confidentiality agreements, where appropriate to their role.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We continue to invest in our cybersecurity systems
and to enhance our internal controls and processes. Our business strategy, results of operations and financial condition have not been
materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, but we
cannot provide assurance that they will not be materially affected in the future by such risks or any future material incidents. While
we have dedicated significant resources to identifying, assessing, and managing material risks from cybersecurity threats, our efforts
may not be adequate, may fail to accurately assess the severity of an incident, may not be sufficient to prevent or limit harm, or may
fail to sufficiently remediate an incident in a timely fashion, any of which could harm our business, reputation, results of operations
and financial condition. For more information certain risks associated with cybersecurity, see &#8220;Item 3.D. Risk Factors&#8212;Company-Specific
Risk Factors&#8212; A cyber-attack or our information systems otherwise not properly working could materially disrupt our business.&#8221;</p>

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

<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span id="part3"></span>PART III</p>

<p style="font: 10pt Times New 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>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item17"></span>Item 17. 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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item18"></span>Item 18. 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"></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: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="item19"></span>Item 19. Exhibits</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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; width: 4%"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920117144/tm2033986d1_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></a></td>
    <td style="vertical-align: bottom; text-align: justify; width: 96%"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920117144/tm2033986d1_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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="https://www.sec.gov/Archives/edgar/data/1499780/000114420419037451/tv526472_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000114420419037451/tv526472_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000114420412024331/v310668_ex1-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000114420412024331/v310668_ex1-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <td style="text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920086816/tm2025760d1_ex99-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920086816/tm2025760d1_ex99-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</span></a></td></tr>
<tr>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</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/1499780/000110465923087255/tm2322692d1_ex3-1.htm">1.5</a></span></td>
    <td style="vertical-align: top; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465923087255/tm2322692d1_ex3-1.htm">Statement of Designation of Rights, Preferences and Privileges of Series C Participating Preferred Shares of Globus Maritime Limited (incorporated by reference to Exhibit 3.1 to Globus Maritime Limited&#8217;s Report on Form 6-K (Reg. No. 001-34985) furnished on August 3, 2023)</a></span></p>
</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 Securities</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"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465923087255/tm2322692d1_ex3-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465923087255/tm2322692d1_ex3-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Common Share Certificate (incorporated herein by reference to Exhibit 3.2 to Globus Maritime Limited&#8217;s Report on Form 6-K (Reg. No. 001-34985) furnished on August 3, 2023)</span></a></td></tr>
<tr>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
<tr>
    <td style="text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465923087255/tm2322692d1_ex4-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465923087255/tm2322692d1_ex4-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
    Rights Agreement, dated as of August 3, 2023, by and between Globus Maritime Limited and Computershare Trust Company, N.A., as Rights
    Agent (incorporated by reference to Exhibit 4.1 to Globus Maritime Limited&#8217;s Report on Form 6-K (Reg. No. 001-34985) furnished
    on August 3, 2023)</span></a></td></tr>
<tr>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td></tr>
<tr>
    <td style="text-align: left"><a href="exhibit24.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4*</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="exhibit24.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
    Incentive Plan of Globus Maritime Limited</span></a></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"><p style="margin-top: 0; margin-bottom: 0"></p><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: left; width: 100%"><a href="#contents"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Table of Contents</span></span></a></td></tr></table><p style="margin-top: 0; margin-bottom: 0"></p><p style="margin-top: 0; margin-bottom: 0"></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">&#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; width: 4%"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000114420416136578/v453943_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></a></td>
    <td style="vertical-align: bottom; text-align: justify; width: 96%"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000114420416136578/v453943_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465923034445/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="https://www.sec.gov/Archives/edgar/data/1499780/000110465923034445/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. (incorporated by reference to Exhibit 4.2 to Globus Maritime Limited&#8217;s Annual Report on Form 20-F (Reg.
No. 001-34985) filed on March 20, 2023)</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465920075729/tm2023071d1_ex4-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920075729/tm2023071d1_ex4-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <td style="text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920075729/tm2023071d1_ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920075729/tm2023071d1_ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <td style="text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920077767/tm2023591d1_ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920077767/tm2023591d1_ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465920077767/tm2023591d1_ex4-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920077767/tm2023591d1_ex4-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465920084567/tm2025075d1_ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920084567/tm2025075d1_ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465920084567/tm2025075d1_ex4-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920084567/tm2025075d1_ex4-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465920133402/tm2037912d1_ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920133402/tm2037912d1_ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465920133402/tm2037912d1_ex4-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920133402/tm2037912d1_ex4-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465921008789/tm214377d1_ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921008789/tm214377d1_ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    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)</span></a></td></tr>
</table>

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

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<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; width: 4%"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921008789/tm214377d1_ex4-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</span></a></td>
    <td style="vertical-align: bottom; text-align: justify; width: 96%"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921008789/tm214377d1_ex4-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465921023984/tm216516d1_ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921023984/tm216516d1_ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465921023984/tm216516d1_ex4-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921023984/tm216516d1_ex4-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465921086327/tm2120765d1_ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921086327/tm2120765d1_ex4-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465921086327/tm2120765d1_ex4-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.16</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921086327/tm2120765d1_ex4-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)</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="exhibit417.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 10, 2023</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465923034445/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="https://www.sec.gov/Archives/edgar/data/1499780/000110465923034445/exhibit418.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(incorporated
    by reference to Exhibit 4.18 to Globus Maritime Limited&#8217;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on March 20,
    2023)</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465923034445/exhibit419.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.19</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465923034445/exhibit419.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Shipbuilding
    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
    Engineering Co., Ltd. and Daxos Maritime Limited </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(incorporated
    by reference to Exhibit 4.19 to Globus Maritime Limited&#8217;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on March 20,
    2023)</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="https://www.sec.gov/Archives/edgar/data/1499780/000110465923034445/exhibit420.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.20</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465923034445/exhibit420.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Shipbuilding
    Contract for One (1) 64,000-DWT Type Motor Bulk Carrier under Nacks Hull No. NE443 dated May 13, 2022 between Nantong Cosco Khi Ship
    Engineering Co., Ltd. and Paralus Shipholding S.A. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(incorporated
    by reference to Exhibit 4.20 to Globus Maritime Limited&#8217;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on March 20,
    2023)</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="exhibit421.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.21*</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="exhibit421.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Shipsale
    Contract for Construction and Sale of One (1) 64,000 DWT Type Bulk Carrier (Hull No. S-K192) dated August 18, 2023 among Olympia
    Shipholding S.A., Giant Line Inc., S.A. and Nihon Shipyard Co., Ltd.</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="exhibit422.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.22*</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="exhibit422.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Shipsale
    Contract for Construction and Sale of One (1) 64,000 DWT Type Bulk Carrier (Hull No. S-3012) dated August 18, 2023 among Thalia Shipholding
    S.A., Giant Line Inc., S.A. and Nihon Shipyard Co., Ltd</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</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="exhibit423.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.23*</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="exhibit423.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Bareboat
    Charter and related Memorandum of Agreement each dated February 23, 2024 between Daxos Maritime Limited as Bareboat Charterer/Seller
    and SK Shipholding S.A. as Owner/Buyer and Guarantees issued by Globus Maritime Limited, each dated February 23, 2024</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">&#160;</td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td></tr>
<tr>
    <td style="text-align: left"><a href="exhibit111.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1*</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="exhibit111.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Policies
    and Procedures to Detect and Prevent Insider Trading 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
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 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="exhibit151.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1*</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="exhibit151.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
of Independent Registered Public Accounting Firm Ernst &amp; Young (Hellas) Certified Auditors Accountants 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="exhibit971.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97.1*</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="exhibit971.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Policy
    for the Recovery of Erroneously Awarded Compensation of Globus Maritime Limited</span></a></td></tr>
</table>

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

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

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

<p style="margin-top: 0; margin-bottom: 0"></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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    <td style="text-align: justify; vertical-align: bottom; width: 96%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            following materials from the Company&#8217;s Annual Report on Form 20-F for the fiscal year
                                            ended December 31, 2023, formatted in Inline eXtensible Business Reporting Language (iXBRL):
                                            (i) Consolidated Balance Sheets as of December 31, 2023 and 2022; (ii) Consolidated Statements
                                            of Operations for the years ended December 31, 2023, 2022 and 2021; (iii) Consolidated Statements
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                                            Consolidated Statements of Stockholders&#8217; Equity for the years ended December 31, 2023,
                                            2022 and 2021; (v) Consolidated Statements of Cash Flows for the years ended December 31,
                                            2023, 2022 and 2021; and (vi) the Notes to Consolidated Financial Statements.</span></td></tr>
<tr>
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    <td style="text-align: justify; vertical-align: bottom">&#160;</td></tr>
<tr>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104*</span></td>
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    Data File (formatted as Inline eXtensible Business Reporting Language (iXBRL) and contained in Exhibit 101)</span></td></tr>
</table>

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


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<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: 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; margin: 0; text-indent: 27pt">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; width: 80%">&#160;</td>
    <td style="padding-right: 1.8pt; width: 1%">&#160;</td>
    <td style="padding-right: 1.8pt; width: 19%">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 1.8pt">By:</td>
    <td style="border-bottom: Black 0.5pt solid; 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
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    <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">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: March 15, 2024</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"></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>

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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 144pt; text-align: justify"><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 0 0 144pt; text-align: justify; text-indent: 36pt"><b>&#160;</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEAR ENDED DECEMBER 31, 2023</b></span></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: 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></b></p>

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


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

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

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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 style="width: 95%"><span style="font-size: 10pt"><b>&#160;</b></span></td>
  <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><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><a href="#audit"><span style="font-size: 10pt">Report of Independent Registered Public Accounting Firm (PCAOB Firm ID #<span id="xdx_90D_edei--AuditorFirmId_c20230101__20231231_z9AZcsSTgYi7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:AuditorFirmId" id="ixv-23577">1457</ix:nonNumeric></span>)</span></a></td>
  <td style="text-align: center"><a href="#audit"><span style="font-size: 10pt">F-3</span></a></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><a href="#income"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statement of Comprehensive Income  </span></a></td>
  <td style="text-align: center"><a href="#income"><span style="font-size: 10pt">F-5</span></a></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><a href="#bs"><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="#bs"><span style="font-size: 10pt">F-6</span></a></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><a href="#soce"><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="#soce"><span style="font-size: 10pt">F-7</span></a></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><a href="#cf"><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="#cf"><span style="font-size: 10pt">F-8</span></a></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><a href="#notes"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></a></td>
  <td style="text-align: center"><a href="#notes"><span style="font-size: 10pt">F-9 to F-37</span></a></td></tr>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 18.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt EYInterstate Light; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt EYInterstate Light; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<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">&#160;&#160;</span></p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"><b><span id="audit"></span>Report of Independent Registered Public Accounting Firm</b></p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">To the Shareholders and the Board of Directors of Globus Maritime
Limited.</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"><b>Opinion on the Financial Statements</b></p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">We have audited the accompanying consolidated statement of financial
position of Globus Maritime Limited (the &#8220;Company&#8221;) as of December 31, 2023 and 2022, the related consolidated statements
of comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2023, 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, 2023 and 2022, and the results of its
operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with International Financial
Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;).</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"><b>Basis for Opinion</b></p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">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.</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">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. The Company is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal
control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control
over financial reporting. Accordingly, we express no such opinion.</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">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.</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"></p>

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<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"><b>Critical Audit Matter</b></p>

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<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">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.</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</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; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 83%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: EYInterstate Light; font-size: 10pt"><b>Indicators for impairment related to vessels</b></span></td></tr>
  <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"><span style="font-family: EYInterstate Light; font-size: 10pt"><i>Description of the matter</i></span></td>
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    <p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">At December 31, 2023, the carrying value of the Company&#8217;s
    vessels was $100,557 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">Auditing management&#8217;s assessment of vessel impairment indicators
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    volatility in the market conditions.</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="padding-right: 5.4pt; padding-left: 5.4pt">
    <p style="font: 10pt EYInterstate Light; margin: 0; 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. 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.</p>
    <p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p></td></tr>
  </table>
<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"></p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt EYInterstate Light; margin: 0 0 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
<span id="xdx_90D_edei--AuditorName_c20230101__20231231_zglY5tcNzE4k"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:AuditorName" id="ixv-23578">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"></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 0 6pt; text-align: justify"><span id="xdx_902_edei--AuditorLocation_c20230101__20231231_zuBtAJ0yhjBe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:AuditorLocation" id="ixv-23579">Athens,
Greece</ix:nonNumeric></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">March
15, 2024</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span style="display: none">1457</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><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"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="income"></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the years ended December 31, 2023, 2022 and 2021</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Expressed in thousands of U.S. Dollars, except share and per share)</b></span></p></div>
    <!-- Field: /Page -->

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30C_114_pn3n3_zUw8wXK9D854" summary="xdx: Statement - Consolidated Statements of Comprehensive Income" 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; width: 65%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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 id="xdx_494_20230101__20231231_zQl1YPgqHZId" style="font-weight: bold; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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 id="xdx_496_20220101__20221231_zHM2r0Psy7ac" style="font-weight: bold; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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 id="xdx_497_20210101__20211231_zVmDdLiSC8Ji" style="font-weight: bold; text-align: right; width: 10%"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-weight: bold; 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">2023</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="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</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="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td></tr>
<tr id="xdx_402_eifrs-full--RevenueAbstract_iB_zq9GaMS74j71" 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)">
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    <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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<tr id="xdx_40F_eifrs-full--Revenue_iT_uUSD_mtRzish_maPLFOAzwru_z157zIhSIASc" style="vertical-align: middle; background-color: rgb(204,238,255)">
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    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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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_40E_eifrs-full--MaterialIncomeAndExpenseAbstract_iB_zQ8q7W5UUGP1" 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">EXPENSES
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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="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</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>
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    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessel operating expenses&#160;</span></td>
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    <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="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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<tr id="xdx_40A_eifrs-full--AdministrativeExpense_iN_di_msPLFOAzwru_zBH9DdQONd1g" style="vertical-align: middle; background-color: White">
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<tr id="xdx_407_ecustom--AdministrativeExpenseRelatedPartyTransactions_iN_di_msPLFOAzwru_zHELww5NM1ag" style="vertical-align: middle; background-color: rgb(204,238,255)">
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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" id="ixv-23609">40</ix:nonFraction>)</span></td></tr>
<tr id="xdx_406_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_d0_maPLFOAzwru_zys2iAsieeJ3" 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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<tr id="xdx_405_eifrs-full--GainsOnDisposalsOfPropertyPlantAndEquipment_d0_maPLFOAzwru_z7Jad7zJsmXg" 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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<tr id="xdx_40A_eifrs-full--OtherOperatingIncomeExpense_maPLFOAzwru_znEP21n0mzKf" style="vertical-align: middle; background-color: rgb(204,238,255)">
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    <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="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23616">14</ix:nonFraction>)</span></td>
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    <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="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23617">204</ix:nonFraction>)</span></td>
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<tr id="xdx_401_eifrs-full--ProfitLossFromOperatingActivities_iT_maPLzPup_mtPLFOAzwru_z3UC3qRfYLZ2" style="vertical-align: middle; background-color: White">
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    <td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:ProfitLossFromOperatingActivities" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23619">6,277</ix:nonFraction></b></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>
    <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: White">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest income&#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="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_40C_eifrs-full--FinanceCosts_iN_di_msPLzPup_z5UttFKBmjsf" 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 expense and finance
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    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</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:FinanceCosts" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23625">4,354</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:FinanceCosts" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23626">2,320</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:FinanceCosts" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23627">3,262</ix:nonFraction>)</span></td></tr>
<tr id="xdx_409_ecustom--GainsOnRestructuringOfDebt_d0_maPLzPup_z8cQIOLECDg9" 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="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 id="xdx_40B_eifrs-full--ProfitLoss_iT_mtPLzPup_maCIzAM0_zFob5QeemVo8" style="vertical-align: middle; background-color: rgb(204,238,255)">
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<tr id="xdx_408_eifrs-full--ComprehensiveIncome_iT_mtCIzAM0_zRSDZWsRXgQ5" style="vertical-align: middle; background-color: rgb(204,238,255)">
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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>
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<tr id="xdx_40C_ecustom--LossEarningsPerShareAbstract_iB_zZ4F86A51Oja" style="background-color: rgb(204,238,255)">
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    <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>
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</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><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"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%"><p style="text-align: left; margin-top: 0; margin-bottom: 0"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="text-align: left; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="text-align: left; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="bs"></span>GLOBUS MARITIME LIMITED</b></span></p><p style="text-align: left; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED STATEMENT OF FINANCIAL POSITION</b></span></p><p style="text-align: left; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As at December 31, 2023 and 2022</b></span></p><p style="text-align: left; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Expressed in thousands of U.S. Dollars)</b></span>&#160;</p></td></tr></table></div>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" id="xdx_30A_111_pn3n3_zfnConHdDnr2" summary="xdx: Statement - Consolidated Statements of Financial Position" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
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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 id="xdx_492_20231231_zVA8gXprGa53" 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 id="xdx_490_20221231_zRlqEDvqjU55" 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>
    <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><span style="text-decoration: underline">ASSETS</span></b></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>Notes</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2022</b></span></td>
    </tr>
  <tr>
    <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">&#160;</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">&#160;</span></td>
    <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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NON-CURRENT
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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">&#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"><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"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;Advances
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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"><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:OfficeEquipment" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23659">85</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 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">&#160;&#160;Right
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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="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">&#160;&#160;&#160;Restricted
    cash</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>3</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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23663">3,530</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 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">&#160;&#160;Fair
    value of derivative financial instruments</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>19</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="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;Other
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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">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><ix:nonFraction name="ifrs-full:OtherNoncurrentAssets" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23667">10</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 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;Total
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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="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>CURRENT
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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">&#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"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr id="xdx_409_eifrs-full--CurrentDerivativeFinancialAssets_iI_d0_maCAziaw_zJCtLg0oAmwk" style="background-color: rgb(204,238,255)">
    <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;&#160;Current
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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="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">&#160;</span></td>
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    <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><span style="text-decoration: underline">EQUITY
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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">&#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"><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"><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: justify"><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"><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"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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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>EQUITY
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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">&#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"><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"><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="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>
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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">&#160;</span></td>
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  <tr id="xdx_408_eifrs-full--NoncurrentProvisionsForEmployeeBenefits_i02I_maNLzuQV_zwm6RGS7fefa" style="background-color: rgb(204,238,255)">
    <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;&#160;Provision
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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">&#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:NoncurrentProvisionsForEmployeeBenefits" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23697">171</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_40E_eifrs-full--NoncurrentLeaseLiabilities_i02I_d0_maNLzuQV_zEh4if3MkcYd" style="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">&#160;&#160;Lease
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    16</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2023-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23699">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23700">188</ix:nonFraction></span></td>
    </tr>
  <tr id="xdx_40F_eifrs-full--NoncurrentLiabilities_i02TI_maLzila_maLzGPO_mtNLzuQV_zfpxl35Ma0yl" style="background-color: rgb(204,238,255)">
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    non-current liabilities</b></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="ifrs-full:NoncurrentLiabilities" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23701">45,930</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:NoncurrentLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23702">37,858</ix:nonFraction></span></td>
    </tr>
  <tr id="xdx_40F_eifrs-full--CurrentLiabilitiesAbstract_i01B_zDKubipiQnm6" style="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>CURRENT
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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">&#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"><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"><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_z7llmN3IJmci" style="background-color: rgb(204,238,255)">
    <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;&#160;Current
    portion of long-term borrowings</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>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:CurrentPortionOfLongtermBorrowings" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23703">6,500</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:CurrentPortionOfLongtermBorrowings" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23704">6,803</ix:nonFraction></span></td>
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  <tr id="xdx_401_eifrs-full--TradeAndOtherCurrentPayables_iI_maCLzdue_maCLzAb8_zbepYB1sUEI8" style="background-color: White">
    <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;&#160;Trade
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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:TradeAndOtherCurrentPayables" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23705">362</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:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23706">3,548</ix:nonFraction></span></td>
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  <tr id="xdx_408_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_maCLzdue_maCLzAb8_z8hx4GTYOzA6" style="background-color: rgb(204,238,255)">
    <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;&#160;Accrued
    liabilities and other payables</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:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23707">1,763</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:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23708">5,814</ix:nonFraction></span></td>
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  <tr id="xdx_400_eifrs-full--CurrentLeaseLiabilities_iI_maCLzdue_maCLzAb8_ziDKZWHTWkld" style="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">&#160;&#160;Current
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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>2,
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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:CurrentLeaseLiabilities" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23709">188</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:CurrentLeaseLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23710">321</ix:nonFraction></span></td>
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  <tr id="xdx_40C_eifrs-full--DeferredIncomeIncludingContractLiabilities_iI_maCLzAb8_zSQKaFcnln31" style="background-color: rgb(204,238,255)">
    <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;&#160;Deferred
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><ix:nonFraction name="ifrs-full:DeferredIncomeIncludingContractLiabilities" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23711">688</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><ix:nonFraction name="ifrs-full:DeferredIncomeIncludingContractLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23712">416</ix:nonFraction></span></td>
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  <tr id="xdx_404_eifrs-full--CurrentLiabilities_iTI_mtCLzAb8_maLzila_zs82hiTrQnLf" style="background-color: White">
    <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;Total
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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">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23713">9,501</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23714">16,902</ix:nonFraction></span></td>
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  <tr id="xdx_400_eifrs-full--Liabilities_iTI_mtLzila_maEALzrTK_zsxWXPXrxyof" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TOTAL
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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">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23715">55,431</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23716">54,760</ix:nonFraction></span></td>
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  <tr id="xdx_401_eifrs-full--EquityAndLiabilities_iTI_mtEALzrTK_zZcUIx7lDqB6" style="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
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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">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.25pt double; 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:EquityAndLiabilities" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23717">231,401</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.25pt double; 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:EquityAndLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23718">225,458</ix:nonFraction></span></td>
    </tr>
  <tr style="background-color: White">
    <td><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><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><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>
    </tr>
  </table>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><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"><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"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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"></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"></p>

<!-- Field: Page; Sequence: 127; Options: NewSection; Value: 6 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="soce"></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the years ended December 31, 2023, 2022 and 2021</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Expressed in thousands of U.S. Dollars)</b></span></p></div>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><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"></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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; width: 57%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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; width: 10%"><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>
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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; width: 10%"><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_4BF_ifrs-full--ComponentsOfEquityAxis_custom--TotalMember_zscS1ZiWah73" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr 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">&#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>Issued
    Share Capital</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"><b>Share
    Premium</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"><b>(Accumulated
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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>Total
    Equity</b></span></td></tr>
<tr id="xdx_43B_c20210101__20211231_eifrs-full--Equity_iS_d0_znmNlXyMDC4k" 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 January 1, 2021</b></span></td>
    <td id="xdx_987_eifrs-full--Equity_iS_pn3n3_d0_c20210101__20211231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zAxnnItXuvci" 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" id="ixv-23719"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23720">12</ix:nonFraction></ix:nonFraction></b></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>
    <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" id="ixv-23722">153,020</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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" id="ixv-23723">42,094</ix:nonFraction></b></span></td></tr>
<tr id="xdx_40F_eifrs-full--ProfitLoss_d0_zMyrclRfDGK4" 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"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23724">&#8212;</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>
    <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" id="ixv-23726">14,950</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_40A_eifrs-full--OtherComprehensiveIncome_d0_zpLvmhj5b00d" 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"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23728">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23729">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2021-01-012021-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23730">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2021-01-012021-12-31_custom_TotalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23731">&#8212;</ix:nonFraction></span></td></tr>
<tr id="xdx_406_eifrs-full--ComprehensiveIncome_d0_z4WrA8GlNXok" 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"><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23732">&#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:ComprehensiveIncome" contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23733">&#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"><b><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2021-01-012021-12-31_custom_AccumulatedDeficitMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23734">14,950</ix:nonFraction></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"><b><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2021-01-012021-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23735">14,950</ix:nonFraction></b></span></td></tr>
<tr id="xdx_40A_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_d0_zoGvcuHLb7Ne" 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 </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" id="ixv-23736">&#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:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23737">40</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:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2021-01-012021-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23738">&#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:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2021-01-012021-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23739">40</ix:nonFraction></span></td></tr>
<tr id="xdx_404_eifrs-full--IssueOfEquity_d0_zK3LVXkQ6nub" 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
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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:IssueOfEquity" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23740">60</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:IssueOfEquity" contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23741">89,520</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:IssueOfEquity" contextRef="From2021-01-012021-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23742">&#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:IssueOfEquity" contextRef="From2021-01-012021-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23743">89,580</ix:nonFraction></span></td></tr>
<tr id="xdx_404_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_d0_zjOouStYB2g2" 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
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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:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2021-01-012021-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23746">&#8212;</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_40C_ecustom--IssueOfPreferredShares_d0_zhkIn0U9QJ12" 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
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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_eifrs-full--ShareIssueRelatedCost_d0_z49fSrXzfi4i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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:ShareIssueRelatedCost" contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23753">401</ix:nonFraction>)</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:ShareIssueRelatedCost" contextRef="From2021-01-012021-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23755">401</ix:nonFraction>)</span></td></tr>
<tr id="xdx_430_c20220101__20221231_eifrs-full--Equity_iS_d0_zuZY6HXL7TJc" style="vertical-align: bottom; background-color: White">
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    <td id="xdx_980_eifrs-full--Equity_iS_pn3n3_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zoFSRS4V8fa6" 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="AsOf2021-12-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23756"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23757">82</ix:nonFraction></ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="AsOf2021-12-31_ifrs-full_SharePremiumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23758">284,406</ix:nonFraction></b></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>
    <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="AsOf2021-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23760">146,418</ix:nonFraction></b></span></td></tr>
<tr id="xdx_406_eifrs-full--ProfitLoss_d0_zKkztZtTmOni" 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">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="From2022-01-012022-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23761">&#8212;</ix:nonFraction></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"><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" id="ixv-23762">&#8212;</ix:nonFraction></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:ProfitLoss" contextRef="From2022-01-012022-12-31_custom_AccumulatedDeficitMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23763">24,280</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_40C_eifrs-full--OtherComprehensiveIncome_d0_zNGSAV2uGhQ3" 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">Other
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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-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2022-01-012022-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23765">&#8212;</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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="From2022-01-012022-12-31_ifrs-full_SharePremiumMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23766">&#8212;</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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="From2022-01-012022-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23767">&#8212;</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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="From2022-01-012022-12-31_custom_TotalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23768">&#8212;</ix:nonFraction></b></span></td></tr>
<tr id="xdx_406_eifrs-full--ComprehensiveIncome_d0_z9jnitnaFcyi" 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
    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="From2022-01-012022-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23769">&#8212;</ix:nonFraction></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"><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" id="ixv-23770">&#8212;</ix:nonFraction></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"><b><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2022-01-012022-12-31_custom_AccumulatedDeficitMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23771">24,280</ix:nonFraction></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"><b><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2022-01-012022-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23772">24,280</ix:nonFraction></b></span></td></tr>
<tr id="xdx_43C_c20230101__20231231_eifrs-full--Equity_iS_d0_zt8T1cAwqvoa" 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
    at December 31, 2022</b></span></td>
    <td id="xdx_98E_eifrs-full--Equity_iS_pn3n3_c20230101__20231231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zLN2OvqJQsVj" 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" id="ixv-23773"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23774">82</ix:nonFraction></ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="AsOf2022-12-31_ifrs-full_SharePremiumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23775">284,406</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="AsOf2022-12-31_custom_AccumulatedDeficitMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23776">113,790</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="AsOf2022-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23777">170,698</ix:nonFraction></b></span></td></tr>
<tr id="xdx_403_eifrs-full--ProfitLoss_d0_zuxYFiYZthf" 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">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="From2023-01-012023-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23778">&#8212;</ix:nonFraction></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"><b><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_SharePremiumMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23779">&#8212;</ix:nonFraction></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:ProfitLoss" contextRef="From2023-01-012023-12-31_custom_AccumulatedDeficitMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23780">5,272</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:ProfitLoss" contextRef="From2023-01-012023-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23781">5,272</ix:nonFraction></span></td></tr>
<tr id="xdx_40C_eifrs-full--OtherComprehensiveIncome_d0_zjBEO20RKD6d" 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">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="From2023-01-012023-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23782">&#8212;</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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="From2023-01-012023-12-31_ifrs-full_SharePremiumMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23783">&#8212;</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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="From2023-01-012023-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23784">&#8212;</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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="From2023-01-012023-12-31_custom_TotalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23785">&#8212;</ix:nonFraction></b></span></td></tr>
<tr id="xdx_406_eifrs-full--ComprehensiveIncome_d0_zsBQudLYcTPd" 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
    comprehensive income </b></span></td>
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<tr id="xdx_438_c20230101__20231231_eifrs-full--Equity_iE_d0_zAexqMXpDjsj" style="vertical-align: bottom; background-color: White">
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</table>

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



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

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



<p style="font: 12pt 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span>&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<table cellspacing="0" cellpadding="0" id="xdx_302_112_pn3n3_zdN98Zy4VyDk" summary="xdx: Statement - Consolidated Statements of Cash Flows" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
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<tr style="background-color: white">
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>Notes</b></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
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<tr id="xdx_40A_eifrs-full--CashFlowsFromUsedInOperatingActivitiesAbstract_iB_znz7SCh2cmJh" style="background-color: rgb(204,238,255)">
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<tr id="xdx_404_eifrs-full--ProfitLoss_maAFIDIz1Pl_znq6xxMfTt68" style="background-color: White">
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<tr id="xdx_406_eifrs-full--AdjustmentsForReconcileProfitLossAbstract_iB_zSeQpWWor7L1" style="background-color: rgb(204,238,255)">
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
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<tr id="xdx_402_eifrs-full--AdjustmentsForDepreciationExpense_maAFIDIz1Pl_zsBHCkWghYzf" style="background-color: White">
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<tr id="xdx_408_ecustom--AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts_maAFIDIz1Pl_z9iSHyUXYJF6" style="background-color: rgb(204,238,255)">
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<tr id="xdx_409_ecustom--PaymentsOfDeferredDryDockingCosts_iN_di_msAFIDIz1Pl_zLve49IULXPd" style="background-color: White">
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<tr id="xdx_40E_eifrs-full--AdjustmentsForProvisions_maAFIDIz1Pl_zTQkKmo1I8J7" style="background-color: rgb(204,238,255)">
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<tr id="xdx_406_eifrs-full--AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_iN_di_msAFIDIz1Pl_zKh612SyTb3h" style="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:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23813">388</ix:nonFraction>)</span></td>
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<tr id="xdx_407_eifrs-full--AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets_iN_di0_msAFIDIz1Pl_zAUDPZEZJfZc" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" contextRef="From2021-01-012021-12-31" format="ixt:zerodash" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23818">&#8212;</ix:nonFraction></span></td></tr>
<tr id="xdx_404_eifrs-full--AdjustmentsForFinanceCosts_maAFIDIz1Pl_zqary4YclBJ6" style="background-color: rgb(204,238,255)">
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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--GainsOnRestructuringOfDebt_iN_di0_msAFIDIz1Pl_zHJ3pIXN0NIl" 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">Gain
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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:GainsOnRestructuringOfDebt" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23822">417</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:GainsOnRestructuringOfDebt" contextRef="From2022-01-012022-12-31" format="ixt:zerodash" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23823">&#8212;</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_40D_eifrs-full--AdjustmentsForInterestIncome_iN_di_msAFIDIz1Pl_zaXZ85koefu" 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="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23825">2,634</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="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23826">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" id="ixv-23827">8</ix:nonFraction>)</span></td></tr>
<tr id="xdx_402_eifrs-full--AdjustmentsForUnrealisedForeignExchangeLossesGains_maAFIDIz1Pl_zUJSP10QjeS8" 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">Foreign
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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:AdjustmentsForUnrealisedForeignExchangeLossesGains" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23828">64</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:AdjustmentsForUnrealisedForeignExchangeLossesGains" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23829">26</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:AdjustmentsForUnrealisedForeignExchangeLossesGains" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23830">87</ix:nonFraction>)</span></td></tr>
<tr id="xdx_408_eifrs-full--AdjustmentsForSharebasedPayments_d0_maAFIDIz1Pl_zynsGpPfo4Ff" 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">Share
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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:AdjustmentsForSharebasedPayments" contextRef="From2023-01-01to2023-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23831">&#8212;</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>
    <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:AdjustmentsForSharebasedPayments" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23833">40</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Increase)/decrease
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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--AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_maAFIDIz1Pl_zMSZbFe81Avd" 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 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:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23834">1,042</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:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23835">894</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:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23836">850</ix:nonFraction>)</span></td></tr>
<tr id="xdx_40A_eifrs-full--AdjustmentsForDecreaseIncreaseInInventories_maAFIDIz1Pl_zcMg6lMMb6Oc" 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">Inventories</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:AdjustmentsForDecreaseIncreaseInInventories" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23837">1,772</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:AdjustmentsForDecreaseIncreaseInInventories" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23838">2,176</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_405_eifrs-full--AdjustmentsForDecreaseIncreaseInOtherAssets_maAFIDIz1Pl_zxzic8AEpLs" 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">Prepayments
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<tr id="xdx_400_eifrs-full--CashFlowsFromUsedInOperatingActivities_iT_mtAFIDIz1Pl_maIDICAzhkU_zXk9YXtvq83b" style="background-color: White">
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<tr id="xdx_408_eifrs-full--CashFlowsFromUsedInInvestingActivitiesAbstract_iB_zYIgdphrrXt1" style="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">&#160;</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_40F_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_iN_di0_msCFFUIztCq_zMBKlnR4C14b" style="background-color: White">
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<tr id="xdx_403_eifrs-full--ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_d0_maCFFUIztCq_z2PY6gizl1pk" 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">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_402_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_iN_di0_msCFFUIztCq_zP9pJXiQU9Q8" 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">Advances
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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:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23861">19,074</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_ecustom--CashPaymentsForImprovements_iN_di_msCFFUIztCq_z9Gl7WQZ9ck5" 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">Vessels&#8217;
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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="glbs:CashPaymentsForImprovements" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23864">161</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>
    <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:CashPaymentsForImprovements" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23866">332</ix:nonFraction>)</span></td></tr>
<tr id="xdx_405_eifrs-full--PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities_iN_di0_msCFFUIztCq_zGwx1Efh65Qe" 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">Purchases
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<tr id="xdx_403_eifrs-full--InterestReceivedClassifiedAsInvestingActivities_maCFFUIztCq_z3RAYUVer2Kc" style="background-color: rgb(204,238,255)">
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<tr id="xdx_407_eifrs-full--CashFlowsFromUsedInInvestingActivities_iT_mtCFFUIztCq_maIDICAzhkU_zPN6oqW1zDc3" style="background-color: White">
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<tr id="xdx_407_eifrs-full--CashFlowsFromUsedInFinancingActivitiesAbstract_iB_z8SPVK9H3Vmf" 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>Cash
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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">&#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_zTuczcX5TgD9" 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
    from loans</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>11</b></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="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23877">18,000</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_zkv69FMU4kLl" 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">Repayment
    of long-term debt</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>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="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23879">6,250</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:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23880">5,375</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:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23881">3,993</ix:nonFraction>)</span></td></tr>
<tr id="xdx_403_ecustom--PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_iN_di0_msCFFUIzvQP_zSq81iWehonl" 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">Prepayment
    of long-term debt</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>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="glbs:PrepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23882">10,505</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:PrepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31" format="ixt:zerodash" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23883">&#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="glbs:PrepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23884">35,507</ix:nonFraction>)</span></td></tr>
<tr id="xdx_402_eifrs-full--ProceedsFromIssuingShares_d0_maCFFUIzvQP_zfIi5l5ye0Gd" 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
    from issuance of share capital</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>9</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:ProceedsFromIssuingShares" contextRef="From2023-01-01to2023-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23885">&#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:ProceedsFromIssuingShares" contextRef="From2022-01-012022-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23886">&#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:ProceedsFromIssuingShares" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23887">89,580</ix:nonFraction></span></td></tr>
<tr id="xdx_40F_ecustom--ProceedsFromWarrantExercises_d0_maCFFUIzvQP_zzweebEfFHD1" 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
    from exercise of Warrants</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="glbs:ProceedsFromWarrantExercises" contextRef="From2023-01-01to2023-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23888">&#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="glbs:ProceedsFromWarrantExercises" contextRef="From2022-01-012022-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-23889">&#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="glbs:ProceedsFromWarrantExercises" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23890">25</ix:nonFraction></span></td></tr>
<tr id="xdx_405_eifrs-full--PaymentsForShareIssueCosts_iN_di0_msCFFUIzvQP_zpQ8xEwB9gF" 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">Transaction
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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>9</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:PaymentsForShareIssueCosts" contextRef="From2023-01-01to2023-12-31" format="ixt:zerodash" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23891">&#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:PaymentsForShareIssueCosts" contextRef="From2022-01-012022-12-31" format="ixt:zerodash" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23892">&#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:PaymentsForShareIssueCosts" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23893">401</ix:nonFraction>)</span></td></tr>
<tr id="xdx_405_ecustom--DecreaseIncreaseInRestrictedCashAndCashEquivalents_maCFFUIzvQP_zBVFozJZrNS6" 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">(Increase)/decrease
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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>3</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:DecreaseIncreaseInRestrictedCashAndCashEquivalents" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23894">2,348</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:DecreaseIncreaseInRestrictedCashAndCashEquivalents" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23895">744</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:DecreaseIncreaseInRestrictedCashAndCashEquivalents" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-23896">3,158</ix:nonFraction>)</span></td></tr>
<tr id="xdx_409_eifrs-full--PaymentsForDebtIssueCosts_iN_di0_msCFFUIzvQP_zDvmG3gxR4Nj" 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">Payment of financing costs</span></td>
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<tr id="xdx_40A_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_iN_di0_msCFFUIzvQP_zyhbwbIMzDe2" style="background-color: White">
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<tr id="xdx_40B_eifrs-full--InterestPaidClassifiedAsFinancingActivities_iN_di_msCFFUIzvQP_zi9KsDyZkyN8" style="background-color: rgb(204,238,255)">
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<tr id="xdx_400_eifrs-full--CashFlowsFromUsedInFinancingActivities_iT_mtCFFUIzvQP_maIDICAzhkU_zmRFLr4M864f" style="background-color: White">
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    <td><span style="font-size: 10pt">&#160;</span></td>
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<tr id="xdx_404_eifrs-full--IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_iT_mtIDICAzhkU_zaWWyyikMfV3" 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>Net increase in cash
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
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<tr id="xdx_408_eifrs-full--CashAndCashEquivalents_iS_zXjDZhtx1Hwf" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Cash and cash equivalents
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    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
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<tr id="xdx_406_eifrs-full--CashAndCashEquivalents_iE_z1NzkL1hxeka" 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>Cash and cash equivalents
    at the end of the year </b></span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="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:CashAndCashEquivalents" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23916">52,833</ix:nonFraction></b></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="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:CashAndCashEquivalents" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23917">45,213</ix:nonFraction></b></span></td></tr>
</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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; text-align: justify"><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; text-align: justify"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 9pt 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"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="notes"></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page -->

<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"></p>



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




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


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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" id="ixv-13603"><p id="xdx_805_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_zlG5me9hfOub" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_824_zJslnH4XIaRl">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements include the financial statements of <span id="xdx_90B_eifrs-full--NameOfReportingEntityOrOtherMeansOfIdentification_c20230101__20231231_z854fsFrSl12"><b><i><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification" id="ixv-23918">Globus
Maritime Limited</ix:nonNumeric></i></b></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&#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_902_eifrs-full--DomicileOfEntity_c20230101__20231231_zT48WQhOo7qe"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="ifrs-full:DomicileOfEntity" id="ixv-23919">Marshall
Islands</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and its common 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">The
registered address 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-family: Times New Roman, Times, Serif; 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 id="xdx_90F_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231_zfCwylJJOjW8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities" id="ixv-23920">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> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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, 2023:</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" id="ixv-13633"><p id="xdx_892_eifrs-full--DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_zYevfwZ2xUSb" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span id="xdx_8B1_zWRwMx3ymUi1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
of presentation and general information</span><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 0 0 36pt; text-align: justify; text-indent: 0cm"></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; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 11pt Baskerville Win95BT; padding-bottom: 1pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr id="xdx_411_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DominaShipholdingLtdMember_z56S6qbHkt6" style="vertical-align: top; background-color: White">
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<tr id="xdx_41C_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DulacMaritimeSAMember_z5XnFoxg9N5d" style="vertical-align: top; background-color: rgb(204,238,255)">
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 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 0 0 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify">&#8239;&#8239;&#8239;&#8239;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
New building vessels</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;**
m/v Sun Globe was sold and delivered to her new owners on June 5, 2023 (Note 5)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;***
m/v Sky Globe was sold and delivered to her new owners on September 7, 2023 (Note 5)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;****
m/v Star Globe was sold and delivered to her new owners on September 13, 2023 (Note 5)</span></p>

</ix:nonNumeric><p id="xdx_8A1_zh4ws2GkMle7" 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">&#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: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements as at December 31, 2023 and 2022 and for the three years in the period ended December 31, 2023, were
approved for issuance by the Board of Directors on March 14, 2024.</span></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"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; color: blue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory" id="ixv-13949"><p id="xdx_80E_eifrs-full--DisclosureOfMaterialAccountingPolicyInformationExplanatory_zUojQe4FBnW8" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_82E_zz3tFkRZGJdf">Basis
of Preparation and Accounting Policies</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfGoingConcernExplanatory" id="ixv-13957"><p id="xdx_840_eifrs-full--DisclosureOfGoingConcernExplanatory_zlfe0Uz4P39b" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.1
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_864_zcHLSnXbG6b4">Basis of Preparation:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, the Company reported a total comprehensive income for the year of $<span id="xdx_906_eifrs-full--ComprehensiveIncome_pn3n3_c20230101__20231231_z25sOBI9biSf"><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23960">5,272</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
Cash and cash equivalents of $<span id="xdx_90C_eifrs-full--CashAndCashEquivalents_iI_pn3n3_c20231231_zIoW75vZbBb5"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23961">74,202</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
a working capital surplus of $<span id="xdx_904_eifrs-full--CurrentAssetsLiabilities_iI_pn3n3_c20231231_zCsUgmOZzp9e" title="Working capital surplus"><ix:nonFraction name="ifrs-full:CurrentAssetsLiabilities" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23962">69,795</ix:nonFraction></span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><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: 0; text-align: justify"><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 0 0 35.45pt; 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 and cash flows. Currently there is no
effect on the Company&#8217;s operations. Furthermore, the intensity and duration of the recently declared war between Israel and
Hamas is difficult to predict and its impact on the world economy and drybulk industry is uncertain. While much uncertainty remains
regarding the global impact of the war between Israel and Hamas, it is possible that such tensions could result in the eruption of
further hostilities in other regions, including the Red Sea, and could adversely affect the Company&#8217;s business, financial
conditions, operating results, and cash flows.</span></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">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 130; Options: NewSection; Value: 9 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></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-family: Times New Roman, Times, Serif; 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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and  Accounting Policies (continued)</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-family: Times New Roman, Times, Serif; 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; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement
of Compliance: </b>These consolidated financial statements of the Company have been prepared in accordance with <span id="xdx_90F_edei--EntityAccountingStandard_c20230101__20231231_zNn7Tvud2JZh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" name="dei:EntityAccountingStandard" id="ixv-23963">International
Financial Reporting Standards</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&#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-family: Times New Roman, Times, Serif; 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: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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"></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-family: Times New Roman, Times, Serif; 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="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations" id="ixv-14058"><p id="xdx_842_eifrs-full--DescriptionOfInitialApplicationOfStandardsOrInterpretations_z6ml3exxHsCc" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;&#8239;&#160;&#160;
<span id="xdx_86A_zRKFenwwRwyc">Standards amendments and interpretations:</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></b></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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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, 2023:</span></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">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top">
<td style="width: 35.45pt"/><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IAS
                                            1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting
                                            policies (Amendments)</b></span></td></tr>
</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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. The Company
revisited and updated its accounting policies to apply the requirements of the amendments to IAS 1. The amendments had no material 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"></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"></span></p>


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

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></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: 49.5pt"/><td style="width: 40.5pt"><span style="font-family: Symbol; font-size: 9pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>IFRS
                                            17 insurance contracts,</b></span></td></tr>
<tr style="vertical-align: top">
<td style="width: 49.5pt"/><td style="width: 40.5pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>IAS
                                            8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
                                            Estimates (Amendments),</b></span></td></tr>
<tr style="vertical-align: top">
<td style="width: 49.5pt"/><td style="width: 40.5pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><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></td></tr>
<tr style="vertical-align: top">
<td style="width: 49.5pt"/><td style="width: 40.5pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>IAS
                                            12 Income taxes: International Tax Reform - Pillar Two Model Rules (Amendments)</b></span></td></tr></table>

<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 0 0 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
newly adopted IFRS and amendments to IFRS did not have a material impact on the Company&#8217;s accounting policies.</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; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; 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 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 35.45pt"/><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IAS
                                            1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
                                            (Amendments)</b></span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0pt 53.3pt; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 53.3pt; text-align: justify"><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 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IAS
                                            7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance
                                            Arrangements (Amendments).</b></span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 54pt; 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: 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"><b>IAS
                                            21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments).
                                            </b></span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted. 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 54pt; 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: 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"><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></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><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 0 0 54pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; 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: 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"><b>IFRS
                                            16 Leases: Lease Liability in a Sale and Leaseback (amendments). </b></span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 54pt; text-align: justify"><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 0 0 54pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company plans to adopt these standards on their respective effective dates.&#160;</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;</span></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><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 0 0 53.3pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Accounting Policies (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b>&#160;</span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory" id="ixv-14251"><p id="xdx_84B_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zFC8RJeDy1Jg" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.3
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_865_zaqATTJEznEh">Accounting policies, judgments, estimates
and assumptions:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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 of such vessel.</span></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"></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">&#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; and</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"></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">&#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"><span style="font-family: Times New Roman, Times, Serif; 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, 2023 and 2022, the Company
concluded that no indicators for impairment were present as of December 31, 2023 and 2022 and no impairment was recorded for the
years ended December 31, 2023 and 2022. Following the agreement to sell Sun Globe and given the significant increase in the
vessel&#8217;s market value, the Company assessed that there were indications that impairment losses recognized in the previous
periods with respect to this vessel have decreased. Therefore, the carrying amount of the vessel was increased to its recoverable
amount, determined based on selling price less cost to sell, and the Company recorded reversal of impairment amounting $<span id="xdx_909_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20230101__20231231_zqeqio5fV3hg" title="Reversal of impairment"><ix:nonFraction name="ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23964">4,400</ix:nonFraction></span>,
during the first quarter of 2023. <span id="xdx_907_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_do_c20220101__20221231_z2KMh2M6Lrsf" title="Reversal of impairment"><ix:nonFraction name="ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="USD" id="ixv-23965">No</ix:nonFraction></span>
reversal of previously recognized impairment losses was recorded for the year ended December 31, 2022 (Note 5).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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 0 0 1cm; text-align: justify"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<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">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -40pt; text-align: justify">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -40pt; text-align: justify"><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; 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-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 0 0 35.45pt; text-align: justify"><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 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-family: Wingdings; font-size: 10pt">&#216;</span> <span style="font-size: 10pt"><i>
                                                                                                   &#8239;&#8239;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, 2023 and 2022. 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>


</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue" id="ixv-14356"><p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zbckekjUskY8" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;2.4
&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_86A_zyLhgdk6KI4e">Accounting for revenue and related expenses:</span></b></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generates its revenues from charterers for the
charter hire of its vessels. Vessels are chartered using time charters, 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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" id="ixv-14379"><p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zK2cKLkfvbU9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;2.5
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_86E_zOiVgv2mRa1">Foreign currency translation:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; 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.</span></p>

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


</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory" id="ixv-14386"><p id="xdx_84B_eifrs-full--DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_zMgPpwxn1WDd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>2.6
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_86B_zmU1IS0Km7J7">Cash and cash equivalents:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" id="ixv-14394"><p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_zguP4OoxNgad" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;2.7
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_867_zm0MAcaY7Ss2">Trade accounts receivable, net:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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, 2023 and 2022 was nil.&#160;&#160;<span id="xdx_902_ecustom--AllowanceForDoubtfulTradeReceivables_d0_c20220101__20221231_zYKUlh2PBnt" style="display: none"><ix:nonFraction name="glbs:AllowanceForDoubtfulTradeReceivables" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-23966">0</ix:nonFraction></span></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories" id="ixv-14401"><p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForMeasuringInventories_z11u604Osh1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;2.8&#8239;
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_868_zwMnpoR4PGgk">Inventories:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b></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:exclude><!-- Field: Page; Sequence: 133 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<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-family: Times New Roman, Times, Serif; 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 style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b></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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" id="ixv-14448"><p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zQ7Gz6XOKdu4" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.9&#160;
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_866_zjgbttAN5HR2">Vessels, net:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory" id="ixv-14458"><p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_zWMXx9qxYjKj" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.10&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_86F_zMmKEDjhnfPa">
Dry-docking costs:</span></b></span> <span style="font: normal 10pt Times New Roman, Times, Serif">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_90E_ecustom--IntervalBetweenVesselDrydockingSpecialSurvey_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_zX5vyTlJbNga" title="Interval Between Vessel Drydocking Special Survey"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_DeferredDryDockingCostsMember" format="ixt-sec:duryear" name="glbs:IntervalBetweenVesselDrydockingSpecialSurvey" id="ixv-23967">2.5</ix:nonNumeric> </span></span><span style="font: normal 10pt Times New Roman, Times, Serif">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_908_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_z7MliaVx3jb4"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_DeferredDryDockingCostsMember" name="ifrs-full:DepreciationMethodPropertyPlantAndEquipment" id="ixv-23968">straight-line
basis</ix:nonNumeric></span></span> <span style="font: normal 10pt Times New Roman, Times, Serif">over
the remaining period through the estimated dry-docking date.&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory" id="ixv-14470"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_zuXgT4rF0yFl" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.11
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_866_z3R55CMWPuP6">Depreciation:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of each of the Company&#8217;s vessels is depreciated on a <span id="xdx_903_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_z1BDU8fSh9ta" title="Depreciation method"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_VesselsMember" name="ifrs-full:DepreciationMethodPropertyPlantAndEquipment" id="ixv-23969">straight-line</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <span id="xdx_90D_eifrs-full--DescriptionOfUsefulLifePropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zDeYSMP1lFKc" title="Useful life"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_VesselsMember" name="ifrs-full:DescriptionOfUsefulLifePropertyPlantAndEquipment" id="ixv-23970">25
years</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 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 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_zAu0z0ca9oNe"><ix:nonFraction name="glbs:VesselsScrapRatePerTon" contextRef="From2021-01-012021-12-31_custom_VesselsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-23971">380</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/ton
(absolute amount) due to the increased scrap rates worldwide. This resulted to a decrease of $<span id="xdx_90B_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zb5RlQE2eUJj"><ix:nonFraction name="glbs:IncreaseDecreaseInDepreciationPropertyPlantAndEquiment" contextRef="From2021-01-012021-12-31_custom_VesselsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23972">145</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the depreciation charge included in the consolidated
statement of comprehensive income 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_zjWPZabpOfv3"><ix:nonFraction name="glbs:VesselsScrapRatePerTon" contextRef="From2022-01-012022-12-31_custom_VesselsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-23973">440</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/ton
(absolute amount) due to the increased scrap rates worldwide. This resulted to a lower amount of $<span id="xdx_902_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zoTU81CT5yPk"><ix:nonFraction name="glbs:IncreaseDecreaseInDepreciationPropertyPlantAndEquiment" contextRef="From2022-01-012022-12-31_custom_VesselsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23974">118</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the depreciation charge included in the consolidated
statement of comprehensive income for 2022. During the fourth quarter of 2023, the Company adjusted the scrap rate from $440/ton to $<span id="xdx_90E_ecustom--VesselsScrapRatePerTon_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zdPuLd6jopJ1" title="Vessels scrap rate per ton"><ix:nonFraction name="glbs:VesselsScrapRatePerTon" contextRef="From2023-01-012023-12-31_custom_VesselsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD" id="ixv-23975">480</ix:nonFraction></span>/ton,
due to the increased scrap rates worldwide. This resulted in a decrease of approximately $<span id="xdx_906_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zcaH3BcOHv8i" title="Decrease in depreciation expense due to changes in scrap rate"><ix:nonFraction name="glbs:IncreaseDecreaseInDepreciationPropertyPlantAndEquiment" contextRef="From2023-01-012023-12-31_custom_VesselsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23976">62</ix:nonFraction></span> to the depreciation charge included in the
consolidated statement of comprehensive income for 2023.</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-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" id="ixv-14494"><p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_znCFPmeZIxN2" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.12
&#160; &#160; &#160;&#160;<span id="xdx_86C_zMrsspvdaMY3">Impairment of Long-Lived Assets and Reversal of previously recognized
impairment losses:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company assesses
at each reporting date whether there is an indication that a vessel may be impaired. The Company has considered various indicators, including but not
limited to the current level of market hire rates, the market price of its vessels, the economic outlook, technological, regulatory and
environmental developments. 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.
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 a reversal is recognized in the consolidated statement of comprehensive income. 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; text-indent: -20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory" id="ixv-14502"><p id="xdx_84B_eifrs-full--DescriptionOfAccountingPolicyForBorrowingsExplanatory_zZb1GTPwRuni" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>2.13
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_86B_zDY01tc7oXI">Long-term debt:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory" id="ixv-14510"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFinanceCostsExplanatory_zi4a2zLAf508" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.14
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_862_zQOwuVDZIuBk">Financing costs:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 2023, the Company deferred financing costs of $<span id="xdx_90E_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zprKOkPWMNN8"><ix:nonFraction name="ifrs-full:BorrowingCostsCapitalised" contextRef="From2023-01-012023-12-31_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23977">406</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which relate to the costs incurred for the top up loan amount of $<span id="xdx_901_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zkKq5BDRbYlc"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-012023-12-31_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23978">25,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with First Citizens Bank &amp; Trust Company
(formerly known as CIT Bank N.A.) (&#8220;First-Citizens Bank&#8221;) (This loan facility is referred to as the &#8220;CIT Loan Facility&#8221;,
see Note 11 for more details). For the year ended December 31, 2022, the Company deferred financing costs of $<span id="xdx_907_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_znZYWenv99hl"><ix:nonFraction name="ifrs-full:BorrowingCostsCapitalised" contextRef="From2022-01-012022-12-31_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23979">259</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which relate to the costs incurred for the top up loan amount of $<span id="xdx_901_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zXFcxmlsZdol"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23980">18,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">under the CIT Loan Facility (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_z3dG8Na7AhIe"><ix:nonFraction name="ifrs-full:BorrowingCostsCapitalised" contextRef="From2021-01-012021-12-31_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23981">545</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which relate to the costs incurred for CIT Loan Facility (see Note 11 for more details).&#160;</span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>


<ix:exclude><!-- Field: Page; Sequence: 134 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<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-family: Times New Roman, Times, Serif; 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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Accounting Policies (continued)&#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><p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;&#160;</i></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="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory" id="ixv-14571"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_z5sLE4Gk9bBi" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_860_zvCNWV0RV7t9">Borrowing costs:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory" id="ixv-14579"><p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForSegmentReportingExplanatory_zwObdavi09E4" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_865_zevxBImQboJl">Operating segment:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_903_ecustom--NumberOfOperatingSegments_dc_uPure_c20230101__20231231_z1b1Al6wn7V6"><ix:nonFraction name="glbs:NumberOfOperatingSegments" contextRef="From2023-01-01to2023-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Pure" id="ixv-23982">one
</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-indent: -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory" id="ixv-14591"><p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForProvisionsExplanatory_z9NARCJEMZO3" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.17&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_862_zaM0LPjhiAp6">Provisions
and contingencies:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; 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.&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory" id="ixv-14602"><p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_z2iSVapD3f2i" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.18&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
&#8239;<span id="xdx_861_zr0XPynzrKuh">Offsetting of financial assets and liabilities:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" id="ixv-14614"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_zGzFMso3J9a2" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.19&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_861_zfUnxEiCoX8h">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>



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



<ix:exclude><!-- Field: Page; Sequence: 135 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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 36pt; text-align: justify"></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; text-align: justify"></p>

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

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Impairment of financial assets</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company considers a financial asset to be in default when:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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: 36pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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>
<tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; 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 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>iii.
&#8239;&#8239;&#8239;&#8239;&#8239;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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></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: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 136 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></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-family: Times New Roman, Times, Serif; 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: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>iv.
Derecognition of Financial liabilities: </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 35.45pt"><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; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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="From2023-01-01to2023-12-31" escape="true" name="glbs:DescriptionOfAccountingPolicyForLesseeExplanatory" id="ixv-14825"><p id="xdx_84B_ecustom--DescriptionOfAccountingPolicyForLesseeExplanatory_zpGb2lFIJ5Hd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.20&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_860_zkoKydYt94tg">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-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; 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. 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. </span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -36pt"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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. 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 or a change in the lease payments.</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; 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 (see also Note 2.4).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 as 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: 0 0 0 36pt; text-align: justify"><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 0 0 36pt; text-align: justify"></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"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_90B_eifrs-full--DirectOperatingExpenseFromInvestmentProperty_pn3n3_c20230101__20231231_zmdJd4bDClCk" title="Direct operating expense from investment property"><ix:nonFraction name="ifrs-full:DirectOperatingExpenseFromInvestmentProperty" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23983">16,473</ix:nonFraction></span> for the year ended December 31, 2023.
                                            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_90F_eifrs-full--OperatingLeaseIncome_pn3n3_c20230101__20231231_zs7BXhTP5apb" title="Lease components"><ix:nonFraction name="ifrs-full:OperatingLeaseIncome" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23984">14,367</ix:nonFraction></span> for the year ended
                                            December 31, 2023.</span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: -40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; 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>

<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="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" id="ixv-14899"><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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><b>2.21
                                            &#160;&#8239;&#8239;&#8239;&#8239;&#8239; </b></span><b><span id="xdx_867_zye2gUsVvxg7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
                                            capital and Warrants:</span></b> <span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" id="ixv-14910"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_z1xMFxR8g7Ld" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.22
&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_860_zE2CHcz06kfk">Fair value measurement:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 0pt; text-align: justify; text-indent: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">&#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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">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 0pt; 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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 60pt; text-align: justify; text-indent: -45pt"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; 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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
assets and liabilities that are recognized at fair value 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 0 0 -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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="From2023-01-01to2023-12-31" escape="true" name="glbs:DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" id="ixv-14942"><p id="xdx_841_ecustom--DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_zvhc05K51dDj" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.23
&#8239;&#8239;&#8239;&#160;&#8239;<span id="xdx_86A_zkgYMnwKd2Xl">Current versus non-current classification:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 0pt; text-indent: -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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">&#8226;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
                                            to be realized or intended to be sold or consumed in a normal operating cycle; </span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">held
                                            primarily for the purpose of trading; </span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
                                            to be realized within twelve months after the reporting period; or </span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cash
                                            or cash equivalent</span></td></tr></table>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -35.45pt"><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 0 0 0pt; text-align: justify; text-indent: -35.45pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 36pt; text-align: justify"><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 0 0 36pt; 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-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            liability is current when:</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-family: Times New Roman, Times, Serif; 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">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it is expected to be
                                                                                         settled in a normal operating cycle;</span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                            is held primarily for the purpose of trading; </span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it is due to be settled within
                                                                                         twelve months after the reporting period;</span></td></tr>

<tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 36pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
other liabilities are classified as non-current.</span></p>

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


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



<ix:exclude><!-- Field: Page; Sequence: 138 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b>&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DescriptionOfAccountingPolicyForRestrictedCashExplanatory" id="ixv-15056"><p id="xdx_84B_ecustom--DescriptionOfAccountingPolicyForRestrictedCashExplanatory_zVnmukaLsj3f" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.24
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_861_z3YhXeEbqJta">Restricted Cash:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.&#160;</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory" id="ixv-15064"><p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForHedgingExplanatory_zjDixvpPCOug" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.25
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_863_zHDiV1PhtW2l">Interest Rate Swap:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 19). 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -35.45pt"><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 0 0 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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
 on derivative financial instruments&#8221; in the consolidated statement of comprehensive income. Realized gains or losses resulting
from interest rate swaps are recognized in profit or loss under &#8220;Gain   on derivative financial instruments&#8221; in the
consolidated statement of comprehensive income.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory" id="ixv-15080"><p id="xdx_84A_ecustom--DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory_zcKlnUeHYbA9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.26
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_869_zHYxUtGFueV3">Management &amp; consulting fee income:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 under management &amp; consulting fee income.&#160;</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><p id="xdx_85C_z8V8fHiezv11" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory" id="ixv-15089"><p id="xdx_80E_eifrs-full--DisclosureOfCashAndCashEquivalentsExplanatory_zt2l4MJUwoOk" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#160;&#160;<span id="xdx_82C_zXwuQiLG272k">Cash
and cash equivalents and Restricted cash</span></b></span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 7.1pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfCashAndBankBalancesExplanatory" id="ixv-15100"><p id="xdx_89A_ecustom--DisclosureOfCashAndBankBalancesExplanatory_z5ouH2tMfOW1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -20pt; text-align: justify"><span id="xdx_8B5_zWwAWr3UeB02" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents and Restricted cash</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <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">&#160;</span></td>
    <td id="xdx_492_20231231_zqx2BZhZZkya" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"><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 id="xdx_492_20221231_zB3709HUiU06" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="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; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td></tr>
  <tr id="xdx_407_eifrs-full--CashOnHand_iI_pn3n3_maCACEzwtA_zFYVu9Fljz9c" 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">Cash
    on hand</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:CashOnHand" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23985">11</ix:nonFraction></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"><ix:nonFraction name="ifrs-full:CashOnHand" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23986">36</ix:nonFraction></span></td></tr>
  <tr id="xdx_40E_eifrs-full--BalancesWithBanks_iI_pn3n3_maCACEzwtA_zVn8D3rjudTc" 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">Cash
    at banks</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:BalancesWithBanks" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23987">74,191</ix:nonFraction></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"><ix:nonFraction name="ifrs-full:BalancesWithBanks" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23988">52,797</ix:nonFraction></span></td></tr>
  <tr id="xdx_40E_eifrs-full--CashAndCashEquivalents_iTI_pn3n3_mtCACEzwtA_z90GW7zmPUVg" 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</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:CashAndCashEquivalents" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23989">74,202</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:CashAndCashEquivalents" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23990">52,833</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A3_z4TNJoGRNbT" style="font: 9pt Times New Roman, Times, Serif; margin: 0; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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: 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 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: -0.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                                                                                             fair value of cash and cash equivalents as at December 31, 2023 and   2022, was $<span id="xdx_901_ecustom--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20231231_zcJGV7XgeAwa" title="Cash and cash equivalents at fair value"><ix:nonFraction name="glbs:CashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23991">74,202</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                                                                                             $<span id="xdx_90F_ecustom--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20221231_zzMcDrFfRF66"><ix:nonFraction name="glbs:CashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23992">52,833</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                                                                                             respectively.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 and 2022, the Company had pledged an amount of $<span id="xdx_90D_eifrs-full--RestrictedCashAndCashEquivalents_iI_pn3n3_c20231231_zORZfl3eTtJ5" title="Amount pledged as collaterals"><ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23993">3,620</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_90A_eifrs-full--RestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_zl4KUa23wfhi"><ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23994">5,968</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, in order to fulfill collateral requirements. The fair value of the restricted cash as at December 31, 2023 was $<span id="xdx_903_ecustom--RestrictedCashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20231231_z5XpqZihZ3Ie" title="Restricted cash at fair value"><ix:nonFraction name="glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23995">3,620</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_901_eifrs-full--NoncurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20231231_zSpQ4tHtOhJ9"><ix:nonFraction name="ifrs-full:NoncurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23996">3,530</ix:nonFraction></span>  included in non-current assets and $<span id="xdx_908_eifrs-full--CurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20231231_zU8lPoaTfOXk"><ix:nonFraction name="ifrs-full:CurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23997">90</ix:nonFraction></span> included in current assets as at December 31, 2023. The fair value of the
restricted cash as at December 31, 2022 was $<span id="xdx_90E_ecustom--RestrictedCashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20221231_zH8C7cNrXWv8"><ix:nonFraction name="glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23998">5,968</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_90F_eifrs-full--NoncurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_za9tjqh9wcmd" title="Non current restricted cash"><ix:nonFraction name="ifrs-full:NoncurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-23999">3,590</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">included
in non-current assets and $<span id="xdx_906_eifrs-full--CurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_z7JsRYjP6R3f" title="Current restricted cash"><ix:nonFraction name="ifrs-full:CurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24000">2,378</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">included
in current assets as at December 31, 2022. 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 0 0 1cm; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

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

<ix:exclude><!-- Field: Page; Sequence: 139 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" id="ixv-15222"><p id="xdx_80E_eifrs-full--DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_zubZCYYk0QI5" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_824_z43IWqLDfgQ4">Transactions
with Related Parties</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are the major transactions which the Company has entered into with related parties during the years ended December 31, 2023,
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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_90D_ecustom--MonthlyRentalExpense_pdn3_uEuro_c20160101__20161231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zb0vGphNb5ri"><ix:nonFraction name="glbs:MonthlyRentalExpense" contextRef="From2016-01-012016-12-31_custom_CyberonicaSAMember" format="ixt:numdotdecimal" decimals="0" scale="3" unitRef="Euro" id="ixv-24001">10,360</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute
amount) ($<span id="xdx_900_ecustom--MonthlyRentalExpense_pdn3_uUSD_c20160101__20161231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_z7Lnf7K0spkh"><ix:nonFraction name="glbs:MonthlyRentalExpense" contextRef="From2016-01-012016-12-31_custom_CyberonicaSAMember" format="ixt:numdotdecimal" decimals="0" scale="3" unitRef="USD" id="ixv-24002">11.9</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
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_900_ecustom--MonthlyRentalExpense_pp0p0_uEuro_c20210101__20210805__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zRHLUTi3G2pa"><ix:nonFraction name="glbs:MonthlyRentalExpense" contextRef="From2021-01-012021-08-05_custom_CyberonicaSAMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro" id="ixv-24003">26,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute
amount) with a lease period ending <span id="xdx_904_ecustom--LeaseExpirationDate_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_z0WC9Bg4vFy"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CyberonicaSAMember" format="ixt:datemonthdayyearen" name="glbs:LeaseExpirationDate" id="ixv-24004">August
4, 2024</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The previous rental agreement was
terminated. 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_904_ecustom--MonthlyRentalExpense_pp0p0_uEuro_c20220101__20220630__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zJ12fjGx4fR6"><ix:nonFraction name="glbs:MonthlyRentalExpense" contextRef="From2022-01-012022-06-30_custom_FGEuropeMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="Euro" id="ixv-24005">26,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute
amount) and with the same lease period ending of <span id="xdx_90C_ecustom--LeaseExpirationDate_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zzcomubsKMli"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_FGEuropeMember" format="ixt:datemonthdayyearen" name="glbs:LeaseExpirationDate" id="ixv-24006">August
4, 2024</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The previous rental agreement with
Cyberonica was terminated resulting in a gain of $<span id="xdx_90F_ecustom--CreditAdjustmentOfFinanceCost_pn3n3_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zIj86Pykfmoj"><ix:nonFraction name="glbs:CreditAdjustmentOfFinanceCost" contextRef="From2023-01-012023-12-31_custom_CyberonicaSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24007">40</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">classified
in the income statement component of the consolidated statement of comprehensive income under interest and finance costs. The
Company does not presently own any real estate. During the years ended December 31, 2023, 2022 and 2021, the rent charged amounted
to $<span id="xdx_90F_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zc13WO33C7N"><ix:nonFraction name="ifrs-full:LeasesAsLesseeRelatedPartyTransactions" contextRef="From2023-01-012023-12-31_custom_FGEuropeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24008">349</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_901_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--RentCharged2022CyberonicaFGMember_znFr00UZCx6a"><ix:nonFraction name="ifrs-full:LeasesAsLesseeRelatedPartyTransactions" contextRef="From2022-01-012022-12-31_custom_RentCharged2022CyberonicaFGMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24009">341</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_90F_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zcfeEj7U96E9"><ix:nonFraction name="ifrs-full:LeasesAsLesseeRelatedPartyTransactions" contextRef="From2021-01-012021-12-31_custom_CyberonicaSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24010">242</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depreciation charge for right-of-use assets for the years ended December 31, 2023, 2022 and 2021, was $<span id="xdx_908_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20230101__20231231_z1rUByKVw9dh"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24011">311</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_909_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20220101__20221231_zrHxOgk7zdO3"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24012">327</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_902_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20210101__20211231_z4GLv3hhOcC"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24013">206</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, and was recognized in the income statement component of the consolidated statement of comprehensive income under depreciation.
The interest expense on lease liabilities for the years ended December 31, 2023, 2022 and 2021, was $<span id="xdx_904_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20230101__20231231_zfrA8rY8z7q6"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24014">28</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_90F_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20220101__20221231_ziyV1RFsVgRi"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24015">54</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_90C_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20210101__20211231_zyjruHtHFzv8"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24016">52</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, and recognized under interest expense and finance costs  in the income statement component of the consolidated
statement of comprehensive income. The total cash outflows for leases for the years ended December 31, 2023, 2022 and 2021, were approximately
$<span id="xdx_900_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20230101__20231231_zHgDXO9WwLm1"><ix:nonFraction name="glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24017">339</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_904_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20220101__20221231_zkn7waCI3ag3"><ix:nonFraction name="glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24018">341</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90B_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20210101__20211231_zJS1J9zF4pT2"><ix:nonFraction name="glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24019">314</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; 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.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 28, 2015, Athanasios Feidakis assumed the position of Chief Executive Officer (&#8220;CEO&#8221;) and Chief Financial
Officer (&#8220;CFO&#8221;). On August 18, 2016, the Company entered into a consultancy agreement with an affiliated company
(Goldenmare Limited) of its CEO and CFO, 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 and CFO at an annual fee of Euro <span id="xdx_905_ecustom--ConsultingFeesExpense_pip0_uEuro_c20160101__20160818__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zD9PYiweJceg"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2016-01-012016-08-18_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Euro" id="ixv-24020">200,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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_906_ecustom--ConsultingFeesExpense_pip0_uEuro_c20200101__20201203__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zBScdpOAftm5"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2020-01-012020-12-03_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Euro" id="ixv-24021">400,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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_ziIgnjxSyGH7"><ix:nonFraction name="glbs:AgreedAmountOfOneTimeCashBonus" contextRef="AsOf2020-12-03_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24022">1,500</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zuj70dNIZ4bd"><ix:nonFraction name="glbs:OneTimeCashBonusPayment" contextRef="From2021-01-012021-02-28_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24023">1,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
in September 2021 the remaining amount of $<span id="xdx_907_ecustom--RemainingOfOneTimeCashBonusPayment_pn3n3_c20210101__20210930__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zfmzpbUZCiek"><ix:nonFraction name="glbs:RemainingOfOneTimeCashBonusPayment" contextRef="From2021-01-012021-09-30_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24024">500</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
In addition, in December 2021, the Company agreed to pay a one-time cash bonus of $<span id="xdx_90B_ecustom--AgreedAmountOfOneTimeCashBonus_iI_pn3n3_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_ziMtjvIuJPc2"><ix:nonFraction name="glbs:AgreedAmountOfOneTimeCashBonus" contextRef="AsOf2021-12-31_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24025">1,500</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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,
which has been paid as of December 31, 2023. The related expense for the years ended December 31, 2023, 2022 and 2021, amounted to
$<span id="xdx_909_ecustom--ConsultingFeesExpense_pn3n3_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zI4xOUhyb6r3"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2023-01-012023-12-31_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24026">432</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_90D_ecustom--ConsultingFeesExpense_pn3n3_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zgWAG7wuuagl"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2022-01-012022-12-31_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24027">1,172</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_90E_ecustom--ConsultingFeesExpense_pn3n3_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zBYAUzczjQBj"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2021-01-012021-12-31_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24028">1,216</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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: 140 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">4.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions with Related Parties (continued)</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; 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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 2, 2021, the Company entered into a stock purchase agreement and issued <span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210302__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_znlnB0N4Cdle"><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" id="ixv-24029">10,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zK973cn4brhf"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-03-02_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24030">0.001</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zpeXvfIbWKnb"><ix:nonFraction name="glbs:IssueOfPreferredShares" contextRef="From2021-01-012021-03-02_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24031">130</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, and 2022, Goldenmare Limited owned <span id="xdx_90A_eifrs-full--SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zZ89YyJmtTb7"><span id="xdx_900_eifrs-full--SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zot7Au5kB1Ah"><ix:nonFraction name="ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" contextRef="AsOf2022-12-31_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24032"><ix:nonFraction name="ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" contextRef="AsOf2023-12-31_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24033">10,300</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the Company&#8217;s Series B preferred shares.
<span id="xdx_90E_ecustom--VotingRights_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zAJcYXQ5W5l"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" name="glbs:VotingRights" id="ixv-24034">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></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</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-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, 2022 and 2021, Mr. George Feidakis beneficially owned <span id="xdx_90A_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_zEKPE5DTv9H5"><ix:nonFraction name="glbs:ProportionOfOwnershipInterestsHeldByControllingParty" contextRef="From2023-01-012023-12-31_custom_ChairmanOfTheBoardOfDirectorsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24035">24.9</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%, <span id="xdx_902_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_z5h9g8ISF6tb"><ix:nonFraction name="glbs:ProportionOfOwnershipInterestsHeldByControllingParty" contextRef="From2022-01-012022-12-31_custom_ChairmanOfTheBoardOfDirectorsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24036">3.7</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
and <span id="xdx_90B_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_zosL87OKx90b"><ix:nonFraction name="glbs:ProportionOfOwnershipInterestsHeldByControllingParty" contextRef="From2021-01-012021-12-31_custom_ChairmanOfTheBoardOfDirectorsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24037">3.7</ix:nonFraction></span>%, respectively, of Globus&#8217; common 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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_zif5G3geui72"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2021-01-012021-07-15_custom_EolosShipmanagementMember_custom_DailyRateMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD" id="ixv-24038">1,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: 141 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">4.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions with Related Parties (continued)</span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_90F_ecustom--NoninterestExpenseDirectorsFees1_pn3n3_c20220101__20220214__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_z8GYaW65La03"><ix:nonFraction name="glbs:NoninterestExpenseDirectorsFees1" contextRef="From2022-01-012022-02-14_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24039">80</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
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 0 0 1cm"><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 0 0 7.65pt"></p><p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
to Globus non-executive directors is analyzed as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfCompensationOfNonExecutiveDirectors" id="ixv-15417"><p id="xdx_894_ecustom--DisclosureOfCompensationOfNonExecutiveDirectors_zi1V4gAWX80e" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><span id="xdx_8B9_zYa2K2YCZQZ5" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
with Related Parties&#160;- Compensation to the Company&#8217;s Non-Executive Directors</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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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">&#160;</span></td>
    <td id="xdx_49F_20230101__20231231_zoBfk9EZAbbi" 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 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 id="xdx_494_20220101__20221231_z8WwZEdGLiC" 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 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 id="xdx_49E_20210101__20211231_zHNWUizdAQU9" 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></tr>
  <tr>
    <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 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="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; 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>2022</b></span></td>
    <td style="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; 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>2021</b></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-family: Times New Roman, Times, Serif; font-size: 10pt">Directors&#8217;
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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:DirectorsRemunerationExpense" contextRef="From2023-01-012023-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24040">240</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:DirectorsRemunerationExpense" contextRef="From2022-01-012022-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24041">240</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:DirectorsRemunerationExpense" contextRef="From2021-01-012021-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24042">145</ix:nonFraction></span></td></tr>
  <tr id="xdx_40E_ecustom--DirectorsCompensationSharebasedPayment_pn3n3_d0_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_zhRWxyg2l6h3" style="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">Share-based
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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="glbs:DirectorsCompensationSharebasedPayment" contextRef="From2023-01-012023-12-31_custom_NonExecutiveDirectorsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24043">&#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="glbs:DirectorsCompensationSharebasedPayment" contextRef="From2022-01-012022-12-31_custom_NonExecutiveDirectorsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24044">&#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="glbs:DirectorsCompensationSharebasedPayment" contextRef="From2021-01-012021-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24045">40</ix:nonFraction></span></td></tr>
  <tr id="xdx_408_eifrs-full--KeyManagementPersonnelCompensation_iT_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_mtKMPCzHgk_zv9gDiDIMCM4" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:KeyManagementPersonnelCompensation" contextRef="From2023-01-012023-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24046">240</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:KeyManagementPersonnelCompensation" contextRef="From2022-01-012022-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24047">240</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:KeyManagementPersonnelCompensation" contextRef="From2021-01-012021-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24048">185</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A1_z8evNCASZoC1" style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, and 2022, $<span id="xdx_900_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zfmTn7uogWf6"><span id="xdx_90C_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zAGWH7rRmzsi"><ix:nonFraction name="glbs:AccruedDirectorsCompensation" contextRef="AsOf2023-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24049"><ix:nonFraction name="glbs:AccruedDirectorsCompensation" contextRef="AsOf2022-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24050">60</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the compensation to non-executive directors
was remaining due and unpaid, for both December 31, 2023 and 2022. 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; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
to the Company&#8217;s executive director is analyzed as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfCompensationOfExecutiveDirector" id="ixv-15512"><p id="xdx_892_ecustom--DisclosureOfCompensationOfExecutiveDirector_zRS5jmgr4hsd" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span id="xdx_8BA_zxEbomKOalMa" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
with Related Parties - Compensation to the Company's Executive Director&#160;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49D_20230101__20231231_z0OHcbDmJxg1" style="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 style="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 id="xdx_49A_20220101__20221231_ziBJLi9hULGa" style="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 style="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 id="xdx_49F_20210101__20211231_zX4w0FbxHAtk" style="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></tr>
  <tr>
    <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 colspan="5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="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; 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>2022</b></span></td>
    <td style="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; 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>2021</b></span></td></tr>
  <tr id="xdx_400_eifrs-full--KeyManagementPersonnelCompensationShorttermEmployeeBenefits_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_maKMPCzSqc_zZfjChg8Po8" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" contextRef="From2023-01-012023-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24051">432</ix:nonFraction></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"><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" contextRef="From2022-01-012022-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24052">1,172</ix:nonFraction></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"><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" contextRef="From2021-01-012021-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24053">1,216</ix:nonFraction></span></td></tr>
  <tr id="xdx_409_eifrs-full--KeyManagementPersonnelCompensation_iT_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_mtKMPCzSqc_zrPp466GlTzi" style="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</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:KeyManagementPersonnelCompensation" contextRef="From2023-01-012023-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24054">432</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:KeyManagementPersonnelCompensation" contextRef="From2022-01-012022-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24055">1,172</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:KeyManagementPersonnelCompensation" contextRef="From2021-01-012021-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24056">1,216</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A8_zBmkprKNqmWg" style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, and 2022, $<span id="xdx_90D_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_zxtSuNc8cKZh"><ix:nonFraction name="glbs:AccruedDirectorsCompensation" contextRef="AsOf2023-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24057">77</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_904_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_zrdwXMWXyJNf"><ix:nonFraction name="glbs:AccruedDirectorsCompensation" contextRef="AsOf2022-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24058">2,088</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory" id="ixv-15593"><p id="xdx_80A_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_zMPy0tqvOEi2" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8239;<span id="xdx_820_z45coL8VTEea">Vessels,
net</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts in the consolidated statement of financial position are analyzed as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory" id="ixv-15601"><p id="xdx_896_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory_zXsIrZ5O0TL1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><span id="xdx_8B5_zEGDoFXjiFu1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels,
net - Consolidated Statement of Financial Position</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><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 0 0 1cm; text-indent: -20pt; text-align: justify"></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; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vessels
    cost</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vessels
    accumulated depreciation</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dry
                                            docking </b></span></p>
    <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>costs</b></span></p></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accumulated
    depreciation of dry-docking costs</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
                                            Book </b></span></p>
    <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Value</b></span></p></td></tr>
<tr style="background-color: White">
    <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>Balance
    at January 1, 2021</b></span></td>
    <td id="xdx_981_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zvjJvqPRkbRj" 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-family: Times New Roman, Times, Serif; 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" id="ixv-24059">162,992</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_znvV2Yuznb24" 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-family: Times New Roman, Times, Serif; 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" id="ixv-24060">104,111</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zXmfEVVNvRj9" 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-family: Times New Roman, Times, Serif; 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" id="ixv-24061">11,883</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zG1bchJlcWm4" 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-family: Times New Roman, Times, Serif; 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" id="ixv-24062">8,414</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zbP3gJPqjTT7" 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-family: Times New Roman, Times, Serif; 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" id="ixv-24063">62,350</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-family: Times New Roman, Times, Serif; font-size: 10pt">Additions/
    Dry Docking Component</span></td>
    <td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zjaWnkljnt4g" title="Additions/ (Dry Docking Component)" 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:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24064">70,746</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zV6jx5k7Y4b9" 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:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24065">4,044</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zM8BMfPMncZk" 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:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24066">74,790</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zdFb8kSIBB26" 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-family: Times New Roman, Times, Serif; 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" id="ixv-24067">3,665</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zP7aicBfsVO1" 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">(<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" id="ixv-24068">2,751</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zb3jiojyMsT9" 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">(<ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2021-01-012021-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24069">6,416</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance
    at December 31, 2021</b></span></td>
    <td id="xdx_980_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zIXbrXjKVv7b" 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:Ships" contextRef="AsOf2021-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24070">233,738</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zWkdot5GoCdd" 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="glbs:AccumulatedDepreciationPropertyPlantAndEquipment" contextRef="AsOf2021-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24071">107,776</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zDVvm7hJ8gy6" 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:Ships" contextRef="AsOf2021-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24072">15,927</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zAmLjEll6fC" 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="glbs:AccumulatedDepreciationPropertyPlantAndEquipment" contextRef="AsOf2021-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24073">11,165</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zVMX0z4moYP7" 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-family: Times New Roman, Times, Serif; 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" id="ixv-24074">130,724</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-family: Times New Roman, Times, Serif; font-size: 10pt">Additions/
    Dry Docking Component</span></td>
    <td id="xdx_98B_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zMogopaLubx" title="Additions/ (Dry Docking Component)" 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:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24075">1,178</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zP0uVfd0OgP7" 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:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24076">7,438</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z9YZKDH75MZ3" 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:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24077">8,616</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zsK0HGRlN8R4" 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-family: Times New Roman, Times, Serif; 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" id="ixv-24078">5,233</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zWz3HU9Vla9g" 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">(<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" id="ixv-24079">4,646</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zNqzxYY8dcua" 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">(<ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2022-01-012022-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24080">9,879</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance
    at December 31, 2022</b></span></td>
    <td id="xdx_982_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zWXkAfHNZu38" 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-family: Times New Roman, Times, Serif; 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" id="ixv-24081">234,916</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zf4SukAFNARe" 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-family: Times New Roman, Times, Serif; 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" id="ixv-24082">113,009</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z8svodBYboLb" 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-family: Times New Roman, Times, Serif; 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" id="ixv-24083">23,365</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zIAlanezOS6" 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-family: Times New Roman, Times, Serif; 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" id="ixv-24084">15,811</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zX0k49P7VhPc" 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-family: Times New Roman, Times, Serif; 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" id="ixv-24085">129,461</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-family: Times New Roman, Times, Serif; font-size: 10pt">Additions/
    Dry Docking Component</span></td>
    <td id="xdx_98A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zQicAQoVt5G1" title="Additions/ (Dry Docking Component)" 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:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24086">161</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zBNbv8A2YOGb" 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:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24087">6,324</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zIIzI6zbrnha" 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:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24088">6,485</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-family: Times New Roman, Times, Serif; font-size: 10pt">Reversal
    of Impairment</span></td>
    <td id="xdx_988_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_d0_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zUhfohS1Biod" title="Reversal of Impairment" 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:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24089">4,400</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">&#8212;</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">&#8212;</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zGfp0pQ15uqi" title="Reversal of Impairment" 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:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24090">4,400</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z3g9YGKuGVX9" title="Depreciation expense" 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:DepreciationAndAmortisationExpense" contextRef="From2023-01-012023-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24091">4,372</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zJ1OTnYVvof3" 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:DepreciationAndAmortisationExpense" contextRef="From2023-01-012023-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24092">4,185</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zjor8iy1Ntob" 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:DepreciationAndAmortisationExpense" contextRef="From2023-01-012023-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24093">8,557</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-family: Times New Roman, Times, Serif; font-size: 10pt">Sale
    of vessel</span></td>
    <td id="xdx_985_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di0_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zoR1k78K3Irc" title="Sale of vessel" 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">(<ix:nonFraction name="ifrs-full:DisposalsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24094">58,219</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zoGaTEeRFmd6" title="Sale of vessel" 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"><ix:nonFraction name="glbs:AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount" contextRef="From2023-01-012023-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24095">31,149</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zBgAMhXBnDx2" title="Sale of vessel" 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">(<ix:nonFraction name="ifrs-full:DisposalsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24096">13,444</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_ecustom--AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z9mbtxOrWZze" title="Sale of vessel" 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"><ix:nonFraction name="glbs:AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount" contextRef="From2023-01-012023-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24097">9,282</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z0dntgKTBsg9" 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">(<ix:nonFraction name="ifrs-full:DisposalsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24098">31,232</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance
    at December 31, 2023</b></span></td>
    <td id="xdx_983_eifrs-full--Ships_iE_pn3n3_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ztUXvIIl9ZB" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Ships" contextRef="AsOf2023-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24099">181,258</ix:nonFraction></b></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><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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</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8AD_z8MoY3k8DJk7" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 142 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Vessels, net (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of the consolidated statement of comprehensive income, depreciation, as stated in the income statement component, comprises
the following:</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory" id="ixv-15962"><p id="xdx_892_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory_zXz9PfwDuSj" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -20pt"><span id="xdx_8BB_zPh5r9L406Vi" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels,
net - Consolidated Statement of Comprehensive Income/ (loss)</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_497_20230101__20231231_zTZwsqEns8yh" 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 id="xdx_492_20220101__20221231_zXlSB5GG0CE6" 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 id="xdx_492_20210101__20211231_zFZC5zweDUfj" 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>
    <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 colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td></tr>
  <tr id="xdx_401_eifrs-full--DepreciationPropertyPlantAndEquipment_pn3n3_zZlu7E8hN6Bc" 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-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels&#8217;
    depreciation</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"><ix:nonFraction name="ifrs-full:DepreciationPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24104">4,372</ix:nonFraction></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"><ix:nonFraction name="ifrs-full:DepreciationPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24105">5,233</ix:nonFraction></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"><ix:nonFraction name="ifrs-full:DepreciationPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24106">3,665</ix:nonFraction></span></td></tr>
  <tr id="xdx_40B_ecustom--DepreciationOfficeFurnitureAndEquipment_pn3n3_zcktveXiWzb9" style="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">Depreciation
    on office furniture and equipment</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"><ix:nonFraction name="glbs:DepreciationOfficeFurnitureAndEquipment" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24107">42</ix:nonFraction></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"><ix:nonFraction name="glbs:DepreciationOfficeFurnitureAndEquipment" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24108">40</ix:nonFraction></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"><ix:nonFraction name="glbs:DepreciationOfficeFurnitureAndEquipment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24109">39</ix:nonFraction></span></td></tr>
  <tr id="xdx_407_eifrs-full--DepreciationRightofuseAssets_pn3n3_zDbKNkO2DIQk" 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-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    of right of use asset (Note 16)</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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:DepreciationRightofuseAssets" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24110">311</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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:DepreciationRightofuseAssets" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24111">327</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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:DepreciationRightofuseAssets" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24112">206</ix:nonFraction></span></td></tr>
  <tr id="xdx_401_eifrs-full--DepreciationExpense_iT_pn3n3_zcvkZcaHtHIk" style="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</b></span></td>
    <td style="border-bottom: Black 2.25pt double; 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:DepreciationExpense" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24113">4,725</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.25pt double; 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:DepreciationExpense" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24114">5,600</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.25pt double; 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:DepreciationExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24115">3,910</ix:nonFraction></b></span></td></tr>
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</ix:nonNumeric><p id="xdx_8A2_zwQqDUj2hL4h" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_zjdJn7pjpEF5"><ix:nonNumeric contextRef="From2021-01-012021-02-18_custom_NordVenusMember" name="glbs:VesselYearBuilt" id="ixv-24116">2011</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-built
<span id="xdx_900_ecustom--VesselType_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zpGEn0Gq4B7g"><ix:nonNumeric contextRef="From2021-01-012021-02-18_custom_NordVenusMember" name="glbs:VesselType" id="ixv-24117">Kamsarmax</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dry bulk carrier, for a purchase price of $<span id="xdx_90B_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zHeebkv44NRe" title="Purchase price"><ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2021-01-012021-02-18_custom_NordVenusMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24118">16.2</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zKUnXpVKN50e"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2021-01-012021-02-18_custom_NordVenusMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure" id="ixv-24119">80,655</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dwt. On <span id="xdx_90F_ecustom--VesselDeliveryDate_dd_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zDKiVbKf6ufi"><ix:nonNumeric contextRef="From2021-01-012021-02-18_custom_NordVenusMember" format="ixt:datemonthdayyearen" name="glbs:VesselDeliveryDate" id="ixv-24120">July
20, 2021</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_zvGSN4hipJsh"><ix:nonNumeric contextRef="From2021-01-012021-03-19_custom_Yangze11Member" name="glbs:VesselYearBuilt" id="ixv-24121">2018</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-built
<span id="xdx_905_ecustom--VesselType_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zavwh7o5PES9"><ix:nonNumeric contextRef="From2021-01-012021-03-19_custom_Yangze11Member" name="glbs:VesselType" id="ixv-24122">Kamsarmax</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dry bulk carrier, for a purchase price of $<span id="xdx_908_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_z7wc6fBEOFGi"><ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2021-01-012021-03-19_custom_Yangze11Member" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24123">27</ix:nonFraction></span>.0
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount), the vessel cost amounted
to $<span id="xdx_901_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zq1oMmYnUrvi" title="Vessel cost"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2021-01-012021-03-19_custom_Yangze11Member" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24124">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_zEySfvS1aveb"><ix:nonFraction name="glbs:DryDockingCostCapitalised" contextRef="From2021-01-012021-03-19_custom_Yangze11Member" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24125">0.6</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zGovS79gDtOe"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2021-01-012021-03-19_custom_Yangze11Member" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure" id="ixv-24126">82,027</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dwt. On <span id="xdx_901_ecustom--VesselDeliveryDate_dd_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zqt5bLNCwX31"><ix:nonNumeric contextRef="From2021-01-012021-03-19_custom_Yangze11Member" format="ixt:datemonthdayyearen" name="glbs:VesselDeliveryDate" id="ixv-24127">June
9, 2021</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_zqql6VWqL7M5"><ix:nonNumeric contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember" name="glbs:VesselYearBuilt" id="ixv-24128">2015</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-built
<span id="xdx_90D_ecustom--VesselType_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zPOR7TnGRylc"><ix:nonNumeric contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember" name="glbs:VesselType" id="ixv-24129">Kamsarmax</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dry bulk carrier, for a purchase price of $<span id="xdx_901_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zUZlUvTqxsRf"><ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24130">28.4</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount), the vessel cost amounted
to $<span id="xdx_903_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_z1XILqpuUEh7" title="Vessel cost"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24131">27.9</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zF2jBnHOsqL9"><ix:nonFraction name="glbs:DryDockingCostCapitalised" contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24132">0.5</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zHNfTbJoGsdj"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure" id="ixv-24133">81,837</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dwt. On <span id="xdx_907_ecustom--VesselDeliveryDate_dd_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zMWxtZ0gbxIl"><ix:nonNumeric contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember" format="ixt:datemonthdayyearen" name="glbs:VesselDeliveryDate" id="ixv-24134">November
29, 2021</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 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-family: Times New Roman, Times, Serif; 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-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_909_ecustom--VesselYearBuilt_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zH5N5JO0ivy5"><ix:nonNumeric contextRef="From2023-01-012023-03-06_custom_SunGlobeMember" name="glbs:VesselYearBuilt" id="ixv-24135">2007</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-built
Sun Globe for a gross price of $<span id="xdx_90B_eifrs-full--ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zqKsxpJyP6hk"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2023-01-012023-03-06_custom_SunGlobeMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24136">14.1</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount), before commissions,
to an unaffiliated third party.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the agreement to sell Sun Globe and given the significant increase in the vessel&#8217;s market value, the Company assessed that
there were indications that impairment losses recognised in the previous periods with respect to this vessel have decreased.
Therefore, the carrying amount of the vessel was increased to its recoverable amount, determined based on selling price less cost to
sell, which amounted to $13,617, and the Company recorded reversal of impairment amounting $<span id="xdx_906_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zit2WpIboxc6"><ix:nonFraction name="ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_custom_SunGlobeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24137">4,400</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
during the first quarter of 2023. The vessel was delivered to its new owners on June 5, 2023 and the Company recorded a gain of
$<span id="xdx_909_eifrs-full--GainsOnDisposalsOfNoncurrentAssets_pn3n3_c20230101__20230605__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_z2OHKi42GBkl"><ix:nonFraction name="ifrs-full:GainsOnDisposalsOfNoncurrentAssets" contextRef="From2023-01-012023-06-05_custom_SunGlobeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24138">71</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">which
is included in the consolidated statement of comprehensive income. 	</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 11, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the <span id="xdx_900_ecustom--VesselYearBuilt_c20230101__20230811__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_zFA1mgcpjAug"><ix:nonNumeric contextRef="From2023-01-012023-08-11_custom_SkyGlobeMember" name="glbs:VesselYearBuilt" id="ixv-24139">2009</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-built
Sky Globe for a gross price of $<span id="xdx_90C_eifrs-full--ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20230101__20230811__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_zzJGzPYt2Jve"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2023-01-012023-08-11_custom_SkyGlobeMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24140">10.7</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount), before commissions,
to an unaffiliated third party. The vessel was delivered to its new owners on September 7, 2023. The Company recognized a gain of approximately
$<span id="xdx_907_eifrs-full--GainsOnDisposalsOfNoncurrentAssets_pdn6_c20230101__20230811__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_zbrevlIU2Jt9"><ix:nonFraction name="ifrs-full:GainsOnDisposalsOfNoncurrentAssets" contextRef="From2023-01-012023-08-11_custom_SkyGlobeMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24141">2.2</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount) as a result of the
sale, which is included in the income statement component of the consolidated statement of comprehensive income.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 16, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the <span id="xdx_90B_ecustom--VesselYearBuilt_c20230101__20230913__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_znwLaFq15dC4"><ix:nonNumeric contextRef="From2023-01-012023-09-13_custom_StarGlobeMember" name="glbs:VesselYearBuilt" id="ixv-24142">2010</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-built
Star Globe for a gross price of $<span id="xdx_906_eifrs-full--ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20230101__20230816__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_z2wnZaHQnSzj"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2023-01-012023-08-16_custom_StarGlobeMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24143">11.2</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount), before commissions,
to an unaffiliated third party. The vessel was delivered to its new owners on September 13, 2023. The Company recognized a gain of approximately
$<span id="xdx_903_eifrs-full--GainsOnDisposalsOfNoncurrentAssets_pdn6_c20230101__20230816__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_zfL3hNT0Ohg9"><ix:nonFraction name="ifrs-full:GainsOnDisposalsOfNoncurrentAssets" contextRef="From2023-01-012023-08-16_custom_StarGlobeMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24144">1.6</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount) as a result of the
sale, which is included in the income statement component of the consolidated statement of comprehensive income.</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-family: Times New Roman, Times, Serif; 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"></p>

<ix:exclude><!-- Field: Page; Sequence: 143 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessels,
net (continued)</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 18, 2023, the Company signed two contracts for the construction and purchase of two fuel efficient <span id="xdx_90E_ecustom--VesselType_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_zmyAidFUsush"><ix:nonNumeric contextRef="From2023-01-012023-08-18_custom_TwoNewBulkCarriersMember" name="glbs:VesselType" id="ixv-24145">bulk
carrier</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of about <span id="xdx_903_ecustom--VesselCapacity_pip0_uPure_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_zTtSmhUGyYg"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2023-01-012023-08-18_custom_TwoNewBulkCarriersMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure" id="ixv-24146">64,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dwt
each. The two vessels will be built at a reputable shipyard in Japan and are scheduled to be delivered during the <span id="xdx_908_ecustom--VesselDeliveryDate1_uPure_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_zvWejlWLjb9i"><ix:nonNumeric contextRef="From2023-01-012023-08-18_custom_TwoNewBulkCarriersMember" name="glbs:VesselDeliveryDate1" id="ixv-24147">second
half of 2026</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The total consideration for
the construction of both vessels is approximately $<span id="xdx_90F_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_zrEHIXPxWK59"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-08-18_custom_TwoNewBulkCarriersMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24148">75.5</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount), which the Company intends to finance with a combination of debt and equity. In August 2023 the Company paid the first
instalment of $<span id="xdx_906_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230831__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_z7st6BvhYHY"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2023-01-012023-08-31_custom_TwoNewBulkCarriersMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24149">7.5</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount) for both vessels under construction.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 the Company&#8217;s vessels 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 36pt; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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_zAvJWlBXJ7Qb"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_custom_FiveVesselsMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD" id="ixv-24150">1.1</ix:nonFraction></span>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><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 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-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, 2022 and 2021, the Company performed an assessment on whether there were indicators that the vessels may be impaired
and no impairment indicators or indicators that previously recorded impairment needs to be reversed were identified for the Company&#8217;s
vessels.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfInventoriesExplanatory" id="ixv-16209"><p id="xdx_80C_eifrs-full--DisclosureOfInventoriesExplanatory_ztXViigDH0Z4" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82E_zYvmjxExza0k">
Inventories</span></span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
in the consolidated statement of financial position are analyzed as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory" id="ixv-16218"><p id="xdx_893_ecustom--DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory_z6GjR8l1DPHi" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span id="xdx_8B0_zumPlPB7zivi" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#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; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_491_20231231_zDdhluEDQOv6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_497_20221231_zBuLK0iUivak" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <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 colspan="3" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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; 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="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>2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2022</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:LubricantsInventoryCurrent" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24151">533</ix:nonFraction></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"><ix:nonFraction name="glbs:LubricantsInventoryCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24152">1,062</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:GasCylindersInventoryCurrent" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24153">59</ix:nonFraction></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"><ix:nonFraction name="glbs:GasCylindersInventoryCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24154">133</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:BunkerInventoryCurrent" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24155">664</ix:nonFraction></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"><ix:nonFraction name="glbs:BunkerInventoryCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24156">1,833</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:Inventories" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24157">1,256</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:Inventories" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24158">3,028</ix:nonFraction></b></span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
</ix:nonNumeric><p id="xdx_8A0_zLYLsN91LYN8" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory" id="ixv-16295"><p id="xdx_80E_eifrs-full--DisclosureOfTradeAndOtherPayablesExplanatory_zEm4eystff77" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82B_zdv1Xaej9ge">&#160;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-family: Times New Roman, Times, Serif; font-size: 10pt"><span><b>&#160;</b></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-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
accounts payable in the consolidated statement of financial position as at December 31, 2023 and 2022, amounted to $<span id="xdx_90F_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20231231_zmO6SQLk20j"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24159">362</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_901_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zEBhKZ8wikzi"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24160">3,548</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory" id="ixv-16314"><p id="xdx_801_eifrs-full--DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory_zsbmDBUCwDZ6" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82C_zU7tax9GAVq6">Accrued
liabilities and other payables</span></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 48pt; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
liabilities and other payables in the consolidated statement of financial position are analyzed as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory" id="ixv-16323"><p id="xdx_89A_ecustom--DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory_z6YKnAZYa9N1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span id="xdx_8BF_zQOG1xul7Gce" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
liabilities and other payables</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; 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="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_495_20231231_zxk0zlBEkxF2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_494_20221231_zPtsMv5E6NC3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"/>
    <td colspan="3" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,</b></span></td></tr>
<tr>
    <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 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>2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td></tr>
<tr id="xdx_402_ecustom--AccruedAuditFeesCurrent_iI_pn3n3_zqC5gc2Dqq2e" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:AccruedAuditFeesCurrent" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24161">122</ix:nonFraction></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"><ix:nonFraction name="glbs:AccruedAuditFeesCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24162">77</ix:nonFraction></span></td></tr>
<tr id="xdx_409_ecustom--OtherAccruals_iI_pn3n3_zFpoH3WH7Fge" style="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">Other
    accruals</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:OtherAccruals" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24163">1,393</ix:nonFraction></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"><ix:nonFraction name="glbs:OtherAccruals" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24164">5,552</ix:nonFraction></span></td></tr>
<tr id="xdx_40B_ecustom--CurrentInsuranceDeductibles_iI_pn3n3_zKuVJNK1n68g" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:CurrentInsuranceDeductibles" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24165">131</ix:nonFraction></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"><ix:nonFraction name="glbs:CurrentInsuranceDeductibles" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24166">104</ix:nonFraction></span></td></tr>
<tr id="xdx_405_eifrs-full--OtherCurrentPayables_iI_pn3n3_z6gNxOa8wIF8" style="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">Other
    payables</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:OtherCurrentPayables" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24167">117</ix:nonFraction></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"><ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24168">81</ix:nonFraction></span></td></tr>
<tr id="xdx_408_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iTI_pn3n3_zpTVM2dg8Wja" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24169">1,763</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24170">5,814</ix:nonFraction></b></span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
</ix:nonNumeric><p id="xdx_8AD_zEvbTTNL63Vi" style="font: 9pt Times New Roman, Times, Serif; margin: 0; 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 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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"></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; 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; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" id="ixv-16415"><p id="xdx_80B_eifrs-full--DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_zpbkd8u0fPEa" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_829_zbqTElrMQ2he">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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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-family: Times New Roman, Times, Serif; font-size: 10pt">The
authorized share capital of Globus consisted of the following:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory" id="ixv-16424"><p id="xdx_89B_eifrs-full--DisclosureOfClassesOfShareCapitalExplanatory_zuzKY34zisOb" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span id="xdx_8B5_z7bw7yLDr8zl" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
Capital and Share Premium - Authorized share capital</span><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 0 0 21.3pt; text-align: justify; text-indent: 0cm"></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;December
    31,</b></span></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; width: 68%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td></tr>
<tr>
    <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>Authorized
    share capital:</b></span></td>
    <td style="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="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="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: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span id="xdx_90C_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zZRXcXpP2Dcj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zLkLmtfe9wsf"><span id="xdx_909_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_ze4ZK90G6UHg"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2023-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24171"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2022-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24172"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2021-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24173">500,000,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common shares of par value $<span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zd7Mh20grWWd"><span id="xdx_90A_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zJIHrxnkZnfg"><span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zg8MAiQPGiJ1"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24174"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24175"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24176">0.004</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_90F_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_z2zsjB3iLeTh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2023-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24177">2,000</ix:nonFraction></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 id="xdx_904_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zLHt1eFk13N3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2022-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24178">2,000</ix:nonFraction></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 id="xdx_90E_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zFyWu7l0ltPe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2021-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24179">2,000</ix:nonFraction></span></td></tr>
<tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span id="xdx_902_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zon92x8odfwf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_znY3tZxekZG8"><span id="xdx_90A_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zFau5gqtHGKd"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2023-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24180"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24181"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2021-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24182">100,000,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class B Common shares of par value $<span id="xdx_907_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zgT6Lt3TjHn5"><span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zLITpqH9cEGj"><span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zwQtYbyEpfV"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24183"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24184"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24185">0.001</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zrprFijtx6Ml" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2023-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24186">100</ix:nonFraction></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 id="xdx_90D_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_znEwW31T13kj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24187">100</ix:nonFraction></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 id="xdx_90B_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z5zV8t9X21l1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2021-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24188">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 id="xdx_900_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zO7EakZ4x1g5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_znXKNO7C0BLh"><span id="xdx_90E_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z1j5USyhxN57"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2023-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24189"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2022-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24190"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2021-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24191">100,000,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred shares of par value $<span id="xdx_90E_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zcAW4ETLShg1"><span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zHlO8ykFceHl"><span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zLd12FrlyQzj"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24192"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24193"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24194">0.001</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each </span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_90E_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zPh2Wpgubz78" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2023-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24195">100</ix:nonFraction></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 id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zAVF5X0VcWHg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2022-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24196">100</ix:nonFraction></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 id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zUOFN9t4PV8j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2021-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24197">100</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    authorized share capital</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_90C_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231_zwgMUI1SIaqg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24198">2,200</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231_zGcwri8lrgng" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24199">2,200</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_900_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231_zhBRkWy0mrpd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24200">2,200</ix:nonFraction></b></span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AF_zHP6aMQVETr6" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; 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 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span id="xdx_90B_ecustom--VotingRights_pid_c20220101__20221231_zJKjd68bbCne" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2022-01-012022-12-31" name="glbs:VotingRights" id="ixv-24201">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><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><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; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 144 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Share
Capital and Share Premium (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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"></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfCommonSharesExplanatory" id="ixv-16588"><p id="xdx_89D_ecustom--DisclosureOfCommonSharesExplanatory_znm2KE8dMg24" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span id="xdx_8BA_zlKwoupysGt6" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">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="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 1.65pt; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
    Shares issued and fully paid</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of shares </b></span></td>
    <td style="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; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    at January 1, 2021</b></span></td>
    <td id="xdx_98B_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z5gkZoMaRiDb" style="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:NumberOfSharesIssuedAndFullyPaid" contextRef="AsOf2020-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24202">3,040,123</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--IssuedCapital_iS_pn3n3_d0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zgZRcb8WZUHj" title="Balance beginning of period" style="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:IssuedCapital" contextRef="AsOf2020-12-31_ifrs-full_IssuedCapitalMember23359968" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24203">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-family: Times New Roman, Times, Serif; font-size: 10pt">Issued
    during the year for share-based compensation (note 12)</span></td>
    <td id="xdx_984_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zajn1PcE6x1b" title="Issued during the year for share-based compensation" style="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:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" contextRef="From2021-01-012021-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24204">12,178</ix:nonFraction></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">&#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-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of new common stocks</span></td>
    <td id="xdx_98E_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zG09L8lACQlb" title="Issuance of new common stocks" style="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:IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity" contextRef="From2021-01-012021-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24205">14,905,000</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--IssueOfEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zvrMYDtr49of" title="Issuance of new common stocks" style="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_IssuedCapitalMember23360000" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24206">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-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of common stock due to exercise of pre-funded warrants</span></td>
    <td id="xdx_987_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zmD55yUfEDC6" 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-family: Times New Roman, Times, Serif; 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" id="ixv-24207">2,625,000</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zhdYSwQkWI6f" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember23360000" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24208">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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    at December 31, 2021</b></span></td>
    <td id="xdx_983_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z5ncWbdbGVl1" title="Balance beginning of period" style="border-bottom: Black 0.5pt solid; 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:NumberOfSharesIssuedAndFullyPaid" contextRef="AsOf2021-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24209">20,582,301</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--IssuedCapital_iS_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zOnCtePlDEc7" title="Balance beginning of period" style="border-bottom: Black 0.5pt solid; 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:IssuedCapital" contextRef="AsOf2021-12-31_ifrs-full_IssuedCapitalMember23360015" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24210">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-family: Times New Roman, Times, Serif; font-size: 10pt">Issued
    during the year</span></td>
    <td id="xdx_988_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zkaGfZoZSKP" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1027">&#8212;</span></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">&#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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    at December 31, 2022</b></span></td>
    <td id="xdx_982_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJzhE4d0HWh9" style="border-bottom: Black 0.5pt solid; 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:NumberOfSharesIssuedAndFullyPaid" contextRef="AsOf2022-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24211">20,582,301</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--IssuedCapital_iS_pn3n3_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_ztkJ2oibsg5j" style="border-bottom: Black 0.5pt solid; 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:IssuedCapital" contextRef="AsOf2022-12-31_ifrs-full_IssuedCapitalMember23360046" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24212">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-family: Times New Roman, Times, Serif; font-size: 10pt">Issued
    during the year</span></td>
    <td id="xdx_986_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zaQUZAD3eTkd" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1030">&#8212;</span></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    at December 31, 2023</b></span></td>
    <td id="xdx_98C_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iE_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z07U1E4kxiK2" title="Balance ending of period" style="border-bottom: Black 0.5pt solid; 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:NumberOfSharesIssuedAndFullyPaid" contextRef="AsOf2023-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24213">20,582,301</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--IssuedCapital_iE_pn3n3_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zMTNtQNqqBQf" title="Balance ending of period" style="border-bottom: Black 0.5pt solid; 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:IssuedCapital" contextRef="AsOf2023-12-31_ifrs-full_IssuedCapitalMember23360093" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24214">82</ix:nonFraction></b></span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AC_zDRzGHzwR4f9" style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, Globus issued <span id="xdx_90B_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zRULiGd8CKDg"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2021-01-012021-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24215">12,178</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares  (par value $<span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zakg36gA5C3e"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24216">0.004</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share) as share-based payments. For the years ended December 31, 2023 and 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 0 0 7.65pt; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, 2022 and 2021, no Class B common shares or Series A preferred shares (par value $<span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_do_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z2cbjCVBvb8d"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24217">0.001</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share) were outstanding. <span id="xdx_90B_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zZrfL4XCDiW9" style="display: none"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24218">0</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-family: Times New Roman, Times, Serif; 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"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 3, 2023, the Company entered into a Shareholders Rights Agreement between the Company and Computershare Trust Company, N.A., as
rights agent, and the Company&#8217;s board of directors authorized and declared a dividend distribution of one right for each outstanding
common share to shareholders of record as of the close of business on August 21, 2023. Each right entitles the registered holder to purchase
from the Company one one-thousandth of a share of Series C Participating Preferred Stock at an exercise price of $5.00 (absolute amount)
per one one-thousandth of a preferred share, subject to adjustment.</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-family: Times New Roman, Times, Serif; 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"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors has adopted the Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics. In general
terms, it works by imposing a significant penalty upon, subject to limited exceptions, any person or group that acquires 15% or more
of the outstanding common shares without the approval of the board of directors. If a shareholder&#8217;s beneficial ownership of the
Company&#8217;s common shares as of the time of the public announcement of the rights plan and associated dividend declaration is at
or above the applicable threshold, that shareholder&#8217;s then-existing ownership percentage would be grandfathered, but the rights
would become exercisable if at any time after such announcement, the shareholder increases its ownership percentage. The Rights Agreement
should not interfere with any merger or other business combination approved by the board of directors.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">For
persons who, prior to the time of public announcement of the Rights Agreement, beneficially own 15% or more of the outstanding common
shares, the Rights Agreement &#8220;grandfathers&#8221; their current level of ownership, so long as they do not purchase additional
shares in excess of certain limitations. In addition, Georgios Feidakis, Athanasios Feidakis, Konstantina Feidakis, Angelina Feidakis,
Firment Shipping Inc. and Goldenmare Limited, or any of their respective affiliates are excluded from the definition of &#8220;Acquiring
Person&#8221; (as defined in the Rights Agreement) and therefore may obtain beneficial ownership of 15% or more of the outstanding common
shares without causing the Rights to be exercisable.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Rights Agreement&#8217;s terms, it will expire on February 3, 2025.&#160;</span></p>

<p style="font: 9pt Book Antiqua, Times, Serif; margin: 0 0 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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_zI3BCITrQxI8"><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" id="ixv-24219">10,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zGf3c3aLB2E4"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-03-02_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24220">0.001</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zPo0qmM4HGX1"><ix:nonFraction name="glbs:IssueOfPreferredShares" contextRef="From2021-01-012021-03-02_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24221">130</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
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 6.45pt 0 1cm; 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 6.45pt 0 1cm; text-align: justify; text-indent: 0cm"></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 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"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 22, 2020, the Company issued <span id="xdx_90D_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200622_zS1uobDqcsDc"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-06-22" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24222">342,857</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
its common shares, par value $<span id="xdx_908_eifrs-full--ParValuePerShare_iI_pip0_c20211231_zFkGMRPV1KPf"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24223">0.004</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share, in an underwritten public offering at a price of $<span id="xdx_901_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200622_zom7Vuk8ATYj"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2020-06-22" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24224">35</ix:nonFraction></span> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute
amount) 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_zsxa5PWNBkph"><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" id="ixv-24225">51,429</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares, par value $<span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember__ifrs-full--MaturityAxis__custom--FortyFiveDayOptionMember_zuLtlzCpcCW3"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember_custom_FortyFiveDayOptionMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24226">0.004</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zXFzKXuLKd0a"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember_custom_FortyFiveDayOptionMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24227">51,429</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zJKnYoP3Xvb8"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24228">51,393</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares, par value $<span id="xdx_907_eifrs-full--ParValuePerShare_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_zi9nlNn5SbF4"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24229">0.004</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share and Class A warrants to purchase <span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_zenr1STb3jJh"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24230">51,393</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zyUYMAkk3Te6"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24231">35</ix:nonFraction></span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute
amount) per common share and expires <span id="xdx_908_eifrs-full--DescriptionOfOptionLifeShareOptionsGranted_dc_uPure_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_ztFpaTrNxI33"><ix:nonFraction name="ifrs-full:DescriptionOfOptionLifeShareOptionsGranted" contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Pure" id="ixv-24232">five </ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years
from issuance. Total proceeds amounted to $<span id="xdx_90D_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_zoyfAtYJjkXb"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24233">12,695</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">before
issuance expenses.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 1cm; 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 0 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. Globus may
be required to pay certain amounts as liquidated damages as specified in the warrants in the event Globus does 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 6.45pt 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 and 2022, the Company had issued <span id="xdx_90E_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z1WzkyZobIK5"><span id="xdx_90C_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zno9YF45mKy4"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" contextRef="From2023-01-012023-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24234"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" contextRef="From2022-01-012022-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24235">5,550</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares, par value $<span id="xdx_904_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zQMKp695gBql"><span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zltKsgsOZBJ6"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24236"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24237">0.004</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, pursuant to exercise of outstanding
Class A Warrants, resulting to cash proceeds of $<span id="xdx_902_ecustom--ProceedsFromWarrantExercises_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z5LVvejwddEg"><span id="xdx_904_ecustom--ProceedsFromWarrantExercises_pn3n3_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zwRQtCr98NHb"><ix:nonFraction name="glbs:ProceedsFromWarrantExercises" contextRef="From2022-01-012022-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24238"><ix:nonFraction name="glbs:ProceedsFromWarrantExercises" contextRef="From2023-01-012023-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24239">194</ix:nonFraction></ix:nonFraction></span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
and had <span id="xdx_902_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zvvkBwUZQ4Y9"><span id="xdx_900_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zFaxU556a58a"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2023-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24240"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24241">388,700</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A Warrants outstanding to purchase an aggregate
of <span id="xdx_905_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zW06nRam4dr"><span id="xdx_904_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z9jpYtBrVRv9"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2023-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24242"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24243">388,700</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares, par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z4nsZBAVv9e4"><span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zof32ZHV8cJ6"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24244"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24245">0.004</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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"><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 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"></p>

<ix:exclude><!-- Field: Page; Sequence: 145 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<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">&#160;</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&#160;&#160;&#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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">During
June and July 2020, in two concurrent private placements with two registered direct offerings the Company issued <span id="xdx_900_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zTyHc2FkAzla"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-12-31_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24246">1,291,833</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares and warrants (&#8220;PP Warrants&#8221;)
to purchase <span id="xdx_909_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zFRi1vlDoftj"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" contextRef="From2020-01-012020-12-31_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24247">1,291,833</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares. The exercise price of each PP
Warrant was $<span id="xdx_90F_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zfoZC6qZRhqi"><ix:nonFraction name="glbs:PurchasePriceOfOutstandingWarrants" contextRef="AsOf2020-12-31_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24248">18</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute amount) per common share. The exercise
price of each PP Warrant issued in June 2020 was initially $<span id="xdx_905_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_z8NC4H9EQ008"><ix:nonFraction name="glbs:PurchasePriceOfOutstandingWarrants" contextRef="AsOf2020-06-30_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24249">30</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute amount) per common share but in July
2020 was reduced to $<span id="xdx_90B_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zqmwk66wEezb"><ix:nonFraction name="glbs:PurchasePriceOfOutstandingWarrants" contextRef="AsOf2020-12-31_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24250">18</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute amount) per common share.</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-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 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>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; 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-family: Times New Roman, Times, Serif; 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 common 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 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 and 2022, 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_zIcw3RUWvYB7"><span id="xdx_908_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zXRbLDdkpEri"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2022-12-31_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24251"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2023-12-31_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24252">1,291,833</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PP Warrants outstanding to purchase an aggregate
of <span id="xdx_90D_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zjKaWNX4qmj1"><span id="xdx_904_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zcu0KRPbFJaa"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2022-12-31_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24253"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2023-12-31_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24254">1,291,833</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares.</span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#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-family: Times New Roman, Times, Serif; 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 among other things (a) <span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zu85ADmGfOU4"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-12-09_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24255">1,256,765</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of its common shares, par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zgucRZ9ytW9l"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-12-09_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24256">0.004</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, and (b) 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_zZCCEqV1wbO2"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2020-12-10_custom_InstitutionalInvestorsMember_custom_DecemberWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24257">1,270,587</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zUydudFGADhl"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2020-12-10_custom_InstitutionalInvestorsMember_custom_DecemberWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24258">8.50</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute amount) per common share. The exercise
price was reduced to $<span id="xdx_90E_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zArrzkTGDdja"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember_custom_DecemberWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24259">6.25</ix:nonFraction></span> (absolute amount) per share on January 29, 2021.</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-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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 common 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 and 2022, no December 2020 Warrants had been exercised and the Company had December 2020 Warrants outstanding to
purchase an aggregate of <span id="xdx_90E_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_z26XRQ7uNwX"><span id="xdx_903_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zSQihocj1TJ7"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2022-12-31_custom_DecemberWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24260"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2023-12-31_custom_DecemberWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24261">1,270,587</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 29, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to
issue among other things (a) <span id="xdx_902_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zOZgG2upvBO"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2021-01-012021-01-29_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24262">2,155,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares, par value $<span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zxUUB2lOV4Kf"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24263">0.004</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share, and (b) 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_zn4TFnjlbTDc"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember_custom_January2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24264">1,950,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares, par value $<span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zyoMBfkEgUAl"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember_custom_January2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24265">0.004</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zzrVMdRpt3th"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember_custom_January2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24266">6.25</ix:nonFraction></span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute
amount) per common share. </span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 31.2pt; text-align: justify; text-indent: -31.2pt"></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 7.05pt 0 31.2pt; text-align: justify; text-indent: -31.2pt"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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 common 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 7.65pt; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 146 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; 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 7.65pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.&#160;&#160;&#160;&#160;&#160;&#160;Share
Capital and Share Premium (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 and 2022, no January 2021 Warrants had been exercised and the Company had January 2021 Warrants outstanding to purchase
an aggregate of <span id="xdx_906_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zYA8GV7oA8j5"><span id="xdx_902_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_z1YuhukcPoEf"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2023-12-31_custom_January2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24267"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2022-12-31_custom_January2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24268">1,950,000</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 17, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to
issue among other things (a) <span id="xdx_90C_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zChYoPxCawZ9"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2021-01-012021-02-17_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24269">3,850,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zaIEtKxROrl1"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-02-17_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24270">0.004</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share, and (b) 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_ztMPasruwagg"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2021-02-17_custom_InstitutionalInvestorsMember_custom_February2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24271">4,800,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares, par value $<span id="xdx_903_eifrs-full--ParValuePerShare_iI_pip0_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zHyl4w0D2PS5"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-02-17_custom_InstitutionalInvestorsMember_custom_February2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24272">0.004</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zXCHIiaK099b"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2021-02-17_custom_InstitutionalInvestorsMember_custom_February2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24273">6.25</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute
amount) per common 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_zm3PEBY1hnWa"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2021-01-012021-02-17_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24274">27,891</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
before issuance expenses of $<span id="xdx_90F_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zowy1Tp3c6P2"><ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2021-01-012021-02-17_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24275">152</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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 common 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 and 2022, no February 2021 Warrants had been exercised and the Company had February 2021 Warrants outstanding to
purchase an aggregate of <span id="xdx_908_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zj3i4P2mFZGj"><span id="xdx_907_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zqCzlQSiPg91"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2023-12-31_custom_February2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24276"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2022-12-31_custom_February2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24277">4,800,000</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_zG4xiVwAksU7"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2021-03-012021-06-29_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24278">8,900,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zRIA9NjBsQCf"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-06-29_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24279">0.004</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, and (b) 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_zUQK7fWfmYYa"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2021-06-29_custom_InstitutionalInvestorsMember_custom_June2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24280">10,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares, par value $<span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zJsUh2E35cua"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-06-29_custom_InstitutionalInvestorsMember_custom_June2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24281">0.004</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zOIPLWBxikua"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2021-06-29_custom_InstitutionalInvestorsMember_custom_June2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares" id="ixv-24282">5.00</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zBBTfiVbhM06"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2021-03-012021-06-29_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24283">46,581</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
before issuance expenses of approximately $<span id="xdx_903_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210301__20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zvQHuqHE0aJ1"><ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2021-03-012021-06-29_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24284">129</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; 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"></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">&#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-family: Times New Roman, Times, Serif; 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 common 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 6.45pt 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 and 2022, no June 2021 Warrants had been exercised and the Company had June 2021 Warrants outstanding to purchase
an aggregate of <span id="xdx_900_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zWYu43uqZkV9"><span id="xdx_901_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_z9EFOoIelNpj"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2022-12-31_custom_June2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24285"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2023-12-31_custom_June2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24286">10,000,000</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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_zU4MplqDz4P6"><ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24287">401</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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 6.45pt 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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 and the effects of the share-based payments.
Accordingly, at December 31, 2023, 2022 and 2021, Globus share premium amounted to $<span id="xdx_905_eifrs-full--SharePremium_iI_pn3n3_c20231231_zDz6LdIm2iKj"><span id="xdx_902_eifrs-full--SharePremium_iI_pn3n3_c20221231_zfpsMc0G9DZ9"><span id="xdx_90C_eifrs-full--SharePremium_iI_pn3n3_c20211231_zAnokejTTHla"><ix:nonFraction name="ifrs-full:SharePremium" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24288"><ix:nonFraction name="ifrs-full:SharePremium" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24289"><ix:nonFraction name="ifrs-full:SharePremium" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24290">284,406</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;<b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory" id="ixv-17039"><p id="xdx_803_eifrs-full--DisclosureOfEarningsPerShareExplanatory_zATz8Ly5694i" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82D_zK4jdablthlh">Earnings
per Share</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
earnings per share (&#8220;EPS&#8221;) is calculated by dividing the net income 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted
earnings per share is calculated by dividing the net income 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">As
for the years ended December 31, 2023, 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,
2023, 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">The
following reflects the net income per common share:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfEarningsPerShareTableExplanatory" id="ixv-17063"><p id="xdx_89E_ecustom--DisclosureOfEarningsPerShareTableExplanatory_zqD80yt5KU7j" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span id="xdx_8B9_z1beJXAGIvw2" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings/(Loss)
per Share</span><span style="font-family: Times New Roman, Times, Serif; 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="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 68%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_496_20230101__20231231_zvhtRim2doe2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_49C_20220101__20221231_zF6kJ337IRtb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_495_20210101__20211231_z8vmSFLOySa8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <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 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
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<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-family: Times New Roman, Times, Serif; font-size: 10pt">Income
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<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-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
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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; text-align: justify">&#8239;&#8239;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
per common share &#8211; basic and diluted</span></td>
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</table>

</ix:nonNumeric><p id="xdx_8A9_z51wTi4acvp1" style="font: 9pt Times New Roman, Times, Serif; margin: 0"><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"><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"></p>

<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"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfBorrowingsExplanatory" id="ixv-17155"><p id="xdx_80C_eifrs-full--DisclosureOfBorrowingsExplanatory_zbCa4B6DVZf5" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_823_zrVxksSd8Po3">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Long-term
debt in the consolidated statement of financial position is analysed as follows:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" id="ixv-17165"><p id="xdx_897_ecustom--DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_zaLTrr5REjXa" style="margin-top: 0; margin-bottom: 0"><span id="xdx_8B6_zq3LvaPNab1h" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-Term
Debt, 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="border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 45%"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Borrower</b></span></p></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred
    finance costs</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Modification
    of Loan</b></span></td>
    <td style="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; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accrued
    Interest</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Devocean
    Maritime LTD., Artful Shipholding S.A., Serena Maritime Limited, Salaminia Maritime Limited, Talisman Maritime Limited and Argo Maritime
    Limited.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zeXdK2I8SLI1" title="Principal" style="vertical-align: bottom; 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:BorrowingsGross" contextRef="AsOf2023-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24303">52,620</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zFQq5jAotw01" title="Deferred finance costs" style="vertical-align: bottom; 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:DebtInstrumentUnamortisedDiscount" contextRef="AsOf2023-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24304">624</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_ecustom--ModificationOfLoan_iNI_pn3n3_di_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zmOtCNv28QK3" title="Modification of loan" style="vertical-align: bottom; 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:ModificationOfLoan" contextRef="AsOf2023-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24305">358</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_ecustom--AccruedInterest_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zKUbZpCLaJi2" title="Accrued Interest" style="vertical-align: bottom; 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:AccruedInterest" contextRef="AsOf2023-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24306">621</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zTWy6vfi4Hi9" title="Amortized cost" style="vertical-align: bottom; 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:Borrowings" contextRef="AsOf2023-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24307">52,259</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-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="border-bottom: Black 0.5pt solid; vertical-align: bottom; 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="border-bottom: Black 0.5pt solid"><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="border-bottom: Black 0.5pt solid"><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="border-bottom: Black 0.5pt solid; vertical-align: bottom; 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 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    at December 31, 2023</b></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><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>
    <td id="xdx_985_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_z7k750ANI8sc" title="Amortized Cost" style="vertical-align: bottom; 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:Borrowings" contextRef="AsOf2023-12-31_custom_AmortizedCostMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24312">52,259</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Less:
    Current Portion</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zTl847o4YiFa" title="Principal - 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<ix:nonFraction name="glbs:CurrentPortionOfLongTermBorrowingsGross" contextRef="AsOf2023-12-31_custom_PrincipalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24313">6,258</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zQRpqD8rpHD1" title="Deferred Finance Costs - 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount" contextRef="AsOf2023-12-31_custom_DeferredfinancecostsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24314">227</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td id="xdx_985_ecustom--CurrentPortionOfModificationOfLoan_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zSNg6uAVlcff" title="Modification of Loan - 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:CurrentPortionOfModificationOfLoan" contextRef="AsOf2023-12-31_custom_ModificationOfLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24315">152</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zNDLfIY4oQpk" 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<ix:nonFraction name="glbs:AccruedInterestCurrent" contextRef="AsOf2023-12-31_custom_AccruedInterestMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24316">621</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_z6fYgntAowY9" title="Amortized Cost - 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<ix:nonFraction name="ifrs-full:CurrentPortionOfLongtermBorrowings" contextRef="AsOf2023-12-31_custom_AmortizedCostMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24317">6,500</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long-Term
    Portion</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zBctO09GxJg2" title="Principal - 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:LongTermBorrowingsGross" contextRef="AsOf2023-12-31_custom_PrincipalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24318">46,362</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zoNhAX0lz0Jh" title="Deferred Finance Costs - 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<ix:nonFraction name="glbs:LongTermDebtInstrumentUnamortisedDiscount" contextRef="AsOf2023-12-31_custom_DeferredfinancecostsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24319">397</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--NonCurrentPortionOfModificationOfLoan_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zhVuWoOeqJM6" title="Modification of Loan - Loan-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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<ix:nonFraction name="glbs:NonCurrentPortionOfModificationOfLoan" contextRef="AsOf2023-12-31_custom_ModificationOfLoanMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24320">206</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--AccruedInterestNonCurrent_iNI_pn3n3_di0_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_z8QqX27czazg" title="Accrued Interest - 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:AccruedInterestNonCurrent" contextRef="AsOf2023-12-31_custom_AccruedInterestMember" format="ixt:zerodash" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24321">&#8212;</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--LongtermBorrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zj0BHBvpC3b9" title="Amortized Cost - 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31_custom_AmortizedCostMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24322">45,759</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; 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-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="vertical-align: bottom; 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><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><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="vertical-align: bottom; 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 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    at December 31, 2022</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zpNJkfFxioe" title="Principal" style="vertical-align: bottom; 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="glbs:BorrowingsGross" contextRef="AsOf2022-12-31_custom_PrincipalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24323">44,375</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_z4Wfj1RcLRp3" title="Deferred Finance Costs" style="vertical-align: bottom; 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="glbs:DebtInstrumentUnamortisedDiscount" contextRef="AsOf2022-12-31_custom_DeferredfinancecostsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24324">541</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_ecustom--ModificationOfLoan_iNI_pn3n3_di0_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zrA9069dnIJ5" title="Modification of loan" style="vertical-align: bottom; 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:ModificationOfLoan" contextRef="AsOf2022-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember" format="ixt:zerodash" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24325">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--AccruedInterest_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zvBu0AJBeXh8" title="Accrued Interest" style="vertical-align: bottom; 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="glbs:AccruedInterest" contextRef="AsOf2022-12-31_custom_AccruedInterestMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24326">491</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zXA3QaiVm1P2" title="Amortized Cost" style="vertical-align: bottom; 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:Borrowings" contextRef="AsOf2022-12-31_custom_AmortizedCostMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24327">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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Less:
    Current Portion</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_z3QbwzaFlcdi" title="Principal - Current Portion" style="vertical-align: bottom; 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="glbs:CurrentPortionOfLongTermBorrowingsGross" contextRef="AsOf2022-12-31_custom_PrincipalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24328">6,500</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zOmiqHPhQmn" title="Deferred Finance Costs - Current Portion" style="vertical-align: bottom; 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="glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount" contextRef="AsOf2022-12-31_custom_DeferredfinancecostsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24329">188</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_ecustom--CurrentPortionOfModificationOfLoan_iI_pn3n3_d0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_z2cGxGxiT5t9" title="Modification of Loan - Current Portion" style="vertical-align: bottom; 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:CurrentPortionOfModificationOfLoan" contextRef="AsOf2022-12-31_custom_ModificationOfLoanMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24330">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zg6Bsi6RMi2g" title="Accrued Interest - Current Portion" style="vertical-align: bottom; 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="glbs:AccruedInterestCurrent" contextRef="AsOf2022-12-31_custom_AccruedInterestMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24331">491</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zmda9SmtpQB7" title="Amortized Cost - Current Portion" style="vertical-align: bottom; 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:CurrentPortionOfLongtermBorrowings" contextRef="AsOf2022-12-31_custom_AmortizedCostMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24332">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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long-Term
    Portion</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_z5aspcdrRGel" title="Principal - Long-Term Portion" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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="glbs:LongTermBorrowingsGross" contextRef="AsOf2022-12-31_custom_PrincipalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24333">37,875</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zYq5EmxV2Ss6" title="Deferred finance costs - Long-Term Portion" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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="glbs:LongTermDebtInstrumentUnamortisedDiscount" contextRef="AsOf2022-12-31_custom_DeferredfinancecostsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24334">353</ix:nonFraction>)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--NonCurrentPortionOfModificationOfLoan_iI_pn3n3_d0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zsjUxnjLqJ19" title="Modification of Loan - Loan-Term Portion" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:NonCurrentPortionOfModificationOfLoan" contextRef="AsOf2022-12-31_custom_ModificationOfLoanMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24335">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--AccruedInterestNonCurrent_iNI_pn3n3_di0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zVm1Bfd8rYO9" title="Accrued Interest - Long-Term Portion" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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="glbs:AccruedInterestNonCurrent" contextRef="AsOf2022-12-31_custom_AccruedInterestMember" format="ixt:zerodash" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24336">&#8212;</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--LongtermBorrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zn3Ny34BHHG2" title="Amortized Cost - Long-Term Portion" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:LongtermBorrowings" contextRef="AsOf2022-12-31_custom_AmortizedCostMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24337">37,522</ix:nonFraction></b></span></td></tr>
</table>
</ix:nonNumeric><p id="xdx_8AA_zqCYJT2i5noc" style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; 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; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
<span id="xdx_908_ecustom--LineOfCreditFacilityInitiationDate2_pid_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_za6BKn0l4gZh"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember" name="glbs:LineOfCreditFacilityInitiationDate2" id="ixv-24338">May
2021</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 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 $<span id="xdx_902_ecustom--LineOfCreditFacilityBorrowingCapacity_iI_pn3n3_c20211231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zfEbRFTnjKtj"><ix:nonFraction name="glbs:LineOfCreditFacilityBorrowingCapacity" contextRef="AsOf2021-12-31_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24339">34,250</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the &#8220;CIT Loan Facility&#8221;) with First-Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) <span id="xdx_907_ecustom--DescriptionOfBorrowingsScope_pid_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zljU9wkMpur9"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember" name="glbs:DescriptionOfBorrowingsScope" id="ixv-24340">for
the purpose of refinancing the existing indebtedness secured on the ships</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The CIT Loan Facility is guaranteed by Globus. The CIT Loan Facility originally bore interest at <span id="xdx_906_eifrs-full--BorrowingsInterestRateBasis_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zWz6T9oUIt95"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember" name="ifrs-full:BorrowingsInterestRateBasis" id="ixv-24341">LIBOR</ix:nonNumeric></span> plus a margin of <span id="xdx_905_eifrs-full--BorrowingsInterestRate_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zUG3uQxg9EG7"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24342">3.75</ix:nonFraction></span>% (or <span id="xdx_90B_ecustom--BorrowingsDefaultInterestRate_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zpKRKTl8fCx"><ix:nonFraction name="glbs:BorrowingsDefaultInterestRate" contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24343">5.75</ix:nonFraction></span>%
default interest) per annum.</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-family: Times New Roman, Times, Serif; 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"></p>

<ix:exclude><!-- Field: Page; Sequence: 147 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Long-Term
Debt, net (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></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 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CIT Loan Facility originally consisted of <span id="xdx_904_ecustom--NumberOfLoanTranches_iI_dc_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zrwQQeLsXOL2"><ix:nonFraction name="glbs:NumberOfLoanTranches" contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Pure" id="ixv-24344">six</ix:nonFraction></span> tranches, payable in <span id="xdx_902_ecustom--DebtInstrumentNumberOfRepaymentInstallments_uPure_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_z0VtTPPqtuwj"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember" name="glbs:DebtInstrumentNumberOfRepaymentInstallments" id="ixv-24345">20</ix:nonNumeric></span> consecutive <span id="xdx_90D_ecustom--BorrowingsFrequencyOfPeriodicPayment_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zU0LuCT229w1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember" name="glbs:BorrowingsFrequencyOfPeriodicPayment" id="ixv-24346">quarterly</ix:nonNumeric></span> instalments with each instalment in an aggregate
amount of $<span id="xdx_902_ecustom--BorrowingsPeriodicPayment_pdn6_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zIVrUmpyBFW"><ix:nonFraction name="glbs:BorrowingsPeriodicPayment" contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24347">1.25</ix:nonFraction></span> million (absolute amount) as well as a balloon payment in an aggregate amount of $<span id="xdx_909_ecustom--BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_iI_pdn6_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zycJE46uhar8"><ix:nonFraction name="glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24348">9.25</ix:nonFraction></span> million (absolute amount) due
together with the 20th and final instalment in <span id="xdx_902_eifrs-full--BorrowingsMaturity_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_znpR6740MFMl"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember" name="ifrs-full:BorrowingsMaturity" id="ixv-24349">May 2026</ix:nonNumeric></span>. On May 10, 2021, the Company fully drew $<span id="xdx_903_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_ztLhR0MBSfub"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24350">34,250</ix:nonFraction></span> under the CIT Loan Facility,
paid $<span id="xdx_90A_eifrs-full--BorrowingCostsIncurred_pn3n3_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zmfYSXBK0Qr5"><ix:nonFraction name="ifrs-full:BorrowingCostsIncurred" contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24351">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 its previous EnTrust loan facility. The Company also entered into a swap agreement with respect to <span id="xdx_901_eifrs-full--BorrowingsInterestRateBasis_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SwapAggrementCiTLoanFacilityMember_zR767ohPNvt1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember_custom_SwapAggrementCiTLoanFacilityMember" name="ifrs-full:BorrowingsInterestRateBasis" id="ixv-24352">LIBOR</ix:nonNumeric></span>. The
Company paid First-Citizens Bank an upfront fee in the amount of <span id="xdx_906_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SwapAggrementCiTLoanFacilityMember_zjUhbZyg55of"><ix:nonFraction name="glbs:PercentageOfUpfrontFeeInLoanAgreement" contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember_custom_SwapAggrementCiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24353">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; text-align: justify"><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; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
<span id="xdx_902_ecustom--LineOfCreditFacilityInitiationDate2_pid_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zefdP7wZM9jf"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember" name="glbs:LineOfCreditFacilityInitiationDate2" id="ixv-24354">August 2022</ix:nonNumeric></span>, the Company entered into a deed of accession, amendment and restatement of the CIT Loan Facility with First-Citizens Bank,
whereby the CIT Loan Facility was amended and restated and an additional borrower, Salaminia Maritime Limited, acceded to the CIT Loan
Facility. The CIT Loan Facility principal amount was increased to $<span id="xdx_909_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pdn6_c20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zrNcApRrVIg9"><ix:nonFraction name="glbs:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2022-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24355">52.25</ix:nonFraction></span> million (absolute amount), by a top up loan amount of $18 million
(absolute amount) <span id="xdx_908_ecustom--DescriptionOfBorrowingsScope_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zQo1rYx5CCgd"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember" name="glbs:DescriptionOfBorrowingsScope" id="ixv-24356">for the purpose of financing vessel Orion Globe and for general corporate and working capital purposes</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. On
August 10, 2022, the Company fully drew the $<span id="xdx_903_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pdn6_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zl8ZAcGBLZph"><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" id="ixv-24357">18</ix:nonFraction></span> million (absolute amount) top up loan amount under the CIT Loan Facility and paid approximately
$<span id="xdx_90E_eifrs-full--BorrowingCostsIncurred_pn3n3_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_z6YYa6rAfzA6"><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" id="ixv-24358">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"></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; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As noted above, following
the agreement reached in August 2022 the benchmark rate of the CIT Loan Facility was amended from LIBOR to Term SOFR and the applicable
margin was decreased from 3.75% to <span id="xdx_90B_eifrs-full--BorrowingsInterestRate_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zbTbG0d2ItMi"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24359">3.35</ix:nonFraction></span>% (or <span id="xdx_903_ecustom--BorrowingsDefaultInterestRate_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zcTOKzfUkXfi"><ix:nonFraction name="glbs:BorrowingsDefaultInterestRate" contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24360">5.25</ix:nonFraction></span>% default interest) per annum. This amendment to the loan agreement falls within the scope of Interest Rate&#160; 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 and replaced the respective
benchmark rate from LIBOR to Term <span id="xdx_904_eifrs-full--BorrowingsInterestRateBasis_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zIIpK2X6p0Ef"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember" name="ifrs-full:BorrowingsInterestRateBasis" id="ixv-24361">SOFR</ix:nonNumeric></span> 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_90B_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_z7a9Zewlphdb"><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" id="ixv-24362">163</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
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-family: Times New Roman, Times, Serif; 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>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2023, the Company entered into a second deed of accession, amendment and restatement of the CIT Loan Facility with First-Citizens
Bank, whereby the CIT Loan Facility was further amended and restated and two additional borrowers, Argo Maritime Limited and Talisman
Maritime Limited, acceded to the CIT Loan Facility. The CIT Loan Facility was further increased to $<span id="xdx_906_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pdn6_c20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zXbTO8FLJqy9"><ix:nonFraction name="glbs:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2023-08-31_custom_CiTLoanFacilityMember_custom_August2023AgreementMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24363">77.25</ix:nonFraction></span> million (absolute amount),
by a top up loan amount of $25 million (absolute amount) <span id="xdx_903_ecustom--DescriptionOfBorrowingsScope_c20230101__20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_z5kIB9LCfN7g"><ix:nonNumeric contextRef="From2023-01-012023-08-31_custom_CiTLoanFacilityMember_custom_August2023AgreementMember" name="glbs:DescriptionOfBorrowingsScope" id="ixv-24364">for the purpose of financing vessels Diamond Globe and Power Globe and for general
corporate and working capital purposes</ix:nonNumeric></span>. The CIT loan facility (including the new top up loan amount) became further secured by first
preferred mortgages over the vessels Diamond Globe and Power Globe. The CIT Loan Facility currently bears interest at Term <span id="xdx_902_eifrs-full--BorrowingsInterestRateBasis_c20230101__20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zxCEFENCuCMj"><ix:nonNumeric contextRef="From2023-01-012023-08-31_custom_CiTLoanFacilityMember_custom_August2023AgreementMember" name="ifrs-full:BorrowingsInterestRateBasis" id="ixv-24365">SOFR</ix:nonNumeric></span> together
with an adjustment of <span id="xdx_905_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_pip2_uPure_c20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zRmvVWUbTclf"><ix:nonFraction name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" contextRef="AsOf2023-08-31_custom_CiTLoanFacilityMember_custom_August2023AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24366">0.1</ix:nonFraction></span>% per annum plus a margin of <span id="xdx_905_eifrs-full--BorrowingsInterestRate_iI_pip2_uPure_c20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zEvzxmJRHN7"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-08-31_custom_CiTLoanFacilityMember_custom_August2023AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24367">2.70</ix:nonFraction></span>% (or <span id="xdx_902_ecustom--BorrowingsDefaultInterestRate_iI_pip2_uPure_c20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zDx7go7UJCt"><ix:nonFraction name="glbs:BorrowingsDefaultInterestRate" contextRef="AsOf2023-08-31_custom_CiTLoanFacilityMember_custom_August2023AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24368">4.70</ix:nonFraction></span>% default interest) per annum. The Company considered that the August
2023 amendments to the CIT Loan Facility did not substantially modify CIT Loan Facility&#8217;s terms and the Company recognised a gain
on modification amounted to $<span id="xdx_905_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pdn3_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_z87Fu7mYKg23"><ix:nonFraction name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember_custom_August2023AgreementMember" format="ixt:numdotdecimal" decimals="0" scale="3" unitRef="USD" id="ixv-24369">417</ix:nonFraction></span> that had adjusted the carrying value of the loan and classified under Gain from the modification of
the Loan in the consolidated statement of comprehensive income. On August 10, 2023, the Company fully drew the top up amount of $<span id="xdx_907_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pdn6_c20230101__20230810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zeyFyfLLPiGh"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-012023-08-10_custom_CiTLoanFacilityMember_custom_August2023AgreementMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24370">25</ix:nonFraction></span> million
(absolute amount).</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 10, 2023 the Company prepaid the total remaining amount of $<span id="xdx_900_ecustom--PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20230510__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobe1Member_zEjcYVK3FLw7"><ix:nonFraction name="glbs:PrepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-012023-05-10_custom_SunGlobe1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24371">3,674</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the loan of Longevity Maritime Limited (the
owning company of the vessel Sun Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took
place on <span id="xdx_907_ecustom--VesselDeliveryDate_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobe1Member_zYBJsLaDNixc"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SunGlobe1Member" format="ixt:datemonthdayyearen" name="glbs:VesselDeliveryDate" id="ixv-24372">June
5, 2023</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (see Note 5).</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 29, 2023 the Company prepaid the total remaining amount of $<span id="xdx_904_ecustom--PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20230829__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_zmeTgZ5Hnrgj"><ix:nonFraction name="glbs:PrepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-012023-08-29_custom_SkyGlobeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24373">3,276</ix:nonFraction></span>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the loan of Domina Maritime Ltd (the owning
company of the vessel Sky Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place
on <span id="xdx_903_ecustom--VesselDeliveryDate_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_z4MCX2E2a455"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SkyGlobeMember" format="ixt:datemonthdayyearen" name="glbs:VesselDeliveryDate" id="ixv-24374">September
7, 2023</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (see Note 5).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 7, 2023 the Company prepaid the total remaining amount of $<span id="xdx_904_ecustom--PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20230907__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_zMwnYHfryqNk"><ix:nonFraction name="glbs:PrepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-012023-09-07_custom_StarGlobeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24375">3,555</ix:nonFraction></span>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the loan of Dulac Maritime S.A. (the owning
company of the vessel Star Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place
on <span id="xdx_905_ecustom--VesselDeliveryDate_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_zFwWLUfHXEzc"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_StarGlobeMember" format="ixt:datemonthdayyearen" name="glbs:VesselDeliveryDate" id="ixv-24376">September
13, 2023</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (see Note 5).</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-family: Times New Roman, Times, Serif; 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"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the conclusion of the second amendment and restatement of the CIT Loan Facility and the sales of the vessels Sun Globe, Sky Globe and
Star Globe, described above, the vessels securing the CIT Loan Facility are the Diamond Globe, Power Globe, Orion Globe, River Globe,
Moon Globe, and Galaxy Globe. The remaining borrowers under the CIT Loan Facility are Devocean Maritime Ltd., Artful Shipholding S.A.,
Serena Maritime Limited, Salaminia Maritime Limited, Argo Maritime Limited and Talisman Maritime Limited and the CIT Loan Facility remains
guaranteed by Globus Maritime Limited.</span></p>

<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CIT Loan Facility currently bears interest at Term SOFR together with an adjustment of 0.1% per annum plus a margin of 2.70% (or 4.70%
default interest) per annum. It consists of <span id="xdx_90C_ecustom--NumberOfLoanTranches_iI_dc_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zRoUQ1DKMGS1"><ix:nonFraction name="glbs:NumberOfLoanTranches" contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Pure" id="ixv-24377">six
</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tranches, which shall be repaid in consecutive
quarterly installments with the final installment due on the first four tranches in <span id="xdx_90C_eifrs-full--BorrowingsMaturity_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--FirstFourTranchesMember_zy3WZrsEmDuj"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember_custom_FirstFourTranchesMember" name="ifrs-full:BorrowingsMaturity" id="ixv-24378">May 2026</ix:nonNumeric></span> and on the final two tranches in <span id="xdx_906_eifrs-full--BorrowingsMaturity_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--FinalTwoTranchesMember_zsZ4rEHiwOrg"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember_custom_FinalTwoTranchesMember" name="ifrs-full:BorrowingsMaturity" id="ixv-24379">August
2027</ix:nonNumeric></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-family: Times New Roman, Times, Serif; 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"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CIT Loan Facility may be prepaid prior to maturity. If the prepayment of the tranche financing Orion Globe occurs on or before August
10, 2024, the prepayment fee is <span id="xdx_90E_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member_zHCJG5UHxnZ4"><ix:nonFraction name="glbs:PercentageOfUpfrontFeeInLoanAgreement" contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember_custom_SWAPAgreementMember_custom_PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24380">1</ix:nonFraction></span>% of the amount prepaid, subject to certain exceptions. If the prepayment of the tranche financing either
Diamond Globe or Power Globe occurs on or before August 2024, the prepayment fee is <span id="xdx_903_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member_zaU4zbbQes28"><ix:nonFraction name="glbs:PercentageOfUpfrontFeeInLoanAgreement" contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember_custom_SWAPAgreementMember_custom_PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24381">2</ix:nonFraction></span>% of the amount prepaid and thereafter until August
2025, the prepayment fee is <span id="xdx_902_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2023ButAfterMay2024Member_zUEtt56jbNyh"><ix:nonFraction name="glbs:PercentageOfUpfrontFeeInLoanAgreement" contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember_custom_SWAPAgreementMember_custom_PrepaymentOnOrBeforeAugust2023ButAfterMay2024Member" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24382">1</ix:nonFraction></span>% of the amount prepaid, subject to certain exceptions. The Company cannot reborrow any amount of the CIT
Loan Facility that is prepaid or repaid.</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-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 148 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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-family: Times New Roman, Times, Serif; font-size: 10pt">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Long-Term
Debt, net (continued)</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; 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 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>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;
                                            First preferred mortgage over m/v River Globe, m/v Moon Globe, m/v Galaxy
Globe, m/v Orion Globe, m/v Power Globe and m/v Diamond Globe.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;
pledges over the shares  of each borrower; and</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"></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 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;
pledges of bank accounts, a pledge of each borrower&#8217;s rights under any swap 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-family: Times New Roman, Times, Serif; 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><p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company is not permitted, without the written consent of First-Citizens Bank, 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-family: Times New Roman, Times, Serif; 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"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CIT Loan Facility contains various covenants requiring the borrowers and/or Globus to, among other things, ensure that:</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-family: Times New Roman, Times, Serif; 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#8226;
the borrowers maintain a minimum cash reserve at all times of not less than $500 for each mortgaged ship;</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8226;&#8239;a
minimum loan (including any exposure under a related swap agreement) to value ratio of 70% is maintained until &#8239;&#8239;&#8239;May 2024, and &#8239;thereafter
65%;</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-family: Times New Roman, Times, Serif; 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#8226;
each borrower maintains in its earnings account minimum liquidity of $150 in respect of each ship then subject to a
mortgage;</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#8226;
Globus maintains 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 Facility;</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#8226;
Globus  maintains  a maximum leverage ratio of 0.75:1.00; and</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#8226;
if Globus pays a dividend, subject to certain exceptions, then the debt service coverage ratio (i.e., aggregate EBITDA
of Globus  for any period to the debt service for such period) after such dividend and for the remaining tenure of the CIT Loan
Facility shall be at least 1.15:1.00.</span></p>







<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span id="xdx_90E_eifrs-full--DescriptionOfCollateralHeldAsSecurityAndOtherCreditEnhancements2014_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zrgtaQCAMzE1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember" name="ifrs-full:DescriptionOfCollateralHeldAsSecurityAndOtherCreditEnhancements2014" id="ixv-24383">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,Argo Maritime Limited, which is required to set aside
quarterly payments that aggregate to $675, and Talisman Limited, which is required to set aside quarterly payments that aggregate to $315.</ix:nonNumeric></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus
is prohibited from making dividends (other than up to $1,000 annually on or in respect of its preferred shares) in cash or redeem or
repurchase its common 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 is
in compliance with the debt service coverage ratio, and Globus 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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  with which the directors are
obliged to comply, other than those persons disclosed to First-Citizens 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 0 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 149 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<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; 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 0 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"></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&#160;&#160;&#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 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was in compliance with the covenants of the CIT Loan Facility as at December 31, 2023 and 2022.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contractual annual loan principal payments to be made subsequent to December 31, 2023, were as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfLongTermDebtAnnualPrincipalPayments" id="ixv-17757"><p id="xdx_89C_ecustom--DisclosureOfLongTermDebtAnnualPrincipalPayments_zwfjMXzfilEb" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span id="xdx_8B2_zW99YuZiIL5l" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-Term
Debt, net - Annual loan principal payments</span><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 0 0 21.3pt; text-align: justify; text-indent: 0cm"></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,</b></span></td>
    <td style="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"><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-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zlsZ0w6OwHs3" title="Loan balance" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24384">6,258</ix:nonFraction></span></td></tr>
<tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zYy0Fkdrfo98" title="Loan balance" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24385">6,258</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-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zVrmT9lxByt4" title="Loan balance" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24386">21,604</ix:nonFraction></span></td></tr>
<tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027
    </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zhv7y893t5V" title="Loan balance" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24387">18,500</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zHfLeE1Bota9" title="Loan balance" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:Borrowings" contextRef="AsOf2023-12-31_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24388">52,620</ix:nonFraction></b></span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0"><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 0 0 21.3pt; text-align: justify; text-indent: 18pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contractual annual loan principal payments to be made subsequent to December 31, 2022, 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-family: Times New Roman, Times, Serif; 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"></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,</b></span></td>
    <td style="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">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-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_za8SetpxamG4" title="Loan balance" style="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:Borrowings" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24389">6,500</ix:nonFraction></span></td></tr>
<tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_ztSM8Cyi0HDg" title="Loan balance" style="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:Borrowings" contextRef="AsOf2022-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24390">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-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zu0fTZ791dK9" title="Loan balance" style="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:Borrowings" contextRef="AsOf2022-12-31_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24391">6,500</ix:nonFraction></span></td></tr>
<tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zk4mGcFFaI4f" title="Loan balance" style="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:Borrowings" contextRef="AsOf2022-12-31_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24392">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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zsQmFiVactYc" title="Loan balance" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:Borrowings" contextRef="AsOf2022-12-31_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24393">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: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

</ix:nonNumeric><p id="xdx_8AF_z067TDBds752" style="font: 9pt Times New Roman, Times, Serif; margin: 0"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted average interest rate for the years ended December 31, 2023 and 2022, was <span id="xdx_90D_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_uPure_c20231231__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember_zr8BjBfRGM4i"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_ifrs-full_WeightedAverageMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24394">8.19</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
and <span id="xdx_90B_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_uPure_c20221231__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember_z2LpA2s4pMf3"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2022-12-31_ifrs-full_WeightedAverageMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24395">5.58</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -1cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -1cm"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
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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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>&#160;</b></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; text-align: justify"></p><p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory" id="ixv-17911"><p id="xdx_803_eifrs-full--DisclosureOfOtherOperatingExpenseExplanatory_zpjRzaPhsrmc" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82E_zAIDI565SC3">&#160;Voyage
Expenses and Vessel Operating Expenses</span></span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Voyage
expenses and vessel operating expenses in the consolidated statements of comprehensive income consisted of the following:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfVoyageExpenses" id="ixv-17922"><p id="xdx_89B_ecustom--DisclosureOfVoyageExpenses_z1CzlPDfmPM1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span id="xdx_8B8_zOIRt4iKYRnh" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Voyage
Expenses and Vessel Operating Expenses - Voyage expenses</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Voyage
expenses consisted of:</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></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%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49F_20230101__20231231_ztbbyoRBnSK2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_494_20220101__20221231_zFmzd6MQBQbf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_494_20210101__20211231_zCegoOgoVjv4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <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 colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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; 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="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>2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2022</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2021</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FeeAndCommissionExpense" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24396">397</ix:nonFraction></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"><ix:nonFraction name="ifrs-full:FeeAndCommissionExpense" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24397">924</ix:nonFraction></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"><ix:nonFraction name="ifrs-full:FeeAndCommissionExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24398">626</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FuelExpense" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24399">3,083</ix:nonFraction></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"><ix:nonFraction name="ifrs-full:FuelExpense" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24400">3,876</ix:nonFraction></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"><ix:nonFraction name="ifrs-full:FuelExpense" contextRef="From2021-01-012021-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24401">&#8212;</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:OtherVoyageExpense" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24402">456</ix:nonFraction></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"><ix:nonFraction name="glbs:OtherVoyageExpense" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24403">573</ix:nonFraction></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"><ix:nonFraction name="glbs:OtherVoyageExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24404">502</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; 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:ServicesExpense" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24405">3,936</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; 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:ServicesExpense" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24406">5,373</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; 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:ServicesExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24407">1,128</ix:nonFraction></b></span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A8_zugQNzikKzM8" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfVesselOperatingExpenses" id="ixv-18029"><p id="xdx_890_ecustom--DisclosureOfVesselOperatingExpenses_z0ezeP8KWjwa" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>Vessel
operating expenses consisted of:</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>&#160;<span id="xdx_8B4_zHbNC9QteTPj" style="display: none">Voyage Expenses and Vessel Operating Expenses - Vessel operating expenses</span></span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></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%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49F_20230101__20231231_z6cgvkqnWn76" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_20220101__20221231_zCqfZOzCZqG1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_49E_20210101__20211231_zYMv5QRPPm2g" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <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 colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24408">8,259</ix:nonFraction></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"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24409">8,952</ix:nonFraction></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"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24410">7,570</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-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance
    </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:InsuranceExpense" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24411">1,176</ix:nonFraction></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"><ix:nonFraction name="ifrs-full:InsuranceExpense" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24412">1,349</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_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-family: Times New Roman, Times, Serif; font-size: 10pt">Spares,
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<tr id="xdx_40F_eifrs-full--RawMaterialsAndConsumablesUsed_pn3n3_maOCzIBf_zacHoADSZN8b" style="background-color: White">
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<tr id="xdx_406_ecustom--StoresExpense_pn3n3_maOCzIBf_z6aWUPCMkQR7" style="background-color: rgb(204,238,255)">
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<tr id="xdx_40A_eifrs-full--MiscellaneousOtherOperatingExpense_pn3n3_maOCzIBf_zL8YCY3v0zK2" style="background-color: White">
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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_400_ecustom--OperatingCosts_iT_pn3n3_mtOCzIBf_zZi6SyPKcpTa" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</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><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></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; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;</b></span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory" id="ixv-18181"><p id="xdx_80D_eifrs-full--DisclosureOfGeneralAndAdministrativeExpenseExplanatory_zS3XXLl0btmg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_829_ziZCYcBNOiic">Administrative
Expenses</span></b></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount shown in the consolidated statements of comprehensive income is analyzed as follows:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfAdministrativeExpenses" id="ixv-18194"><p id="xdx_899_ecustom--DisclosureOfAdministrativeExpenses_zYCWs2RDObp5" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B6_z3vdDyI5Ea56" style="display: none">Administrative
Expenses</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49D_20230101__20231231_zpnVp9FnVZ25" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_496_20220101__20221231_zB0naL4hYz0i" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_498_20210101__20211231_zT5cmO85G2Ia" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">For
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<tr>
    <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 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>2023</b></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"><b>2022</b></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"><b>2021</b></span></td>
    </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-family: Times New Roman, Times, Serif; font-size: 10pt">Personnel
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; 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:PersonnelExpense" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24430">1,454</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; 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:PersonnelExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24431">1,455</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-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
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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="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:AuditorsRemuneration" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24434">215</ix:nonFraction></span></td>
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<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-family: Times New Roman, Times, Serif; font-size: 10pt">Consulting
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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>
<tr id="xdx_40E_eifrs-full--CommunicationExpense_pn3n3_maAEzTMy_ztKpUk16Pb81" style="background-color: White">
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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_409_ecustom--StationeryExpense_pn3n3_maAEzTMy_zmoC1PF8qi55" style="background-color: rgb(204,238,255)">
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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--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_maAEzTMy_zAtdUohipp87" style="background-color: White">
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<tr id="xdx_407_eifrs-full--OtherExpenseByNature_pn3n3_maAEzTMy_zoRrsYs5IEp1" style="background-color: rgb(204,238,255)">
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</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><p id="xdx_8AD_z0ougkGDheD4" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;</b></span></p>

<ix:exclude><!-- Field: Page; Sequence: 151 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfInterestExpenseExplanatory" id="ixv-18380"><p id="xdx_803_eifrs-full--DisclosureOfInterestExpenseExplanatory_zLqp2QRFDGK8" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82B_z41Jx6FoDe8i">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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts in the consolidated statements of comprehensive income are analyzed as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfInterestExpenseAndFinanceCostsExplanatory" id="ixv-18390"><p id="xdx_895_ecustom--DisclosureOfInterestExpenseAndFinanceCostsExplanatory_zLtzGX9dbAQa" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_8B6_zFEOiZngQlIk" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Interest
Expense and Finance Costs</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%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_494_20230101__20231231_zdHIjqqLDCP" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt; width: 10%"><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_497_20220101__20221231_zOK8vfo3dnve" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt; width: 10%"><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_497_20210101__20211231_zqyw4Jwv1ql6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"/>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></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_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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24453">3,847</ix:nonFraction></span></td>
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<tr id="xdx_40F_eifrs-full--BankAndSimilarCharges_pn3n3_zqwN4YBk2Zn5" style="background-color: White">
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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_40C_ecustom--AmortizationOfDebtDiscount_pn3n3_zkUCuvoxCo9e" style="background-color: rgb(204,238,255)">
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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_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-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
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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: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24471">59</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: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" contextRef="From2022-01-012022-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24472">&#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: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" contextRef="From2021-01-012021-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24473">&#8212;</ix:nonFraction></span></td></tr>
<tr id="xdx_408_eifrs-full--FinanceCosts_iT_pn3n3_zshVe2xtUuRe" style="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</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:FinanceCosts" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24474">4,354</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:FinanceCosts" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24475">2,320</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:FinanceCosts" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24476">3,262</ix:nonFraction></b></span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AD_zN2rLooEwpR1" style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_zE4DswtdjZf4"><ix:nonFraction name="ifrs-full:OtherFinanceCost" contextRef="From2021-01-012021-12-31_custom_EnTrustMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24477">0.6</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; 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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfContingentLiabilitiesExplanatory" id="ixv-18546"><p id="xdx_809_eifrs-full--DisclosureOfContingentLiabilitiesExplanatory_znzGV21mVSYa" style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82E_zh0tiypxJBsi">Contingencies</span></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-family: Times New Roman, Times, Serif; 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; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfCommitmentsExplanatory" id="ixv-18559"><p id="xdx_80A_eifrs-full--DisclosureOfCommitmentsExplanatory_zYEHDbwVyppc" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_829_zSLskpAyuyj1">Commitments</span></b></span><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; 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; text-align: justify; text-indent: 1cm"><span style="font-family: Times New Roman, Times, Serif; 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: 1cm"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company enters into time charter arrangements on its vessels. As at December 31, 2023, the non-cancellable arrangements had remaining
terms between nil days to eight months, assuming redelivery at the earliest possible date. 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. Future net minimum
lease revenues receivable under non-cancellable operating leases as at December 31, 2023 and 2022, 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 style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" id="ixv-18577"><p id="xdx_892_ecustom--DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_zMeuUC8xN7F" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span id="xdx_8B9_zyGEcplZBOpc" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitments
- Future minimum lease revenues receivable under non-cancellable operating leases</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></b></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="padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; font-size: 11pt; text-indent: 0cm; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; font-size: 11pt; text-indent: 0cm; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</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-family: Times New Roman, Times, Serif; font-size: 10pt">Within
    one year</span></td>
    <td id="xdx_98F_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_z4VS7IJkmEmh" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24478">8,060</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zUHXcdON9772" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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" id="ixv-24479">6,675</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td id="xdx_98A_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20231231_z71y3THgRreg" title="Total" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24480">8,060</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231_zxU20Lstbz0k" title="Total" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24481">6,675</ix:nonFraction></b></span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A5_zzrrRkVAZy5k" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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 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>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 in 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</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-family: Times New Roman, Times, Serif; 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"></p>

<ix:exclude><!-- Field: Page; Sequence: 152 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></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>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; 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; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Commitments (continued)</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">vessel.
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 consist of the crew expenses, maintenance and consumable costs and was
approximately $<span id="xdx_906_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20230101__20231231__ifrs-full--PropertyPlantAndEquipmentByOperatingLeaseStatusAxis__ifrs-full--PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_zekzcIIU3iQl"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2023-01-012023-12-31_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24482">16,473</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90A_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231__ifrs-full--PropertyPlantAndEquipmentByOperatingLeaseStatusAxis__ifrs-full--PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_zSwJivryHDDf"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2022-01-012022-12-31_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24483">18,451</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for year ended December 31, 2023 and 2022, respectively.
The lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue
and was $<span id="xdx_90E_eifrs-full--OperatingLeaseIncome_pn3n3_c20230101__20231231__ifrs-full--PropertyPlantAndEquipmentByOperatingLeaseStatusAxis__ifrs-full--PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_z9hjvoNe3aU7"><ix:nonFraction name="ifrs-full:OperatingLeaseIncome" contextRef="From2023-01-012023-12-31_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24484">14,367</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90F_eifrs-full--OperatingLeaseIncome_pn3n3_c20220101__20221231__ifrs-full--PropertyPlantAndEquipmentByOperatingLeaseStatusAxis__ifrs-full--PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_z2vxwEtWm0Zd"><ix:nonFraction name="ifrs-full:OperatingLeaseIncome" contextRef="From2022-01-012022-12-31_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24485">42,939</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the year ended December 31, 2023 and 2022,
respectively.</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">The
depreciation charge for right-of-use assets for the years ended December 31, 2023, 2022 and 2021, was $<span id="xdx_90D_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zUgF6effNE0e"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2023-01-012023-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24486">311</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_908_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_z18FysKM7nDc"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2022-01-012022-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24487">327</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_90A_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zs0g3n5piyog"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2021-01-012021-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24488">206</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, and recognized under depreciation in the income statement component of the consolidated statements of comprehensive income.
The interest expense on lease liability for the years ended December 31, 2023, 2022 and 2021, was $<span id="xdx_90D_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zdLLjXXvRys7"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2023-01-012023-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24489">28</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_901_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zZBojmCjedKk"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2022-01-012022-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24490">54</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_90D_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zeHP60lCWJW8"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2021-01-012021-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24491">52</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, and recognized under interest expense and finance costs in the income statement component of the consolidated statements
of comprehensive income.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023 and 2022, the current lease liability amounted to $<span id="xdx_906_eifrs-full--CurrentLeaseLiabilities_iI_pn3n3_c20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zqG2A280V1sh"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2023-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24492">188</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_903_eifrs-full--CurrentLeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zLYAfzYuh6O2"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2022-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24493">321</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively. The non-current lease liability amounted to nil and $<span id="xdx_903_eifrs-full--NoncurrentLeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zkdHTBDs5CH4"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2022-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24494">188</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively. As at December 31, 2023, and 2022, the net carrying amount of the right of use asset was $<span id="xdx_90E_eifrs-full--RightofuseAssets_iI_pn3n3_c20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zbIe8iiEgSoi"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2023-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24495">182</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
and $<span id="xdx_90E_eifrs-full--RightofuseAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zt2znnoccxt1"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2022-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24496">493</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively. These are included in the accompanying consolidated statements of financial position. The total cash outflows for leases
for the years ended December 31, 2023, 2022 and 2021, were approximately $<span id="xdx_902_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zoYrnYr7Rvl9"><ix:nonFraction name="glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" contextRef="From2023-01-012023-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24497">349</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_90A_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zJcl5RZIXcYd"><ix:nonFraction name="glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24498">341</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_904_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zD98infY08Gb"><ix:nonFraction name="glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24499">314</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; 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. <span id="xdx_90F_eifrs-full--NoncurrentLeaseLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zWDuvN6QJ5k1" style="display: none"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2023-12-31_custom_OfficeLeaseContractMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24500">0</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitments
under shipbuilding contracts</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 1cm"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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_zj3v8Gs1LZob"><ix:nonNumeric contextRef="From2022-01-012022-04-29_custom_CalypsoShipholdingSAMember" name="glbs:VesselType" id="ixv-24501">bulk
carrier</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of about <span id="xdx_90D_ecustom--VesselCapacity_pip0_uPure_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zXqBotiNsmm8"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2022-01-012022-04-29_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure" id="ixv-24502">64,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dwt
vessel. The vessel will be built at Nihon Shipyard Co. in Japan. The total consideration for the construction of the vessel is
approximately $<span id="xdx_90F_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zRlk6b3cGGE7" title="Consideration amount"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-04-29_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24503">37.5</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount), which the Company intends to finance with a combination of debt and equity. In May 2022 the Company paid the
first instalment of $<span id="xdx_900_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220101__20220531__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zsrobsms4Hw1" title="Instalment amount"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2022-01-012022-05-31_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24504">7.4</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount), in March 2023 paid the second instalment of $<span id="xdx_901_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zgtieAR0pBbh" title="Instalment amount"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2023-01-012023-03-31_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24505">3.8</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount), in September 2023 paid the third instalment of $<span id="xdx_903_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230930__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zrubXUAh5zza" title="Instalment amount"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2023-01-012023-09-30_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24506">3.7</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount) and in November 2023 paid the 4th instalment of $<span id="xdx_904_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20231130__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zvjW9FIHf6Ii" title="Instalment amount"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2023-01-012023-11-30_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24507">3.7</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount), which are included under Advances for vessel purchase in the consolidated statement of financial position. On
January 25, 2024, the Company paid the remaining $<span id="xdx_908_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20240101__20240125__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zE4jQGMypqSj" title="Instalment amount"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2024-01-012024-01-25_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24508">18.5</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount) and took delivery of m/v GLBS Hero (see Note 20).</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_906_ecustom--VesselType_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_zhCP1akDKUl9"><span id="xdx_901_ecustom--VesselType_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zEj4VcxSaXN9"><ix:nonNumeric contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedMember" name="glbs:VesselType" id="ixv-24509"><ix:nonNumeric contextRef="From2022-01-012022-05-13_custom_ParalusShipholdingSAMember" name="glbs:VesselType" id="ixv-24510">bulk
carrier</ix:nonNumeric></ix:nonNumeric></span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of about <span id="xdx_903_ecustom--VesselCapacity_pip0_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_zM8vRfxKkOs1"><span id="xdx_907_ecustom--VesselCapacity_pip0_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zhfoOJcboqV7"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure" id="ixv-24511"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2022-01-012022-05-13_custom_ParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure" id="ixv-24512">64,000</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zLxZgNLVJbmj"><ix:nonNumeric contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedMember" name="glbs:VesselDeliveryDate1" id="ixv-24513">during
the third quarter of 2024</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and the second one scheduled
<span id="xdx_901_ecustom--VesselDeliveryDate1_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zk6j7BBJw6ag"><ix:nonNumeric contextRef="From2022-01-012022-05-13_custom_ParalusShipholdingSAMember" name="glbs:VesselDeliveryDate1" id="ixv-24514">during
the fourth quarter of 2024</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The total consideration
for the construction of both vessels is approximately $<span id="xdx_907_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zEnc3AbLwgW" title="Consideration amount"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24515">70.3</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount), which the Company
intends to finance with a combination of debt and equity. In May 2022 the Company paid the first instalment of $<span id="xdx_901_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220101__20220531__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_z72kAyrMHgD2" title="Instalment amount"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2022-01-012022-05-31_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24516">13.8</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount) and in November 2022
paid the second instalment of $<span id="xdx_903_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220601__20221130__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zCCQFMhL0Gy6" title="Instalment amount"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2022-06-012022-11-30_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24517">6.9</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 18, 2023, the Company signed two contracts for the construction and purchase of two fuel efficient <span id="xdx_90B_ecustom--VesselType_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_zl7TTqOXw3Oe"><ix:nonNumeric contextRef="From2023-01-012023-08-18_custom_TwoFuelEfficientBulkCarrierSAMember" name="glbs:VesselType" id="ixv-24518">bulk
carrier</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of about <span id="xdx_90E_ecustom--VesselCapacity_pip0_uPure_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_zDaBPrx1RfIf"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2023-01-012023-08-18_custom_TwoFuelEfficientBulkCarrierSAMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure" id="ixv-24519">64,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dwt
each. The two vessels will be built at a reputable shipyard in Japan and are scheduled to be delivered <span id="xdx_90B_ecustom--VesselDeliveryDate1_uPure_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_zQX1pejOX4pk"><ix:nonNumeric contextRef="From2023-01-012023-08-18_custom_TwoFuelEfficientBulkCarrierSAMember" name="glbs:VesselDeliveryDate1" id="ixv-24520">during
the second half of 2026</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The total
consideration for the construction of both vessels is approximately $<span id="xdx_90A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20230101__20230831__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_zAUVGOOo9jXf" title="Consideration amount"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-08-31_custom_TwoFuelEfficientBulkCarrierSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24521">75.5</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount), which the Company intends to finance with a combination of debt and equity. In August 2023 the Company paid the first
instalment of $<span id="xdx_909_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_z7e4WY6lhEd" title="Instalment amount"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2023-01-012023-08-18_custom_TwoFuelEfficientBulkCarrierSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24522">7.5</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount) for both vessels under construction.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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 0 0 7.65pt; text-align: justify; text-indent: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
contractual annual payments per subsidiary to be made subsequent to December 31, 2023, were as follows:</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory" id="ixv-18787"><p id="xdx_899_ecustom--DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory_zx4bH7Leas48" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zUbuirO0u5Qc"><span id="xdx_8BB_zdjfgHB1JMEg" style="display: none">Commitments
- Future minimum contractual obligations</span></span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="width: 34%; 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_49E_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_z5mUXGDYofP9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Calypso
    Shipholding S.A.</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49D_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zGXnIQMhFUQ1" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daxos
    Maritime Limited </b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49A_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zQFteH8YshFa" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Paralus
    Shipholding S.A.</b></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_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--OlympiaShipholdingSAMember_zYkyMz7zkZgh" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Olympia
    Shipholding S.A.</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49C_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ThaliaShipholdingSAMember_zgIh1yfspdTe" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Thalia
    Shipholding S.A.</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_495_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TotalMember_zDa9H9g3ESo4" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></p></td></tr>
  <tr id="xdx_407_ecustom--ContractualObligationsDueInNextTwelveMonths_iI_d0_maCOzWax_zyZXuO7r5svl" style="background-color: rgb(204,238,255)">
    <td style="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-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></p></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/>
    <ix:nonFraction name="glbs:ContractualObligationsDueInNextTwelveMonths" contextRef="AsOf2023-12-31_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24523">18,500</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInNextTwelveMonths" contextRef="AsOf2023-12-31_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24524">24,785</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInNextTwelveMonths" contextRef="AsOf2023-12-31_custom_ParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24525">24,785</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInNextTwelveMonths" contextRef="AsOf2023-12-31_custom_OlympiaShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24526">3,760</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInNextTwelveMonths" contextRef="AsOf2023-12-31_custom_ThaliaShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24527">3,760</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><br/>
    <ix:nonFraction name="glbs:ContractualObligationsDueInNextTwelveMonths" contextRef="AsOf2023-12-31_custom_TotalMember23366718" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24528">75,590</ix:nonFraction></b></span></td></tr>
  <tr id="xdx_400_ecustom--ContractualObligationsDueInSecondYear_iI_d0_maCOzWax_zDLYdvWwJLF6" 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">2025</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInSecondYear" contextRef="AsOf2023-12-31_custom_CalypsoShipholdingSAMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24529">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInSecondYear" contextRef="AsOf2023-12-31_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24530">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInSecondYear" contextRef="AsOf2023-12-31_custom_ParalusShipholdingSAMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24531">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInSecondYear" contextRef="AsOf2023-12-31_custom_OlympiaShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24532">3,760</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInSecondYear" contextRef="AsOf2023-12-31_custom_ThaliaShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24533">3,760</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:ContractualObligationsDueInSecondYear" contextRef="AsOf2023-12-31_custom_TotalMember23366718" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24534">7,520</ix:nonFraction></b></span></td></tr>
  <tr id="xdx_404_ecustom--ContractualObligationsDueInThirdYear_iI_d0_maCOzWax_zyilcDSAjHYc" 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">2026</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInThirdYear" contextRef="AsOf2023-12-31_custom_CalypsoShipholdingSAMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24535">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInThirdYear" contextRef="AsOf2023-12-31_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24536">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInThirdYear" contextRef="AsOf2023-12-31_custom_ParalusShipholdingSAMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24537">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInThirdYear" contextRef="AsOf2023-12-31_custom_OlympiaShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24538">26,530</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInThirdYear" contextRef="AsOf2023-12-31_custom_ThaliaShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24539">26,530</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:ContractualObligationsDueInThirdYear" contextRef="AsOf2023-12-31_custom_TotalMember23366718" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24540">53,060</ix:nonFraction></b></span></td></tr>
  <tr id="xdx_404_ecustom--ContractualObligations_iTI_d0_mtCOzWax_zA11JbbQynP1" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:ContractualObligations" contextRef="AsOf2023-12-31_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24541">18,500</ix:nonFraction>&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:ContractualObligations" contextRef="AsOf2023-12-31_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24542">24,785</ix:nonFraction>&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:ContractualObligations" contextRef="AsOf2023-12-31_custom_ParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24543">24,785</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:ContractualObligations" contextRef="AsOf2023-12-31_custom_OlympiaShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24544">34,050</ix:nonFraction>&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:ContractualObligations" contextRef="AsOf2023-12-31_custom_ThaliaShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24545">34,050</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="glbs:ContractualObligations" contextRef="AsOf2023-12-31_custom_TotalMember23366718" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24546">136,170</ix:nonFraction>&#160;</b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A7_zGAZIZrEz9Zg" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;<b>&#160;</b></p>

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

<ix:exclude><!-- Field: Page; Sequence: 153 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></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>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; 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 0 0 36pt; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-align: justify; text-indent: 20pt"></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfIncomeTaxExplanatory" id="ixv-18988"><p id="xdx_803_eifrs-full--DisclosureOfIncomeTaxExplanatory_zAdBvTEDRo58" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_826_zF3d3hWuDxf6">Income Tax</span></b></span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -14.15pt"><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"><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-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
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, 2023, 2022 and 2021, the tax expense under the law amounted to $<span id="xdx_90E_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20230101__20231231_zHg9hdKNU6od"><ix:nonFraction name="ifrs-full:TaxExpenseOtherThanIncomeTaxExpense" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24547">236</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_901_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20220101__20221231_z31CL1gLzMxd"><ix:nonFraction name="ifrs-full:TaxExpenseOtherThanIncomeTaxExpense" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24548">292</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_902_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20210101__20211231_zckalCzHWag"><ix:nonFraction name="ifrs-full:TaxExpenseOtherThanIncomeTaxExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24549">185</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively and is included in administrative expenses in the consolidated statements of comprehensive income.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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"><b><i>U.S.
Federal Income Tax</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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">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 0 0 1cm; text-align: justify"><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">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 2023.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><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">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 0 0 1cm; text-align: justify"><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
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 0 0 1cm; text-align: justify"><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">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-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">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 154 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.&#160;&#160;&#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 72pt; text-align: justify"><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 0 0 72pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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">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 0 0 1cm; text-align: justify; text-indent: 7.65pt"><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"><i>Qualified
Shareholder Test</i></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"><i>&#160;</i></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">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 0 0 1cm; text-align: justify; text-indent: 7.65pt"><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"><i>Publicly
Traded Test</i></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"><i>&#160;</i></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">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 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">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 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 0 0 1cm; text-align: justify"></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
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 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 0 0 1cm; text-align: justify"></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">For
the years ended December 31, 2023, 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, 2023, 2022 and 2021. </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 0 0 7.65pt; text-align: justify"></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">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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfFinancialRiskManagementExplanatory" id="ixv-19162"><p id="xdx_80F_eifrs-full--DisclosureOfFinancialRiskManagementExplanatory_zdq4yeDTWGnf" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82B_zsuvZUdwz4Jl">Financial risk management objectives
and policies</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">The
Company&#8217;s financial liabilities are long-term borrowings, trade and other payables and the financial derivative instruments. 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 instruments 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 0 0 1cm; 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"><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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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, 2023 and 2022, 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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"><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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfInterestRateRiskExplanatory" id="ixv-19193"><p id="xdx_89E_ecustom--DisclosureOfInterestRateRiskExplanatory_zjBXJUlOVOw4" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span id="xdx_8B9_zKPoaqLMANJ" style="display: none; font-family: Times New Roman, Times, Serif; 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; padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: top; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Increase/(Decrease)
    in basis points</b></span></td>
    <td style="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; vertical-align: bottom; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; text-indent: 0cm"><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="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><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="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$
    Term SOFR</b></span></td>
    <td id="xdx_982_ecustom--IncreaseInInterestRates_pip0_uPure_c20230101__20231231_z83anFqYtjwj" title="Increase in Libor/SOFR" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+<ix:nonFraction name="glbs:IncreaseInInterestRates" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure" id="ixv-24550">15</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20230101__20231231_zMfMWU1ASC3b" title="Effect on loss (Increase in Libor/SOFR)" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24551">70</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--DecreaseInInterestRates_pip0_uPure_c20230101__20231231_zM4QIhJoREK6" title="Decrease in Libor/SOFR" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-<ix:nonFraction name="glbs:DecreaseInInterestRates" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" sign="-" unitRef="Pure" id="ixv-24552">20</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20230101__20231231_zhgpGvKjv4Oh" title="Effect on loss (Decrease in Libor/SOFR)" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24553">94</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><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="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$
    Libor/Term SOFR</b></span></td>
    <td id="xdx_98D_ecustom--IncreaseInInterestRates_pip0_uPure_c20220101__20221231_zGGvZjoWsos2" title="Increase in Libor" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+<ix:nonFraction name="glbs:IncreaseInInterestRates" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure" id="ixv-24554">15</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231_zNFhTbZFuulg" title="Effect on loss (Increase in Libor)" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24555">55</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--DecreaseInInterestRates_pip0_uPure_c20220101__20221231_zGGC168BSzX9" title="Decrease in Libor/SOFR" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-<ix:nonFraction name="glbs:DecreaseInInterestRates" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" sign="-" unitRef="Pure" id="ixv-24556">20</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231_zYuibHrlnnP9" title="Effect on loss (Decrease in Libor)" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24557">73</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$
    Libor</b></span></td>
    <td id="xdx_98C_ecustom--IncreaseInInterestRates_pip0_uPure_c20210101__20211231_zqdvIyvK0hnf" title="Increase in Libor" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+<ix:nonFraction name="glbs:IncreaseInInterestRates" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure" id="ixv-24558">15</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231_z3ITs78TS2xe" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24559">52</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_ecustom--DecreaseInInterestRates_pip0_uPure_c20210101__20211231_zATO529VUOe3" title="Decrease in Libor/SOFR" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-<ix:nonFraction name="glbs:DecreaseInInterestRates" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" sign="-" unitRef="Pure" id="ixv-24560">20</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231_zehBFiEUifx" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24561">69</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; text-indent: 0cm"><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="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A4_zdszrMFUgRM1" style="margin-top: 0; margin-bottom: 0"><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; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></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"><b>Foreign
currency 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">The
following table demonstrates the sensitivity to a reasonably possible change in the Euro exchange rate, with all other variables
held constant, to the &#160;Company&#8217;s income 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, 2023, 2022 and 2021, was not
material.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfForeignCurrencyRiskExplanatory" id="ixv-19332"><p id="xdx_892_ecustom--DisclosureOfForeignCurrencyRiskExplanatory_zO2aNUYEB7hd" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span id="xdx_8B8_zccKo07XWOC4" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
risk management objectives and policies - Foreign currency risk</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="padding-right: 5.4pt; padding-left: 5.4pt; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Change
    in rate</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effect
    on income</b></span></td></tr>
<tr style="vertical-align: top">
    <td style="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="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></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td id="xdx_98C_ecustom--IncreaseInExchangeRates_pip0_uPure_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z8ixWJbqysv4" title="Increase in Euro exchange rate" style="padding-right: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+<ix:nonFraction name="glbs:IncreaseInExchangeRates" contextRef="From2023-01-012023-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24562">10</ix:nonFraction>%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zX0fyb4RKpW8" title="Effect on loss (Increase in Euro exchange rate)" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" contextRef="From2023-01-012023-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD" id="ixv-24563">533</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zKMBt0as0um2" title="Decrease in Euro exchange rate" style="padding-right: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-<ix:nonFraction name="glbs:DecreaseInExchangeRates" contextRef="From2023-01-012023-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure" id="ixv-24564">10</ix:nonFraction>%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkYrVPWnFKQl" title="Effect on loss (Decrease in Euro exchange rate)" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" contextRef="From2023-01-012023-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24565">533</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="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></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td id="xdx_988_ecustom--IncreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z1hz53wfIwGc" title="Increase in Euro exchange rate" style="padding-right: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; 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" id="ixv-24566">10</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 style="vertical-align: top; background-color: rgb(204,238,255)">
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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 style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A0_zPuz0eRKange" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></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"><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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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"></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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"><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; text-indent: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:SummaryQuantitativeDataAboutEntitysExposureToRisk" id="ixv-19468"><p id="xdx_899_eifrs-full--SummaryQuantitativeDataAboutEntitysExposureToRisk_zIQTWNpERkM4" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zZZ4qLk9uL64" style="display: none">Financial
risk management objectives and policies - Concentration of credit risk table</span></span></p>

<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%"><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: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td>
    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td>
    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td>
    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td></tr>
<tr style="background-color: rgb(204,238,255)">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zpVvuTpPbu4a" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2023-01-012023-12-31_custom_MajorChartererMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24574">6,430</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zAVJvkzLvLw" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2023-01-012023-12-31_custom_MajorChartererMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24575">21</ix:nonFraction>%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zDqCwDpacjlh" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2022-01-012022-12-31_custom_MajorChartererMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24576">6,606</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zsYbvSmRrJij" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2022-01-012022-12-31_custom_MajorChartererMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24577">11</ix:nonFraction>%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zuVhfX4it2h" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2021-01-012021-12-31_custom_MajorChartererMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24578">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zQFOB86vcy13" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31_custom_MajorChartererMember" format="ixt:zerodash" decimals="INF" scale="0" unitRef="Pure" id="ixv-24579">&#8212;</ix:nonFraction></span></td></tr>
<tr 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 id="xdx_98C_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zvLrYaKKmY09" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2023-01-012023-12-31_custom_MajorChartererBMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24580">4,830</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zU3az1XNeWnd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2023-01-012023-12-31_custom_MajorChartererBMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24581">16</ix:nonFraction>%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zkHqUG1vCKya" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2022-01-012022-12-31_custom_MajorChartererBMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24582">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zbM7EESopjyk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2022-01-012022-12-31_custom_MajorChartererBMember" format="ixt:zerodash" decimals="INF" scale="0" unitRef="Pure" id="ixv-24583">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zZ6STw111Jo7" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2021-01-012021-12-31_custom_MajorChartererBMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24584">4,571</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zuinmO0M8r6d" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31_custom_MajorChartererBMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24585">11</ix:nonFraction>%</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zDE0lp5Uh5z" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2023-01-012023-12-31_custom_MajorChartererCMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24586">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zB8HuapfSR4l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2023-01-012023-12-31_custom_MajorChartererCMember" format="ixt:zerodash" decimals="INF" scale="0" unitRef="Pure" id="ixv-24587">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zmvpgwvQd8S8" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2022-01-012022-12-31_custom_MajorChartererCMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24588">&#8212;</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>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zMGvwGjj7KMe" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2021-01-012021-12-31_custom_MajorChartererCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24590">7,726</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_ziKksdW1aRJg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31_custom_MajorChartererCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24591">18</ix:nonFraction>%</span></td></tr>
<tr style="background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zUKxFebCpjn3" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2023-01-012023-12-31_custom_MajorChartererDMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24592">&#8212;</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>
    <td id="xdx_985_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zlHOAk74D954" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2022-01-012022-12-31_custom_MajorChartererDMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24594">6,548</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>
    <td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zP33o3GxPTSh" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2021-01-012021-12-31_custom_MajorChartererDMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24596">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zmb0FeloeXd1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31_custom_MajorChartererDMember" format="ixt:zerodash" decimals="INF" scale="0" unitRef="Pure" id="ixv-24597">&#8212;</ix:nonFraction></span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zv89rTOsTGii" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2023-01-012023-12-31_custom_OtherMajorCharterersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24598">19,580</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zAm8c5zaQHO" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2023-01-012023-12-31_custom_OtherMajorCharterersMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24599">63</ix:nonFraction>%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zYBbiQqGiezb" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2022-01-012022-12-31_custom_OtherMajorCharterersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24600">48,236</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zznaE1icGvK5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2022-01-012022-12-31_custom_OtherMajorCharterersMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24601">78</ix:nonFraction>%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zSN1Hmi06cZ" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2021-01-012021-12-31_custom_OtherMajorCharterersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24602">30,914</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zZRjidq3DS8g" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31_custom_OtherMajorCharterersMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24603">71</ix:nonFraction>%</span></td></tr>
<tr style="background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20230101__20231231_zbBnGKQpemz4" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24604">30,840</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20230101__20231231_z5xTXLf407k4" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2023-01-01to2023-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24605">100</ix:nonFraction>%</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231_zW12NybdwIk3" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24606">61,390</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231_zAS130lfKiic" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2022-01-012022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24607">100</ix:nonFraction>%</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231_z8zfa90udbql" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24608">43,211</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231_zV9sGDL0FFT1" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure" id="ixv-24609">100</ix:nonFraction>%</b></span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AD_zjDCBx1XByaf" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; 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; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></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"><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: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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 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 monitors its 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: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><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">The
table below summarizes the maturity profile of the Company&#8217;s financial liabilities (including interest) at December 31, 2023 and
2022 based on contractual undiscounted cash flows.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DescriptionOfManagingLiquidityRisk" id="ixv-19697"><p id="xdx_89A_eifrs-full--DescriptionOfManagingLiquidityRisk_zoyTOlKf1qLj" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span id="xdx_8B3_zpIqrxHsV6v7" style="display: none; font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
    ended December 31, 2023</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Less
    than 3 months</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3
    to 12 months</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1
    to 5 years</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>More
    than 5 years</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    debt</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zrDghjE8atv9" title="Long-term debt" style="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:NoncurrentFinancialLiabilities" contextRef="AsOf2023-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24610">2,663</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zAooiG33QYga" title="Long-term debt" style="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:NoncurrentFinancialLiabilities" contextRef="AsOf2023-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24611">7,781</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zt9DHn7DoIF4" title="Long-term debt" style="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:NoncurrentFinancialLiabilities" contextRef="AsOf2023-12-31_custom_OneToFiveYearsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24612">53,583</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zmqKcjsmlIs9" title="Long-term debt" style="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:NoncurrentFinancialLiabilities" contextRef="AsOf2023-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24613">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231_zuRyfzeCDEcf" title="Long-term debt" style="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:NoncurrentFinancialLiabilities" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24614">64,027</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-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    liabilities </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zznMnk6F54Gh" title="Lease liabilities" style="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:LeaseLiabilities" contextRef="AsOf2023-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24615">81</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zDlFaTXVquA6" title="Lease liabilities" style="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:LeaseLiabilities" contextRef="AsOf2023-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24616">107</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_z4hUlLOas0H6" title="Lease liabilities" style="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:LeaseLiabilities" contextRef="AsOf2023-12-31_custom_OneToFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24617">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zkg0OBBmqBrg" title="Lease liabilities" style="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:LeaseLiabilities" contextRef="AsOf2023-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24618">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231_zHuXiZOqM8fc" title="Lease liabilities" style="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:LeaseLiabilities" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24619">188</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-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    liabilities and other payables</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zv8vlHZbsIva" title="Accrued liabilities and other payables" style="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:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2023-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24620">1,763</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zm1Cf42Wkcnd" title="Accrued liabilities and other payables" style="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:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2023-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24621">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zedyhC6yS6D1" title="Accrued liabilities and other payables" style="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:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2023-12-31_custom_OneToFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24622">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zBVbi79beiu6" title="Accrued liabilities and other payables" style="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:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2023-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24623">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20231231_zkQvWihsGXYf" title="Accrued liabilities and other payables" style="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:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24624">1,763</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-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    accounts payables</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zpxGx0L2WNhk" title="Trade accounts payables" style="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:TradeAndOtherCurrentPayables" contextRef="AsOf2023-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24625">362</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zDMFXyvzn0Bl" title="Trade accounts payables" style="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:TradeAndOtherCurrentPayables" contextRef="AsOf2023-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24626">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zjcJkxdn5mKj" title="Trade accounts payables" style="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:TradeAndOtherCurrentPayables" contextRef="AsOf2023-12-31_custom_OneToFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24627">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_znvTwbhsWsWf" title="Trade accounts payables" style="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:TradeAndOtherCurrentPayables" contextRef="AsOf2023-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24628">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20231231_zudGXUwpELKl" title="Trade accounts payables" style="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:TradeAndOtherCurrentPayables" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24629">362</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_ztv7nNZKGTWh" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:FinancialLiabilities" contextRef="AsOf2023-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24630">4,869</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zU3rbIG1rLT6" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:FinancialLiabilities" contextRef="AsOf2023-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24631">7,888</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zRAToNvIDz" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:FinancialLiabilities" contextRef="AsOf2023-12-31_custom_OneToFiveYearsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24632">53,583</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zb1cFeE5kDv5" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:FinancialLiabilities" contextRef="AsOf2023-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24633">&#8212;</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231_z8Mpyu0SF6k5" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:FinancialLiabilities" contextRef="AsOf2023-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24634">66,340</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-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
    ended December 31, 2022</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Less
    than 3 months</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3
    to 12 months</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1
    to 5 years</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>More
    than 5 years</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    debt</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zRUlcjpEinrg" title="Long-term debt" style="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:NoncurrentFinancialLiabilities" contextRef="AsOf2022-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24635">2,495</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zNa1B8f6wWHh" title="Long-term debt" style="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:NoncurrentFinancialLiabilities" contextRef="AsOf2022-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24636">7,266</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zRS6kVMaZdWa" title="Long-term debt" style="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:NoncurrentFinancialLiabilities" contextRef="AsOf2022-12-31_custom_OneToFiveYearsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24637">43,816</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 style="background-color: White">
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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><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr style="background-color: rgb(204,238,255)">
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    liabilities and other payables</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><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 id="xdx_986_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_z0K2uqwE4K4e" title="Accrued liabilities and other payables" style="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:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2022-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24648">&#8212;</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 style="background-color: White">
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    accounts payables</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><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zXALyPzHmZIb" title="Trade accounts payables" style="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:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31_custom_OneToFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24652">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zUep9rdNaWCi" title="Trade accounts payables" style="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:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24653">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zjA4yrDOz37c" title="Trade accounts payables" style="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:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24654">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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_z6FwY6Ka4iE1" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:FinancialLiabilities" contextRef="AsOf2022-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24655">11,937</ix:nonFraction></b></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><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zCzUJ6L2UpUh" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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:FinancialLiabilities" contextRef="AsOf2022-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24658">&#8212;</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</table>

</ix:nonNumeric><p id="xdx_8A2_zVhauS32dsIa" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; 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 0 0 1cm; text-align: justify"></p>


<ix:exclude><!-- Field: Page; Sequence: 156 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.&#160;&#160;&#160;&#160;&#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-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"><b>Capital
management</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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, 2023 and 2022.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfFairValueMeasurementExplanatory" id="ixv-20053"><p id="xdx_80C_eifrs-full--DisclosureOfFairValueMeasurementExplanatory_zH3WYulyjVm" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82F_zFCZjkLIWGR6">
Fair values</span></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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"><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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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 2.22). 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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfFairValuesExplanatory" id="ixv-20069"><p id="xdx_89B_ecustom--DisclosureOfFairValuesExplanatory_zX6iRAvQt914" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B0_zYTCkA1aBd6k" style="display: none">Fair
values measurement</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"></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"><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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carrying
    amount</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
    value</b></span></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%"><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 style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; width: 9%"><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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    1</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    2</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    3</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,
    2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><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="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><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">&#160;</span></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"><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">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; 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"><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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    assets</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    assets measured at fair value</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current
    portion of fair value of derivative financial instruments</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z013FqTuhB39" title="Non-current portion of fair value of derivative financial instruments" style="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:NoncurrentDerivativeFinancialAssets" contextRef="AsOf2023-12-31_custom_FinancialAssetsAtFairValueIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24660">495</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_z4wWL9BH8J93" title="Non-current portion of fair value of derivative financial instruments" style="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:NoncurrentDerivativeFinancialAssets" contextRef="AsOf2023-12-31_ifrs-full_AtFairValueMember_custom_FinancialAssetsAtFairValueIMember_custom_LevelIMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24661">&#8212;</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 id="xdx_98F_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zayAE5uoqe9h" title="Non-current portion of fair value of derivative financial instruments" style="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:NoncurrentDerivativeFinancialAssets" contextRef="AsOf2023-12-31_ifrs-full_AtFairValueMember_custom_FinancialAssetsAtFairValueIMember_custom_LevelIIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24662">495</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 id="xdx_982_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zseXUYLZ1zB1" title="Non-current portion of fair value of derivative financial instruments" style="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:NoncurrentDerivativeFinancialAssets" contextRef="AsOf2023-12-31_ifrs-full_AtFairValueMember_custom_FinancialAssetsAtFairValueIMember_custom_LevelIIIMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24663">&#8212;</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 id="xdx_981_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zUwtBx26xVTk" title="Non-current portion of fair value of derivative financial instruments" style="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:NoncurrentDerivativeFinancialAssets" contextRef="AsOf2023-12-31_ifrs-full_AtFairValueMember_custom_FinancialAssetsAtFairValueIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24664">495</ix:nonFraction></b></span></td></tr>
<tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    portion of fair value of derivative financial instruments</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zUu8dC0BN7J7" title="Current portion of fair value of derivative financial instruments" style="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:CurrentDerivativeFinancialAssets" contextRef="AsOf2023-12-31_custom_FinancialAssetsAtFairValueIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24665">808</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zvOz47xAIBDb" title="Current portion of fair value of derivative financial instruments" style="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:CurrentDerivativeFinancialAssets" contextRef="AsOf2023-12-31_ifrs-full_AtFairValueMember_custom_FinancialAssetsAtFairValueIMember_custom_LevelIMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24666">&#8212;</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 id="xdx_985_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zK9IqqZK8yt1" title="Current portion of fair value of derivative financial instruments" style="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:CurrentDerivativeFinancialAssets" contextRef="AsOf2023-12-31_ifrs-full_AtFairValueMember_custom_FinancialAssetsAtFairValueIMember_custom_LevelIIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24667">808</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 id="xdx_988_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zcne5DEei3Y" title="Current portion of fair value of derivative financial instruments" style="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:CurrentDerivativeFinancialAssets" contextRef="AsOf2023-12-31_ifrs-full_AtFairValueMember_custom_FinancialAssetsAtFairValueIMember_custom_LevelIIIMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24668">&#8212;</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 id="xdx_98B_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zo4U1NVAuGsg" title="Current portion of fair value of derivative financial instruments" style="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:CurrentDerivativeFinancialAssets" contextRef="AsOf2023-12-31_ifrs-full_AtFairValueMember_custom_FinancialAssetsAtFairValueIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24669">808</ix:nonFraction></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"><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 id="xdx_989_eifrs-full--FinancialAssetsAtFairValue_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zF377UnAOGg4" style="border-bottom: Black 0.5pt solid; 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:FinancialAssetsAtFairValue" contextRef="AsOf2023-12-31_custom_FinancialAssetsAtFairValueIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24670">1,303</ix:nonFraction></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="background-color: White">
    <td style="border-bottom: Black 0.5pt solid; 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="border-bottom: Black 0.5pt solid; text-align: right; 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="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="background-color: rgb(204,238,255)">
    <td style="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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
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    <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 style="text-align: right"><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 style="text-align: right"><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 style="text-align: right"><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 style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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: rgb(204,238,255)">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zGfzfD4pHYti" title="Long-term borrowings" style="border-bottom: Black 0.5pt solid; 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:Borrowings" contextRef="AsOf2023-12-31_custom_NotMeasuredAtFairValueFinancialLiabilitiesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24671">52,620</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--Borrowings_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zqmy4sGEeUZ" title="Long-term borrowings" style="border-bottom: Black 0.5pt solid; 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:Borrowings" contextRef="AsOf2023-12-31_ifrs-full_AtFairValueMember_custom_FinancialLiabilitiesAtFairValueIMember_custom_LevelIMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24672">&#8212;</ix:nonFraction>&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zTtIqJGeSOUf" title="Long-term borrowings" style="border-bottom: Black 0.5pt solid; 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:Borrowings" contextRef="AsOf2023-12-31_custom_NotMeasuredAtFairValueFinancialLiabilitiesMember_custom_LevelIIMember_ifrs-full_AtFairValueMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24673">54,107</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 id="xdx_986_eifrs-full--Borrowings_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zlHEutpJoIci" title="Long-term borrowings" style="border-bottom: Black 0.5pt solid; 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:Borrowings" contextRef="AsOf2023-12-31_ifrs-full_AtFairValueMember_custom_FinancialLiabilitiesAtFairValueIMember_custom_LevelIIIMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24674">&#8212;</ix:nonFraction>&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zKWkj4fd9dab" title="Long-term borrowings" style="border-bottom: Black 0.5pt solid; 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:Borrowings" contextRef="AsOf2023-12-31_custom_NotMeasuredAtFairValueFinancialLiabilitiesMember_ifrs-full_AtFairValueMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24675">54,107</ix:nonFraction></b></span></td></tr>
<tr style="background-color: White">
    <td style="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 id="xdx_98E_eifrs-full--FinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_z0Gx5N5DS0x5" style="border-bottom: Black 0.5pt solid; 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:FinancialLiabilities" contextRef="AsOf2023-12-31_custom_NotMeasuredAtFairValueFinancialLiabilitiesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24676">52,620</ix:nonFraction></b></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 style="text-align: right"><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 style="text-align: right"><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 style="text-align: right"><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>
</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"></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"><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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carrying
    amount</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
    value</b></span></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%"><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 style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; width: 9%"><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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    1</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    2</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    3</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,
    2022</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><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="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><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">&#160;</span></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"><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">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; 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"><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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    assets</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    assets measured at fair value</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current
    portion of fair value of derivative financial instruments</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_znttGlOm3M6k" title="Non-current portion of fair value of derivative financial instruments" style="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:NoncurrentDerivativeFinancialAssets" contextRef="AsOf2022-12-31_custom_FinancialAssetsAtFairValueIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24677">1,315</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zVKajZKUbul7" title="Non-current portion of fair value of derivative financial instruments" style="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:NoncurrentDerivativeFinancialAssets" contextRef="AsOf2022-12-31_ifrs-full_AtFairValueMember_custom_FinancialAssetsAtFairValueIMember_custom_LevelIMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24678">&#8212;</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 id="xdx_98E_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zHfKzIwWHnC2" title="Non-current portion of fair value of derivative financial instruments" style="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:NoncurrentDerivativeFinancialAssets" contextRef="AsOf2022-12-31_ifrs-full_AtFairValueMember_custom_FinancialAssetsAtFairValueIMember_custom_LevelIIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24679">1,315</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 id="xdx_985_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zuZsQEveJS62" title="Non-current portion of fair value of derivative financial instruments" style="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:NoncurrentDerivativeFinancialAssets" contextRef="AsOf2022-12-31_ifrs-full_AtFairValueMember_custom_FinancialAssetsAtFairValueIMember_custom_LevelIIIMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD" id="ixv-24680">&#8212;</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 id="xdx_987_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z0ADzZKfkto1" title="Non-current portion of fair value of derivative financial instruments" style="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:NoncurrentDerivativeFinancialAssets" contextRef="AsOf2022-12-31_ifrs-full_AtFairValueMember_custom_FinancialAssetsAtFairValueIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD" id="ixv-24681">1,315</ix:nonFraction></b></span></td></tr>
<tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    portion of fair value of derivative financial instruments</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A0_zxBctvxGYNl3" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 157 -->
    <div style="border-bottom: Black 0.5pt solid; margin-top: 6pt; 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="text-align: center; width: 34%">&#160;F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><a href="#contents">Table of Contents</a>&#160;</span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span></span>GLOBUS MARITIME LIMITED</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><p style="margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></span></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fair values (continued)</b></span></p>

<p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; 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"><b>Measurement
of fair values</b></span></p>

<p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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"><b>Valuation
techniques and significant unobservable inputs</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="glbs:DisclosureOfValuationTechniquesAndSignificantUnobservableInputs" id="ixv-20737"><p id="xdx_892_ecustom--DisclosureOfValuationTechniquesAndSignificantUnobservableInputs_zUqgrGGzVdAg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span id="xdx_8B2_z6C9UoLfjLn5" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation
techniques and significant unobservable inputs</span></p>

<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">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; 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-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-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
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    <td style="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="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Type</span></td><td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation
    Techniques</span></td><td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
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<tr style="vertical-align: bottom; background-color: White">
    <td style="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="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="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    borrowings</span></td><td style="font-size: 9pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discounted
    cash flow</span></td><td style="font-size: 9pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discount
    rate</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AD_zvmhC8LIqtnb" style="font: 9pt Times New Roman, Times, Serif; margin: 0; 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; 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"><b>Transfers
between Level 1, 2 and 3</b></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">There
were no transfers between these levels in 2022 and 2023.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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; text-align: justify; text-indent: 1cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory" id="ixv-20891"><p id="xdx_800_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zq9kTJ6G0u2a" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_825_zSym7cD1dPD9">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-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">On
January 22, 2024, the Company paid the remaining $<span id="xdx_90D_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_uUSD_c20240101__20240122__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MvGLBSHerosMember_zGWzowzzO641" title="Remaining amount paid"><ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2024-01-012024-01-22_custom_MvGLBSHerosMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24694">18.5</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount) at Nihon Shipyard Co. in Japan and on <span id="xdx_909_ecustom--VesselDeliveryDate1_c20240101__20240122__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MvGLBSHerosMember_z8ejpNDVeTW4"><ix:nonNumeric contextRef="From2024-01-012024-01-22_custom_MvGLBSHerosMember" name="glbs:VesselDeliveryDate1" id="ixv-24695">January 25, 2024</ix:nonNumeric></span> the Company took delivery of a new Ultramax with carrying
capacity of approximately <span id="xdx_90A_ecustom--VesselCapacity_pip0_uPure_c20240101__20240122__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MvGLBSHerosMember_zMluawU3wa67"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2024-01-012024-01-22_custom_MvGLBSHerosMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure" id="ixv-24696">64,000</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DWT,
of which the Company had previously announced on May 10, 2022 and was named &#8220;m/v GLBS Hero&#8221;.</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"></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
February 23, 2024, Globus, through its subsidiary Daxos Maritime Limited, entered into a $<span id="xdx_90F_ecustom--LineOfCreditFacilityBorrowingCapacity_iI_pdn6_c20240223__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GLBSMightMember_zG9zEFhXK126" title="Line Of Credit Facility Borrowing Capacity"><ix:nonFraction name="glbs:LineOfCreditFacilityBorrowingCapacity" contextRef="AsOf2024-02-23_custom_GLBSMightMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24697">28</ix:nonFraction></span> million (absolute amount) sale and leaseback
agreement with SK Shipholding S.A., a subsidiary of Shinken Bussan Co., Ltd. of Japan, with respect to the approximately <span id="xdx_909_ecustom--VesselCapacity_pip0_uPure_c20240101__20240223__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GLBSMightMember_zU4T6ZTAGff"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2024-01-012024-02-23_custom_GLBSMightMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure" id="ixv-24698">64,000</ix:nonFraction></span> dwt bulk
carrier to be named &#8220;GLBS MIGHT,&#8221; which is scheduled to be delivered from the relevant shipyard <span id="xdx_90B_ecustom--VesselDeliveryDate1_c20240101__20240223__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GLBSMightMember_zd4ckjKykIB9"><ix:nonNumeric contextRef="From2024-01-012024-02-23_custom_GLBSMightMember" name="glbs:VesselDeliveryDate1" id="ixv-24699">during the third quarter
of 2024</ix:nonNumeric></span>. The Company has an obligation to purchase back the vessel at the
end of the ten-year charter period.</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">On
March 13, 2024, the Company awarded a consultant affiliated with our chief executive officer a one-time bonus of $<span id="xdx_904_ecustom--OneTimeCashBonusPayment_pdn6_c20240101__20240313__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GLBSMightMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ConsultantAffiliatedwithChiefExecutiveOfficerMember_zVn4njimx8l9" title="One time bonus"><ix:nonFraction name="glbs:OneTimeCashBonusPayment" contextRef="From2024-01-012024-03-13_custom_GLBSMightMember_custom_ConsultantAffiliatedwithChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD" id="ixv-24700">3</ix:nonFraction></span>
million (absolute amount), half of which is payable immediately upon the delivery of the newbuilding vessel Hull NE442 (i.e., the
vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the agreement dated May 13, 2022) and the balance at the
delivery of Hull NE443 (i.e., the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the other agreement
dated May 13, 2022), in each case assuming Athanasios Feidakis remains Chief Executive Officer at each such relevant
time.</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">On March 13, 2024, the Board of Directors adopted the Globus Maritime Limited
2024 Equity Incentive Plan, or the Plan. The purpose of the Plan is to provide Company&#8217;s officers, key employees, directors, consultants
and service provider, whose initiative and efforts are deemed to be important to the successful conduct of Company&#8217;s business, with
incentives to (a) enter into and remain in the service of the Company or affiliates, (b) acquire a proprietary interest in the success
of the Company, (c) maximize their performance and (d) enhance the long-term performance of the Company. The number of common shares reserved
for issuance under the Plan is <span id="xdx_906_ecustom--CommonStockSharesIssued1_iI_pip0_c20240313__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--GlobusMaritimeLimited2024Member_z7OKpkfRJWr7" title="Shares issued"><ix:nonFraction name="glbs:CommonStockSharesIssued1" contextRef="AsOf2024-03-13_custom_GlobusMaritimeLimited2024Member" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares" id="ixv-24701">2,000,000</ix:nonFraction></span> shares.&#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">&#160;</span>&#160;</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"></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"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 158; Options: NewSection; Value: 37 -->
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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">&#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">&#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"></span></p>

</ix:nonNumeric><p id="xdx_815_zapVppXzNZr5" 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">&#160;</span></p>


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<DOCUMENT>
<TYPE>EX-2.1
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<FILENAME>exhibit21.htm
<DESCRIPTION>EXHIBIT 2.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
2.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
of Securities </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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">Globus
Maritime Limited (the &#8220;Company,&#8221; &#8220;Globus,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;) has the following
securities registered pursuant to Section&nbsp;12 of the Act:</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">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: center; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title&nbsp;of&nbsp;each&nbsp;class</B></FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt 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%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 32%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name&nbsp;of&nbsp;each&nbsp;exchange&nbsp;on&nbsp;which</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>registered</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
    of common stock, par value $0.004 per share, including the preferred stock purchase rights</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 0; text-align: left"><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: 0; text-align: justify; text-indent: 18pt"><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: 0; text-align: justify; text-indent: 18pt"><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">Capitalized
terms used but not defined herein have the meanings given to them in our annual report on Form&nbsp;20-F to &nbsp;which this exhibit
has been incorporated by reference (the &#8220;<B>Annual Report</B>&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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. We encourage you to refer to our articles of incorporation and our bylaws for additional information. Because
the following is only a summary, it does not contain all information that you may find important.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AUTHORIZED
CAPITAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus
Maritime Limited is authorized to issue an aggregate of 700,000,000 shares, consisting of (1)&nbsp;500,000,000 common shares, par value
$0.004 per share, (2)&nbsp;100,000,000 Class&nbsp;B common shares, par value $0.001 per share, which we refer to as the Class&nbsp;B
shares, and (3)&nbsp;100,000,000 preferred shares, par value $0.001 per share, which we refer to as the preferred shares. No Class&nbsp;B
shares have 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were formed by the filing of Articles of Domestication and Articles of Incorporation with the Marshall Islands Registrar of Corporations.
Our entity number is 44376.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three
series of preferred shares have been designated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PURPOSE</B></FONT></P>

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


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMMON
SHARES, CLASS&nbsp;B SHARES, AND SERIES B PREFERRED SHARES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 </FONT>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 &#8220;Preferred Shares&#8221; below). Each holder of Class&nbsp;B shares (not including the Company
and the Company&#8217;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: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfers
of shares held outside of DTC or another direct registration system maintained by Computershare, Inc., our transfer agent and registrar,
and not represented by certificates are effected by a stock transfer instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles of incorporation, bylaws and the BCA do not contain transfer restrictions on our common shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PREFERRED
SHARES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the designation of the
    series;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of preferred
    shares in the series;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
preferences and relative participating option or other special rights, if any, and any qualifications, limitations or restrictions of
such series; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the voting rights, if any,
    of the holders of the series.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of our Series&nbsp;A Preferred Shares, if any, 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.</FONT></P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 20pt; font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2020, we issued 50 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. 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%.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series&nbsp;B preferred shares currently have the following characteristics:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Voting</I></B>.
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Conversion</I>.&nbsp;</B>The
Series&nbsp;B preferred shares are not convertible into common shares or any other security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Redemption</I>.&nbsp;</B>The
Series&nbsp;B preferred shares are not redeemable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Dividends</I></B><I>.&nbsp;</I>The
Series&nbsp;B preferred shares have no dividend rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Liquidation
Preference</I>.&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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Transferability.&nbsp;</I></B>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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Proportional
Adjustment.</I></B>&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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LIQUIDATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DIVIDENDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</FONT></P>

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

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


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONVERSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 our common shares nor our 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DIRECTORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#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)&nbsp;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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has the authority to approve loans on behalf of Globus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles of incorporation provide that no director shall be personally liable to us or our shareholders for monetary damages for breach
of fiduciary duty as a director, to the fullest extent permitted by the BCA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CLASSIFIED
BOARD OF DIRECTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REMOVAL
OF DIRECTORS; VACANCIES; ADVANCE NOTICE OF NOMINATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NO
CUMULATIVE VOTING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles of incorporation prohibit cumulative voting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SHAREHOLDER
MEETINGS</B></FONT></P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Unless otherwise required by law or our
articles of incorporation, at all meetings of shareholders there must be present (either in person or by proxy) shareholders of record
holding at least one third of the voting power of the aggregate number of our shares issued and outstanding and entitled to vote at such
meetings in order to constitute a quorum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DISSENTERS&#8217;
RIGHTS OF APPRAISAL AND PAYMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 certain sales or exchanges 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SHAREHOLDERS&#8217;
DERIVATIVE ACTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMENDMENT
OF OUR ARTICLES OF INCORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 an affirmative vote of the holders of at least a majority of the voting
power of the voting shares.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ANTI-TAKEOVER
EFFECTS OF CERTAIN PROVISIONS OF OUR ARTICLES OF INCORPORATION AND BYLAWS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 shares are presently outstanding, but if and when we issue any, each Class&nbsp;B share will
have 20 votes on matters before the shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
present, and until a substantial number of additional securities are issued, our holder of Series&nbsp;B preferred shares exerts substantial
control over 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 (see also, &#8220;Advance Notice Requirements for Shareholder Proposals and Director Nominations&#8221;). These
provisions may discourage, delay or prevent the removal of incumbent officers and directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Action
by Written Consent in Lieu of a Meeting.&nbsp;</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&nbsp;B Preferred Shares controlling 49.99% of the voting power of our outstanding
capital stock. Goldenmare Limited 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Business
Combinations</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&#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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&#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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&#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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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)&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 &#8220;interested shareholder&#8221;
is any person or entity (other than us and any direct or indirect majority-owned subsidiary of ours) that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;owns
15.0% or more of our outstanding voting shares;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&#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</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><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: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&#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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the restrictions regarding business combinations do not apply to persons that became interested shareholders prior to the effectiveness
of our articles of incorporation.</FONT></P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we have entered into a shareholders rights agreement that makes it more difficult for a third party, subject to certain exceptions,
to acquire us without the support of our board of directors. These anti-takeover provisions, along with provisions of our shareholders
rights agreement, could substantially impede the ability of our shareholders to impose a change in control and, as a result, may adversely
affect the market price of our common shares and your ability to realize any potential change of control premium.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LIMITATIONS
ON LIABILITY AND INDEMNIFICATION OF DIRECTORS AND OFFICERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
limitation of liability and indemnification provisions in our articles of incorporation may discourage shareholders from bringing a lawsuit
against our directors for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative
litigation against directors and officers, even though such an action, if successful, may otherwise benefit us and our shareholders.
In addition, an investor in our common shares may be adversely affected to the extent we pay the costs of settlement and damage awards
against directors and officers pursuant to these indemnification provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.</FONT></P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION
OF WARRANTS</B></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary of certain terms and provisions of the Class&nbsp;A Warrants is not complete and is subject to, and qualified in its
entirety by the provisions of the form of Class&nbsp;A Warrant, which is incorporated by reference as an exhibit to our Annual Report.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercisability.</I>&nbsp;The
                                            Class&nbsp;A Warrants are exercisable at any time after their original issuance up to the
                                            date that is five years after their original issuance on <FONT STYLE="color: black">June
                                            22, 2020</FONT>. Each of the Class&nbsp;A Warrants is exercisable, in whole or in part, by
                                            delivering to us a duly executed exercise notice and, at any time a registration statement
                                            registering the issuance of the common shares underlying the Class&nbsp;A Warrants under
                                            the Securities Act is effective and available for the issuance of such shares, by payment
                                            in full in immediately available funds for the number of common shares purchased upon such
                                            exercise. If a registration statement registering the issuance of the common shares underlying
                                            the Class&nbsp;A Warrants under the Securities Act is not effective or available, the holder
                                            may, in its sole discretion, elect to exercise the Class&nbsp;A Warrant through a cashless
                                            exercise, in which case the holder would receive upon such exercise the net number of common
                                            shares determined according to the formula set forth in the Class&nbsp;A Warrants. We may
                                            be required to pay certain amounts as liquidated damages as specified in the Class&nbsp;A
                                            Warrants in the event we do not deliver common shares upon exercise of the Class&nbsp;A Warrants
                                            within the time periods specified in the Class&nbsp;A Warrants. No fractional common shares
                                            will be issued in connection with the exercise of a Class&nbsp;A Warrant.</FONT></TD></TR></TABLE>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I></I></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercise Limitation.</I>&nbsp;A holder does not have the right to exercise any portion of a Class&nbsp;A Warrant if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or, upon election by a holder prior to the issuance of any Class&nbsp;A Warrants, 9.99%) of the number of shares of our common shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of such Class&nbsp;A Warrants. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, upon at least 61 days&#8217; prior notice from the holder to us with respect to any increase in such percentage.</FONT></P></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercise
                                            Price.</I>&nbsp;The exercise price per whole common share purchasable upon exercise of the
                                            Class&nbsp;A Warrants is $35.00 per share. The exercise price of the Class&nbsp;A Warrants
                                            and number of common shares issuable on exercise of the Class&nbsp;A Warrants are subject
                                            to adjustment in the event of certain stock dividends and distributions, stock splits, stock
                                            combinations, reclassifications or similar events affecting our common shares. <FONT STYLE="color: black; background-color: white">The
                                            holders of Class A Warrants have the right to participate on an&nbsp;as-exercised basis in
                                            certain rights offerings to our common shareholders.</FONT> The exercise price of the Class&nbsp;A
                                            Warrants may also be reduced to any amount and for any period of time at the sole discretion
                                            of our board of directors. The exercise price of the Class&nbsp;A Warrants is subject to
                                            adjustment in the event of dividends and certain distributions as specified in the Class&nbsp;A
                                            Warrants.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transferability.</I>&nbsp;Subject
                                            to applicable laws, the Class&nbsp;A Warrants may be offered for sale, sold, transferred
                                            or assigned without our consent.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exchange
                                            Listing.</I>&nbsp;There is no established trading market for the Class&nbsp;A Warrants and
                                            we do not expect a market to develop. In addition, we do not intend to apply for the listing
                                            of the Class&nbsp;A Warrants on any national securities exchange or other trading market.
                                            Without an active trading market, the liquidity of the Class&nbsp;A Warrants will be limited.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Warrant
                                            Agent.</I>&nbsp;The Class&nbsp;A Warrants are issued in registered form under a warrant agreement
                                            among Computershare Inc., Computershare Trust Company, N.A., as warrant agent, and us. The
                                            Class&nbsp;A Warrants were initially represented only by one or more global warrants deposited
                                            with the warrant agent, as custodian on behalf of The Depository Trust Company (DTC) and
                                            registered in the name of Cede&nbsp;&amp; Co., a nominee of DTC, or as otherwise directed
                                            by DTC.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rights
                                            as a Shareholder.</I>&nbsp;Except as otherwise provided in the Class&nbsp;A Warrants or by
                                            virtue of such holder&#8217;s ownership of our common shares, the holder of a Class&nbsp;A
                                            Warrant does not have the rights or privileges of a holder of our common shares, including
                                            any voting rights, until the holder exercises the Class&nbsp;A Warrant.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Fundamental
                                            Transactions.</I>&nbsp;In the event of a fundamental transaction, as described in the Class&nbsp;A
                                            Warrants and generally including, with certain exceptions, any reorganization, recapitalization
                                            or reclassification of our common shares, the sale, transfer or other disposition of all
                                            or substantially all of our properties or assets, our consolidation or merger with or into
                                            another person, the acquisition of more than 50% of our outstanding common shares, or any
                                            person or group becoming the beneficial owner of 50% of the voting power represented by our
                                            outstanding common shares, the holders of the Class&nbsp;A Warrants will be entitled to receive
                                            upon exercise of the Class&nbsp;A Warrants the kind and amount of securities, cash or other
                                            property that the holders would have received had they exercised the Class&nbsp;A Warrants
                                            immediately prior to such fundamental transaction. In addition, we or the successor entity,
                                            at the request of Class&nbsp;A Warrant holders, will be obligated to purchase any unexercised
                                            portion of the Class&nbsp;A Warrants in accordance with the terms of such Class&nbsp;A Warrants.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Governing
                                            Law.</I>&nbsp;The Class&nbsp;A Warrants and the warrant agreement are governed by New York
                                            law.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary of certain terms and provisions of the PP Warrants issued on June&nbsp;30, 2020 and July&nbsp;21, 2020 is not complete
and is subject to, and qualified in its entirety by the provisions of the forms of PP Warrants, which are incorporated by reference as
an exhibit to our Annual Report.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercisability.</I></FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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 Warrants. 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. We must maintain
                                            the effectiveness of a resale registration statement until no purchaser owns any PP Warrants.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 18pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercise
                                            Limitation.</I>&nbsp;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 61<SUP>st</SUP> day after such election.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercise
                                            Price.</I>&nbsp;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.
                                            <FONT STYLE="color: black; background-color: white">The holders of PP Warrants have the right
                                            to participate on an&nbsp;as-exercised basis in certain rights offerings to our common shareholders.
                                            </FONT>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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exchange
                                            Listing.</I>&nbsp;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. Without an active
                                            trading market, the liquidity of the PP Warrants will be limited.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I></I></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Fundamental Transactions.</I>&nbsp;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 Warrants 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.</FONT></P></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rights
                                            as a Shareholder.</I>&nbsp;Except as otherwise provided in the PP Warrants or by virtue of
                                            such holder&#8217;s ownership of our common shares, the holder of PP 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transferability.</I>&nbsp;Subject
                                            to applicable laws, the PP Warrants may be offered for sale, sold, transferred or assigned
                                            without our consent.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I></I></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Governing Law.</I>&nbsp;The PP Warrants are governed by New York law.</FONT></P></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">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</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which is incorporated by reference as an exhibit to our Annual Report<FONT STYLE="color: black">.</FONT></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><I>Exercisability.</I>&nbsp;The
                                            December 2020 Warrants 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 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 Warrants. If we do not issue the shares in
                                            a timely fashion, the December 2020 Warrant contains certain <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">damages
provisions. No fractional common shares will be issued in connection with the exercise of a December 2020 Warrant.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 61<SUP>st</SUP> day after such election.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercise
                                            Price.</I>&nbsp;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.&nbsp;<FONT STYLE="background-color: white">The
                                            holders of December 2020 Warrants have the right to participate on an&nbsp;as-exercised basis
                                            in certain rights offerings to our common shareholders.</FONT>&nbsp;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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><I>Exchange
                                            Listing.</I>&nbsp;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.
                                            </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                            an active trading market, the liquidity of the December 2020 Warrants will be limited.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Fundamental
                                            Transactions.</I>&nbsp;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 Warrants 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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rights
                                            as a Shareholder.</I>&nbsp;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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transferability.</I>&nbsp;Subject
                                            to applicable laws, the December 2020 Warrants may be offered for sale, sold, transferred
                                            or assigned without our consent.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 38.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Governing
                                            Law</I>. The December 2020 Warrants are governed by New York law.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 our Annual
Report.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercisability.</I>&nbsp;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 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.</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 18pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercise
                                            Price.</I>&nbsp;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.&nbsp;The holders
                                            of&nbsp;January 2021 Warrants have the right to participate on an&nbsp;as-exercised basis
                                            in certain rights offerings to our common shareholders.&nbsp;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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exchange
                                            Listing.</I>&nbsp;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.
                                            Without an active trading market, the liquidity of the January 2021 Warrants will be limited.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Fundamental
                                            Transactions.</I>&nbsp;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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rights
                                            as a Shareholder.</I>&nbsp;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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transferability.</I>&nbsp;Subject
                                            to applicable laws, the January 2021 Warrants may be offered for sale, sold, transferred
                                            or assigned without our consent.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Governing
                                            Law</I>. The January 2021 Warrants are governed by New York law.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 our Annual Report:</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercisability.</I>&nbsp;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 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.</FONT></TD></TR></TABLE>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I></I></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercise
                                            Price.</I>&nbsp;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.&nbsp;The holders
                                            of&nbsp;February 2021 Warrants have the right to participate on an&nbsp;as-exercised basis
                                            in certain rights offerings to our common shareholders.&nbsp;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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exchange
                                            Listing.</I>&nbsp;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.
                                            Without an active trading market, the liquidity of the February 2021 Warrants will be limited.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Fundamental
                                            Transactions.</I>&nbsp;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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rights
                                            as a Shareholder.</I>&nbsp;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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transferability.</I>&nbsp;Subject
                                            to applicable laws, the February 2021 Warrants may be offered for sale, sold, transferred
                                            or assigned without our consent.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Governing
                                            Law</I>. The February 2021 Warrants are governed by New York law. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 our Annual Report:</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercisability.</I>&nbsp;The
                                            June 2021 Warrants have a term of 5.5 years from <FONT STYLE="color: black">June 29, 2021</FONT>.
                                            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 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.</FONT></TD></TR></TABLE>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I></I></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 61<SUP>st</SUP> day after such election.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercise
                                            Price.</I>&nbsp;The exercise price per whole common share purchasable upon exercise of the
                                            June 2021 Warrants is $5.00 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.&nbsp;The holders of&nbsp;June
                                            2021 Warrants have the right to participate on an&nbsp;as-exercised basis in certain rights
                                            offerings to our common shareholders.&nbsp;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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exchange
                                            Listing.</I>&nbsp;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. Without
                                            an active trading market, the liquidity of the June 2021 Warrants will be limited.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Fundamental
                                            Transactions.</I>&nbsp;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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rights
                                            as a Shareholder.</I>&nbsp;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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transferability.</I>&nbsp;Subject
                                            to applicable laws, the June 2021 Warrants may be offered for sale, sold, transferred or
                                            assigned without our consent.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Governing
                                            Law</I>. The June 2021 Warrants are governed by New York law. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SHAREHOLDERS
RIGHTS AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On&nbsp;<FONT STYLE="background-color: white">August&nbsp;</FONT>3,
2023, we declared a dividend of one preferred share purchase right, which we call a &#8220;Right&#8221;, for each of our outstanding
common shares, and adopted a shareholder rights plan, as set forth in the Shareholders Rights Agreement dated as of&nbsp;<FONT STYLE="background-color: white">August&nbsp;</FONT>3,
2023, by and between us and Computershare Trust Company, N.A., as rights agent. The dividend was paid on August 21, 2023 to the shareholders
of record on August 21, 2023. We call this agreement the Rights Agreement.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary description of the Rights Agreement and the related Rights in this section is not complete and is qualified in all
respects by the terms of the Rights Agreement and Certificate of Designation of Series C Participating Preferred Shares, each of which
is incorporated by reference as an exhibit to our Annual Report.&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 29.1pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
Rights</I>. The Rights initially trade with, and are inseparable from, the common shares. The Rights are evidenced only by certificates
that represent the common shares. New Rights will accompany any new common shares the Company issues after August 21, 2023 until the
&#8220;Distribution Date&#8221; described below.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercise
Price</I>. Each Right allows its holder to purchase from the Company one one-thousandth of a share of Series C Participating Preferred
Shares, or a Series C Preferred Share, for $5.00 (also called the &#8220;Series C Exercise Price&#8221;), once the Rights become exercisable.
This portion of a Series C Preferred Share will give the shareholder approximately the same dividend, voting and liquidation rights as
would one common share. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercisability</I>.
The Rights are not exercisable until ten days after the public announcement that a person or group has become an &#8220;Acquiring Person&#8221;
by obtaining beneficial ownership of 15% or more of the outstanding common shares.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
synthetic interests in securities created by derivative positions&#8212;whether or not such interests are considered to be ownership
of the underlying common shares or are reportable for purposes of Regulation 13D of the Exchange Act&#8212;are treated as beneficial
ownership of the number of shares of our common shares equivalent to the economic exposure created by the derivative position, to the
extent actual shares of our common shares are directly or indirectly held by counterparties to the derivatives contracts. Swaps dealers
unassociated with any control intent or intent to evade the purposes of the Rights Agreement are excepted from such imputed beneficial
ownership.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
persons who, prior to the time of our public announcement of the Rights Agreement, beneficially owned 15% or more of the outstanding
common shares, the Rights Agreement &#8220;grandfathers&#8221; their current level of ownership, so long as they do not purchase additional
shares in excess of certain limitations. In addition, Georgios Feidakis, Athanasios Feidakis, Konstantina Feidakis, Angelina Feidakis,
Firment Shipping Inc. and Goldenmare Limited, or any of their respective affiliates are excluded from the definition of &#8220;Acquiring
Person&#8221; and, therefore, may obtain beneficial ownership of 15% or more of our outstanding common shares without causing the Rights
to be exercisable.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
date when the Rights become exercisable is the &#8220;Distribution Date.&#8221; Until that date, the common shares certificates (or,
in the case of uncertificated shares, by notations in the book-entry account system) also evidence the Rights, and any transfer of common
shares will constitute a transfer of Rights. After that date, the Rights will separate from the common shares and be evidenced by book-entry
credits or by Rights certificates that the Company will mail to all eligible holders of common shares. Any Rights held by an Acquiring
Person are null and void and may not be exercised.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Preferred
Share Provisions</U></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
one one-thousandth of a Series C Preferred Share, if issued, will, among other things:</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">not
    be redeemable;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">entitle
    holders to quarterly dividend payments in an amount per share equal to the aggregate per share amount of all cash dividends, and
    the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in
    common shares or a subdivision of the outstanding common shares (by reclassification or otherwise), declared on common shares since
    the immediately preceding quarterly dividend payment date; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">entitle
    holders to one vote on all matters submitted to a vote of the shareholders of the Company.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of one one-thousandth interest in a Series C Preferred Share should approximate the value of one common share.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Consequences
of a Person or Group Becoming an Acquiring Person</U>.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Flip
In</I>.&nbsp;<FONT STYLE="background-color: white">If an Acquiring Person obtains beneficial ownership of 15% or more of the&nbsp;</FONT>common
shares<FONT STYLE="background-color: white">, then each Right will entitle the holder thereof to purchase, for the </FONT>Series C <FONT STYLE="background-color: white">Exercise
Price, a number of&nbsp;</FONT>common shares&nbsp;<FONT STYLE="background-color: white">(or, in certain circumstances, cash, property
or other securities of the Company) having a then-current market value of twice the </FONT>Series C <FONT STYLE="background-color: white">Exercise
Price.&nbsp;</FONT>However<FONT STYLE="background-color: white">, the Rights are not exercisable following the occurrence of the foregoing
event until such time as the Rights are no longer redeemable by the Company, as further described below.</FONT></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="background-color: white">&nbsp;</FONT></FONT></P>


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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the occurrence of an event set forth in preceding paragraph, all Rights that are or, under certain circumstances specified in the Rights
Agreement, were beneficially owned by an Acquiring Person or certain of its transferees will be null and void.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Flip
Over</I>.&nbsp;<FONT STYLE="background-color: white">If, after an Acquiring Person obtains 15% or more of the&nbsp;</FONT>common shares<FONT STYLE="background-color: white">,
(i) the Company merges into&nbsp;</FONT>another&nbsp;<FONT STYLE="background-color: white">entity; (ii) an acquiring entity merges into
the Company; or (iii) the Company sells or transfers 50% or more of its assets, cash flow or earning power,&nbsp;</FONT>then&nbsp;<FONT STYLE="background-color: white">each
Right (except for Rights that have previously been voided as set forth above) will entitle the holder thereof to purchase, for the </FONT>Series
C <FONT STYLE="background-color: white">Exercise Price, a number of&nbsp;</FONT>common shares&nbsp;<FONT STYLE="background-color: white">of
the person engaging in the transaction having a then-current market value of twice the </FONT>Series C <FONT STYLE="background-color: white">Exercise
Price.</FONT></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><I>Notional
Shares.</I>&nbsp;Shares held by affiliates and associates of an Acquiring Person, including certain entities in which the Acquiring Person
beneficially owns a majority of the equity securities, and Notional&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares&nbsp;<FONT STYLE="background-color: white">(as&nbsp;</FONT>defined&nbsp;<FONT STYLE="background-color: white">in the Rights Agreement)
held by counterparties to a Derivatives Contract (as defined in the Rights Agreement) with an Acquiring Person, will be deemed to be
beneficially owned by the Acquiring Person.</FONT></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Redemption</I>.&nbsp;<FONT STYLE="background-color: white">Our
board of directors may redeem the Rights for $0.001 per Right under certain circumstances. If our board of directors redeems any Rights,
it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of the Rights will be to receive the redemption
price of $0.001 per Right. The redemption price will be adjusted if the Company has a stock dividend or a stock split.</FONT></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exchange.&nbsp;</I>After
a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of the outstanding common shares, <FONT STYLE="background-color: white">our
board of directors </FONT>may extinguish the Rights by exchanging one common shares or an equivalent security for each Right, other than
Rights held by the Acquiring Person. I<FONT STYLE="background-color: white">n certain circumstances, the Company may elect to exchange
the Rights for cash or other securities of the Company having a value approximately equal to one&nbsp;</FONT>common share<FONT STYLE="background-color: white">.</FONT></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Expiration</I>.&nbsp;<FONT STYLE="background-color: white">The
Rights expire on the earliest of (i)&nbsp;</FONT>February 3, 2025<FONT STYLE="background-color: white">; or (ii) the redemption or exchange
of the Rights as described above.</FONT></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Anti-Dilution
Provisions</I>. <FONT STYLE="background-color: white">Our board of directors </FONT>may adjust the purchase price of the Series C Preferred
Shares, the number of Series C Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur from
a stock dividend, a stock split, or a reclassification of the Series C Preferred Shares or common shares. No adjustments to the Series
C Exercise Price of less than 1% will be made.</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Amendments</I>.&nbsp;<FONT STYLE="background-color: white">The
terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the holders of the Rights on or prior
to the Distribution Date. Thereafter, the terms of the Rights and the Rights Agreement may be amended without the consent of the holders
of Rights, with certain exceptions, in order to (i) cure any ambiguities; (ii) correct or supplement any provision contained in the Rights
Agreement that may be defective or inconsistent with any other provision therein; (iii) shorten or lengthen any time period pursuant
to the Rights Agreement; or (iv) make changes that do not adversely affect the interests of holders of the Rights (other than an Acquiring
Person or an affiliate or associate of an Acquiring Person).</FONT></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<I>Taxes.</I>&nbsp;The
distribution of Rights should not be taxable for U.S. federal income tax purposes. However, following an event that renders the Rights
exercisable or upon redemption of the Rights, shareholders may recognize taxable income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRANSFER
AGENT AND REGISTRAR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computershare,&nbsp;Inc.
is the transfer agent and registrar for our common shares.</FONT></P>

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

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


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MARSHALL
ISLANDS COMPANY CONSIDERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 </FONT>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&#8217; rights.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 0.5pt solid; width: 50%; padding-top: 4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Marshall
    Islands</B></FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; width: 50%; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-top: 4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 2.9pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholder
    Meetings</B></FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 2.9pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; width: 50%; border-right: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Marshall
    Islands</B></FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; width: 50%; border-right: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice:</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice:</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
    shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place,
    if any, date and hour of the meeting, and the means of remote communication, if any.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
    notice shall be given not less than 10 nor more than 60 days before the meeting.</FONT></P></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt 4pt 2.9pt; text-align: left; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholders&#8217;
    Voting Rights</B></FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt 4pt 2.9pt; text-align: left; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; width: 50%; 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="border-right: Black 0.5pt solid; width: 50%; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><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: 0; text-align: left"><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: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; width: 50%; border-right: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Merger
    or Consolidation</B></FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; width: 50%; border-right: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Marshall
    Islands</B></FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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&#8217;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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    mortgage or pledge of a corporation&#8217;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="border: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: left; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Directors</B></FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify; width: 50%"><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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify; width: 50%"><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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR></FONT></P>

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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: center; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Marshall
    Islands</B></FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: center; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Removal:</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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. 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-top: 4pt; padding-bottom: 4pt; padding-left: 2.9pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dissenters&#8217;
    Rights of Appraisal</B></FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
                                            have a right to dissent from certain plans of merger or consolidation or certain sales or
                                            exchanges 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></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify">&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&bull;&#8239;&#8239;alters
    or abolishes any preferential right of any outstanding shares having preferences; or</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify">&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;
    creates, alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; or</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&bull;&#8239;&#8239;alters
    or abolishes any preemptive right of such holder to acquire shares or other securities; or</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    &#8239;&#8239;&bull;&#8239;&#8239;excludes or limits the right of such holder to vote on any matter, except as such right
    may be limited by the voting rights given to new shares then being authorized of any existing or new class.</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholder&rsquo;s
    Derivative Actions</B></FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-right: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">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;Such action shall not be discontinued,
compromised or settled, without the approval of the High Court of the Republic of the Marshall Islands.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 0.5pt solid; padding: 4pt 5.4pt; 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: bottom">
    <TD STYLE="border: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 0.5pt solid; border-right: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Reasonable expenses including attorney&rsquo;s fees may be awarded if the
action is successful.
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; border-right: Black 0.5pt solid; padding: 4pt 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="border-bottom: Black 0.5pt solid; border-right: Black 0.5pt solid; border-left: Black 0.5pt solid; padding: 4pt 5.4pt; 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="border-bottom: Black 0.5pt solid; border-right: Black 0.5pt solid; padding: 4pt 5.4pt; text-align: justify">&nbsp;</TD></TR>
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<TYPE>EX-2.4
<SEQUENCE>3
<FILENAME>exhibit24.htm
<DESCRIPTION>EXHIBIT 2.4
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
2.4&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GLOBUS
MARITIME LIMITED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;2024
EQUITY INCENTIVE PLAN </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADOPTED
ON March 13, 2024</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
I.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.1.</B></FONT></TD>
    <TD STYLE="width: 95%; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purpose</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Globus Maritime Limited 2024 Equity Incentive Plan (the &ldquo;Plan&rdquo;) is designed to provide certain Key Persons (as defined below),
whose initiative and efforts are deemed to be important to the successful conduct of the business of Globus Maritime Limited (the &ldquo;Company&rdquo;),
with incentives to (a) enter into and remain in the service of the Company or its Subsidiaries or Affiliates (as defined below), (b)
acquire a proprietary interest in the success of the Company, (c) maximize their performance and (d) enhance the long-term performance
of the Company.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.2.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Administration</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Administration</U>.&nbsp; The Plan shall be administered by the Remuneration Committee of the Company&rsquo;s Board of Directors (the
&ldquo;Board&rdquo;) or such other committee of the Board as may be designated by the Board to administer the Plan, or by the Board,
where the Board is acting as the Remuneration Committee or performing the functions of the Remuneration Committee (the &ldquo;Administrator&rdquo;);
<U>provided</U> that (i) in the event the Company is subject to Section 16 of the U.S. Securities Exchange Act of 1934, as amended (the
&ldquo;1934 Act&rdquo;), the Administrator shall be composed of two or more directors, each of whom is a &ldquo;Non-Employee Director&rdquo;
(a &ldquo;Non-Employee Director&rdquo;) under Rule 16b-3 (as promulgated and interpreted by the Securities and Exchange Commission (the
&ldquo;SEC&rdquo;) under the 1934 Act, or any successor rule or regulation thereto as in effect from time to time (&ldquo;Rule 16b-3&rdquo;)),
and (ii) the Administrator shall be composed solely of two or more directors who are &ldquo;independent directors&rdquo; under the rules
of any stock exchange on which the Company&rsquo;s Common Stock (as defined below) is traded; <U>provided</U>&nbsp;<U>further</U>, <U>however</U>,
that, (A) the requirement in the preceding clause (i) shall apply only when required to exempt an Award intended to qualify for an exemption
under the applicable provisions referenced therein, (B) the requirement in the preceding clause (ii) shall apply only when required pursuant
to the applicable rules of the applicable stock exchange and (C) if at any time the Administrator is not so composed as required by the
preceding provisions of this sentence, that fact will not invalidate any grant made, or action taken, by the Administrator hereunder
that otherwise satisfies the terms of the Plan.&nbsp; Subject to the terms of the Plan, applicable law and the applicable rules and regulations
of any stock exchange on which the Common Stock is listed for trading, and in addition to other express powers and authorizations conferred
on the Administrator by the Plan, the Administrator shall have the full power and authority to: (1) designate the Persons (as defined
below) to receive Awards (as defined below) under the Plan; (2) determine the types of Awards granted to a participant under the Plan;
(3) determine the number of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated
with respect to, Awards; (4) determine the terms and conditions of any Awards; (5) determine whether, and to what extent, and under what
circumstances, Awards may be settled or exercised in cash, shares, other securities, other Awards or other property, or cancelled, forfeited
or suspended, and the methods by which Awards may be settled, exercised, cancelled, forfeited or suspended; (6) determine whether, to
what extent, and under what circumstances cash, shares, other securities, other Awards, other property and other amounts payable with
respect to an Award shall be deferred, either automatically or at the election of the holder thereof or the Administrator; (7) construe,
interpret and implement the Plan and any Award Agreement (as defined below); (8) prescribe, amend, rescind or waive rules and regulations
relating to the Plan, including rules governing its operation, and appoint such agents as it shall deem appropriate for the proper administration
of the Plan; (9)&nbsp;correct any defect, supply any omission and reconcile any inconsistency in the Plan or any Award Agreement; and
(10) make any other determination and take any other action that the Administrator deems necessary or desirable for the administration
of the Plan.&nbsp; Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions
under or with respect to the Plan or any Award shall be within the sole discretion of the Administrator, may be made at any time and
shall be final, conclusive and binding upon all Persons.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;
<U>General Right of Delegation</U>.&nbsp; Except to the extent prohibited by applicable law, the applicable rules of a stock exchange
or any charter, bylaws or other agreement governing the Administrator, the Administrator may delegate all or any part of its responsibilities
to any Person or Persons selected by it; <U>provided</U>, <U>however</U>, that in no event shall an officer of the Company be delegated
the authority to grant Awards to, or amend Awards held by, the following individuals: (i) individuals who are subject to Section 16 of
the 1934 Act, or (ii) officers of the Company to whom authority to grant or amend Awards has been delegated hereunder or directors of
the Company; <U>provided</U>, <U>further</U>, that any delegation of administrative authority shall only be permitted to the extent it
is permissible under applicable securities laws (including, without limitation, Rule 16b-3, to the extent applicable) and the rules of
any applicable stock exchange.&nbsp; Any delegation hereunder shall be subject to the restrictions and limits that the Administrator
specifies at the time of such delegation, and the Administrator may at any time rescind the authority so delegated or appoint a new delegatee.&nbsp;
At all times, the delegatee appointed under this Section 1.2(b) shall serve in such capacity at the pleasure of the Administrator.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Indemnification</U>.&nbsp; No member of the Board, the Administrator or any officer or employee of the Company or any Subsidiary or
an Affiliate or any of their agents (each such Person, a &quot;Covered Person&quot;) shall be liable for any action taken or omitted
to be taken or any determination made in good faith with respect to the Plan or any Award hereunder.&nbsp; Each Covered Person shall
be indemnified and held harmless by the Company against and from (i) any loss, cost, liability or expense (including attorneys' fees)
that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which
such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken
under the Plan or any Award Agreement and (ii) any and all amounts paid by such Covered Person, with the Company's approval, in settlement
thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person;
<U>provided</U> that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and,
once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel
of the Company's choice.&nbsp; The foregoing right of indemnification shall not be available to a Covered Person to the extent that a
court of competent jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal, determines
that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person's bad faith,
fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company's articles
of incorporation or bylaws (in each case, as amended and/or restated).&nbsp; The foregoing right of indemnification shall not be exclusive
of any other rights of indemnification to which Covered Persons may be entitled under the Company's articles of incorporation or bylaws
(in each case, as amended and/or restated), as a matter of law, or otherwise, or any other power that the Company may have to indemnify
such Persons or hold them harmless.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Delegation of Authority to Senior Officers</U>.&nbsp; The Administrator may, in accordance with and subject to the terms of Section
1.2(b), delegate, on such terms and conditions as it determines, to one or more senior officers of the Company the authority to make
grants of Awards to employees of the Company and its Subsidiaries (as defined below) (including any such prospective employee) and consultants
and service providers to (including Persons who are employed by or provide services to any entity that is itself a consultant or service
provider to) the Company and its Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 24pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;
<U>Award Grants</U>.&nbsp; Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time
and from time to time, grant Awards to Non-Employee Directors or administer the Plan with respect to such Awards, in which event the
Board shall have all the authority and responsibility granted to the Administrator herein with respect to such Awards.&nbsp; In determining
Awards to be granted under the Plan, the Administrator shall take into account such factors as it deems advisable, which may include
taking into account the Company&rsquo;s performance, the Award recipient&rsquo;s performance, and/or the satisfaction of any performance
goals or targets as may established from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
<U>Grants to Directors</U>. Notwithstanding anything to the contrary contained herein, for so long as prohibited by the Marshall Islands
Business Corporations Act, no committee of the Board shall grant Awards to directors of the Company for serving on the Board or any committee
thereto. In such a case, the determination of any Awards to directors of the Company for serving on the Board or any committee thereto
shall be made by the Board (and not any committee thereof) and the Board may, in its sole discretion, at any time and from time to time,
grant such Awards.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.3.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Persons
                           Eligible for Awards</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Persons eligible to receive Awards under the Plan are those directors, officers and employees (including any prospective officer or employee)
of the Company and its Subsidiaries and Affiliates and consultants and service providers (including persons who are employed by or provide
services to any entity that is itself such a consultant or service provider) to the Company and its Subsidiaries and Affiliates (collectively,
&ldquo;Key Persons&rdquo;) as the Administrator shall select.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.4.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Types
                           of Awards</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Awards
may be made under the Plan in the form of (a) &ldquo;incentive stock options&rdquo; that are intended to qualify for special U.S. federal
income tax treatment pursuant to Sections 421 and 422 of the Code (as defined below), as may be amended from time to time, or pursuant
to a successor provision of the Code, and which is so designated in the applicable Award Agreement, (b) non-qualified stock options (i.e.,
any stock options granted under the Plan that are not &ldquo;incentive stock options&rdquo;), (c) stock appreciation rights, (d) restricted
stock, (e) restricted stock units, (f) unrestricted stock, (g) other equity-based or equity-related awards and (h) dividend equivalents,
all as more fully set forth in the Plan.&nbsp; The term &ldquo;Award&rdquo; means any of the foregoing that are granted under the Plan.
No incentive stock option (other than an incentive stock option that may be assumed or issued by the Company in connection with a transaction
to which Section 424(a) of the Code applies) may be granted under the Plan to a Person who is not eligible to receive an incentive stock
option under the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.5.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares
                           Available for Awards; Adjustments for Changes in Capitalization</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0 6pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;
<U>Maximum Number</U>.&nbsp; Subject to adjustment as provided in Section 1.5(c), the maximum aggregate number of shares of common stock
of the Company, par value $0.004 (&ldquo;Common Stock&rdquo;), with respect to which Awards may at any time be granted under the Plan
shall be 2,000,000.&nbsp; The following shares of Common Stock shall again become available for Awards under the Plan: (i) any shares
that are subject to an Award under the Plan and that remain unissued upon the cancellation or termination of such Award for any reason
whatsoever; (ii) any shares of restricted stock forfeited pursuant to the Plan or the applicable Award Agreement; <U>provided</U> that
any dividend equivalent rights with respect to such shares that have not theretofore been directly remitted to the grantee are also forfeited;
and (iii) any shares in respect of which an Award is settled for cash without the delivery of shares to the grantee.&nbsp; Any shares
tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any Award shall again become available
to be delivered pursuant to Awards under the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Source of Shares</U>.&nbsp; Shares issued pursuant to the Plan may be authorized but unissued Common Stock or treasury shares.&nbsp;
The Administrator may direct that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth
such restrictions on transferability as may apply to such shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Adjustments</U>.&nbsp; (i)&nbsp; In the event that any dividend or other distribution (whether in the form of cash, Company shares,
other securities or other property), stock split, reverse stock split, reorganization, merger, consolidation, split-up, combination,
repurchase or exchange of Company shares or other securities of the Company, issuance of warrants or other rights to purchase Company
shares or other securities of the Company, or other similar corporate transaction or event, other than an Equity Restructuring (as defined
below), affects the Company shares such that an adjustment is determined by the Administrator to be appropriate in order to prevent dilution
or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to an Award, then the
Administrator shall, in such manner as it may deem equitable, adjust any or all of the number of shares or other securities of the Company
(or number and kind of other securities or property) with respect to which Awards may be granted under the Plan.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify; text-indent: 99pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;
The Administrator is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition
of unusual or nonrecurring events (including the events described in Section 1.5(c)(i) or the occurrence of a Change in Control (as defined
below), other than an Equity Restructuring) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate,
or of changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange, accounting
principles or law, whenever the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement
of the benefits or potential benefits intended to be made available under the Plan or with respect to an Award, including providing for
(A) adjustment to (1) the number of shares or other securities of the Company (or number and kind of other securities or property) subject
to outstanding Awards or to which outstanding Awards relate and (2) the Exercise Price (as defined below) with respect to any Award and
(B) a substitution or assumption of Awards, accelerating the exercisability or vesting of, or lapse of restrictions on, Awards, or accelerating
the termination of Awards by providing for a period of time for exercise prior to the occurrence of such event, or, if deemed appropriate
or desirable, providing for a cash payment to the holder of an outstanding Award in consideration for the cancellation of such Award
(it being understood that, in such event, any option or stock appreciation right having a per share Exercise Price equal to, or in excess
of, the Fair Market Value (as defined below) of a share subject to such option or stock appreciation right may be cancelled and terminated
without any payment or consideration therefor); <U>provided</U><I>, </I><U>however</U>, that with respect to options and stock appreciation
rights, unless otherwise determined by the Administrator, such adjustment shall be made in accordance with the provisions of Section
424(h) of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 99pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;
In the event of (A) a dissolution or liquidation of the Company, (B) a sale of all or substantially all the Company&rsquo;s assets or
(C) a merger, reorganization or consolidation involving the Company or one of its Subsidiaries (as defined below), the Administrator
shall have the power to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;
provide that outstanding options, stock appreciation rights and/or restricted stock units (including any related dividend equivalent
right) shall either continue in effect, be assumed or an equivalent award shall be substituted therefor by the successor entity or a
parent entity or subsidiary entity;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;
cancel, effective immediately prior to the occurrence of such event, options, stock appreciation rights and/or restricted stock units
(including each dividend equivalent right related thereto) and/or other Awards granted under the Plan outstanding immediately prior to
such event (whether or not then exercisable) and, in full consideration of such cancellation, pay to the holder of such Award a cash
payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Administrator) of the shares
subject to such Award (or the value of such Award, as determined by the Administrator, if not based on the Fair Market Value of shares)
over the aggregate Exercise Price of such Award (or the grant price of such Award, if any, if applicable) (it being understood that,
in such event, any option or stock appreciation right having a per share Exercise Price equal to, or in excess of, the Fair Market Value
of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor);
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;
notify the holder of an option or stock appreciation right in writing or electronically that each option and stock appreciation right
shall be fully vested and exercisable for a period of 30 days from the date of such notice, or such shorter period as the Administrator
may determine to be reasonable, and the option or stock appreciation right shall terminate upon the expiration of such period (which
period shall expire no later than immediately prior to the consummation of the corporate transaction).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 99pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;
In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in this Section 1.5(c):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 99pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 99pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;
The number and type of securities or other property subject to each outstanding Award and the Exercise Price or grant price thereof,
if applicable, shall be equitably adjusted; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 99pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;
The Administrator shall make such equitable adjustments, if any, as the Administrator may deem appropriate to reflect such Equity Restructuring
with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustment
of the limitation set forth in Section 1.5(a)).&nbsp; The adjustments provided under this Section 1.5(c)(iv) shall be nondiscretionary
and shall be final and binding on the affected participant and the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;
<U>Individual Limit</U>.&nbsp; Except for the limits set forth in this Section 1.5, no provision of this Plan shall be deemed to limit
the number or value of shares of Common Stock with respect to which the Administrator may make Awards to any Key Person.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.6.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Definitions
                           of Certain Terms</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;
&ldquo;Affiliate&rdquo; shall mean (i) any entity that, directly or indirectly, is controlled by, controls or is under common control
with, the Company and (ii) any entity in which the Company has a significant equity interest, in either case as determined by the Administrator.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;
&nbsp; Unless otherwise specifically set forth in the applicable Award Agreement, in connection with a termination of employment or consultancy/service
relationship or a dismissal from Board membership, for purposes of the Plan, the term &ldquo;for Cause&rdquo; shall be defined as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if there is an employment, severance, consulting, service, change in control or other agreement governing the relationship between the
grantee, on the one hand, and the Company or any Subsidiary or an Affiliate, on the other hand, that contains a definition of &ldquo;cause&rdquo;
(or similar phrase), for purposes of the Plan, the term &ldquo;for Cause&rdquo; shall mean those acts or omissions that would constitute
&ldquo;cause&rdquo; under such agreement; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if the preceding clause (i) is not applicable to the grantee, for purposes of the Plan, the term &quot;for Cause&quot; shall mean any
of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;
any failure by the grantee substantially to perform the grantee&rsquo;s employment or consulting/service or Board membership duties;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;
any excessive unauthorized absenteeism by the grantee;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;
any refusal by the grantee to obey the lawful orders of the Board or any other Person to whom the grantee reports;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;&nbsp;&nbsp;
any act or omission by the grantee that is or may be injurious to the Company or any Subsidiary or Affiliate, whether monetarily, reputationally
or otherwise;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&nbsp;&nbsp;&nbsp;&nbsp;
any act by the grantee that is inconsistent with the best interests of the Company or any Subsidiary or Affiliate;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(F)&nbsp;&nbsp;&nbsp;&nbsp;
the grantee&rsquo;s gross negligence that is injurious to the Company or any Subsidiary or Affiliate, whether monetarily, reputationally
or otherwise;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(G)&nbsp;&nbsp;&nbsp;
the grantee&rsquo;s material violation of any of the policies of the Company or any Subsidiary or Affiliate, as applicable, including,
without limitation, those policies relating to discrimination or sexual harassment;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(H)&nbsp;&nbsp;&nbsp;
the grantee&rsquo;s material breach of his or her employment or service contract with the Company or any Subsidiary or Affiliate;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I)&nbsp;&nbsp;&nbsp;&nbsp;
the grantee&rsquo;s unauthorized (1) removal from the premises of the Company or any Subsidiary or Affiliate of any document (in any
medium or form) relating to the Company or any Subsidiary or Affiliate or the customers or clients of the Company or any Subsidiary or
Affiliate or (2) disclosure to any Person of any of the Company&rsquo;s, or any Subsidiary&rsquo;s or Affiliate&rsquo;s, confidential
or proprietary information;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(J)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the grantee&rsquo;s being convicted of, or entering a plea of guilty or nolo contendere to, any crime that constitutes a felony or involves
moral turpitude; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(K)&nbsp;&nbsp;&nbsp;
the grantee&rsquo;s commission of any act involving dishonesty or fraud.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
rights the Company or any Subsidiary or Affiliate may have under the Plan in respect of the events giving rise to a termination of employment
or consultancy/service relationship &ldquo;for Cause&rdquo; shall be in addition to any other rights the Company or any Subsidiary or
Affiliate may have under any other agreement with a grantee or at law or in equity.&nbsp; Any determination of whether a grantee&rsquo;s
employment, consultancy/service relationship or Board membership is (or is deemed to have been) terminated &ldquo;for Cause&rdquo; shall
be made by the Administrator.&nbsp; If, subsequent to a grantee&rsquo;s voluntary termination of employment or consultancy/service relationship
or voluntarily resignation from the Board or involuntary termination of employment or consultancy/service relationship without Cause
or removal from the Board other than &ldquo;for Cause&rdquo;, it is discovered that the grantee&rsquo;s employment or consultancy/service
relationship or Board membership could have been terminated &ldquo;for Cause&rdquo;, the Administrator may deem such grantee&rsquo;s
employment or consultancy/service relationship or Board membership to have been terminated &ldquo;for Cause&rdquo; upon such discovery
and determination by the Administrator.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;Code&rdquo; shall mean the Internal Revenue Code of 1986, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;
Unless otherwise specifically set forth in the applicable Award Agreement, &ldquo;Disability&rdquo; shall mean the grantee&rsquo;s being
unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less than 12 months, or the grantee&rsquo;s, by
reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months
under an accident and health plan covering employees of the grantee&rsquo;s employer.&nbsp; The existence of a Disability shall be determined
by the Administrator.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;Equity Restructuring&rdquo; shall mean a non-reciprocal transaction between the Company and its shareholders, such as a stock
dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the shares
of Common Stock (or other securities of the Company) or the share price thereof and causes a change in the per share value of the shares
underlying outstanding Awards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;Exercise Price&rdquo; shall mean (i) in the case of options, the price specified in the applicable Award Agreement as the price-per-share
at which such share can be purchased pursuant to the option or (ii) in the case of stock appreciation rights, the price specified in
the applicable Award Agreement as the reference price-per-share used to calculate the amount payable to the grantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;
The &ldquo;Fair Market Value&rdquo; of a share of Common Stock on any day shall be the closing price on the Nasdaq Stock Exchange, or
such other primary stock exchange upon which such shares are then listed, as reported for such day in The Wall Street Journal (or, if
not reported in The Wall Street Journal, such other reliable source as the Administrator may determine), or, if no such price is reported
for such day, the average of the high bid and low asked price of Common Stock as reported for such day.&nbsp; If no quotation is made
for the applicable day, the Fair Market Value of a share of Common Stock on such day shall be determined in the manner set forth in the
preceding sentence for the next preceding trading day.&nbsp; Notwithstanding the foregoing, if there is no reported closing price or
high bid/low asked price that satisfies the preceding sentences, or if otherwise deemed necessary or appropriate by the Administrator,
the Fair Market Value of a share of Common Stock on any day shall be determined by such methods and procedures as shall be established
from time to time by the Administrator.&nbsp; The &ldquo;Fair Market Value&rdquo; of any property other than Common Stock shall be the
fair market value of such property determined by such methods and procedures as shall be established from time to time by the Administrator.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;
&quot;Person&quot; shall mean any individual, firm, corporation, partnership, limited liability company, trust, incorporated or unincorporated
association, joint venture, joint stock company, governmental body or other entity of any kind.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;Repricing&rdquo; shall mean (i) lowering the Exercise Price of an option or a stock appreciation right after it has been granted,
(ii) the cancellation of an option or a stock appreciation right in exchange for cash or another Award when the Exercise Price exceeds
the Fair Market Value of the underlying shares subject to the Award and (iii) any other action with respect to an option or a stock appreciation
right that is treated as a repricing under (A) generally accepted accounting principles or (B) any applicable stock exchange rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless otherwise set forth in the applicable Award Agreement, &ldquo;Retirement&rdquo; shall mean a grantee&rsquo;s resignation of employment
or consultancy/service relationship or dismissal from the Board, with the Company&rsquo;s or its applicable Subsidiary&rsquo;s or Affiliate&rsquo;s
prior consent, on or after (i) his or her 65th birthday, (ii) the date on which he or she has attained age 60 and completed at least
five years of service with the Company or one or more of its Subsidiaries or Affiliates (using any method of calculation the Administrator
deems appropriate) or (iii) if approved by the Administrator, on or after his or her having completed at least 20 years of service with
the Company or one or more of its Subsidiaries or Affiliates (using any method of calculation the Administrator deems appropriate).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;Subsidiary&rdquo; shall mean any entity in which the Company, directly or indirectly, has a 50% or more equity interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
II.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Awards
Under The Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.1.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Agreements
                           Evidencing Awards</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Award granted under the Plan shall be evidenced by a written certificate (&ldquo;Award Agreement&rdquo;), which shall contain such provisions
as the Administrator may deem necessary or desirable and which may, but need not, require execution or acknowledgment by a grantee.&nbsp;
The Award shall be subject to all of the terms and provisions of the Plan and the applicable Award Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.2.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Grant
                           of Stock Options and Stock Appreciation Rights</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0 6pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Stock Option Grants</U>.&nbsp; The Administrator may grant non-qualified stock options and/or incentive stock options (collectively,
&ldquo;options&rdquo;) to purchase shares of Common Stock from the Company to such Key Persons, and in such amounts and subject to such
vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of
the Plan.&nbsp; Except to the extent otherwise specifically provided in the applicable Award Agreement, no option will be treated as
an &ldquo;incentive stock option&rdquo; for purposes of the Code.&nbsp; Incentive stock options may be granted to employees of the Company
and any &ldquo;parent corporation&rdquo; or &ldquo;subsidiary corporation&rdquo; (as such terms are defined in Section 424 of the Code)
of the Company.&nbsp; In the case of incentive stock options, the terms and conditions of such Awards shall be subject to such applicable
rules as may be prescribed by Sections 421, 422 and 424 of the Code and any regulations related thereto, as may be amended from time
to time.&nbsp; If an option is intended to be an incentive stock option, and if for any reason such option (or any portion thereof) shall
not qualify as an incentive stock option for purposes of Section 422 of the Code, then, to the extent of such non-qualification, such
option (or portion thereof) shall be regarded as a non-qualified stock option appropriately granted under the Plan; <U>provided</U> that
such option (or portion thereof) otherwise complies with the Plan&rsquo;s requirements relating to option Awards.&nbsp; It shall be the
intent of the Administrator to not grant an Award in the form of stock options to any Key Person who is then subject to the requirements
of Section 409A of the Code with respect to such Award if the Common Stock (as defined below) underlying such Award does not then qualify
as &ldquo;service recipient stock&rdquo; for purposes of Section 409A.&nbsp; Furthermore, it shall be the intent of the Administrator,
in granting options to Key Persons who are subject to Section 409A and/or 457A of the Code, to structure such options so as to comply
with the requirements of Section 409A and/or 457A of the Code, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Stock Appreciation Right Grants; Types of Stock Appreciation Rights</U>.&nbsp; The Administrator may grant stock appreciation rights
to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the
Administrator shall determine, subject to the provisions of the Plan.&nbsp; The terms of a stock appreciation right may provide that
it shall be automatically exercised for a payment upon the happening of a specified event that is outside the control of the grantee
and that it shall not be otherwise exercisable.&nbsp; Stock appreciation rights may be granted in connection with all or any part of,
or independently of, any option granted under the Plan.&nbsp; It shall be the intent of the Administrator to not grant an Award in the
form of stock appreciation rights to any Key Person (i) who is then subject to the requirements of Section 409A of the Code with respect
to such Award if the Common Stock underlying such Award does not then qualify as &ldquo;service recipient stock&rdquo; for purposes of
Section 409A or (ii) if such Award would create adverse tax consequences for such Key Person under Section 457A of the Code. Furthermore,
it shall be the intent of the Administrator, in granting stock appreciation rights to Key Persons who are subject to Section 409A and/or
Section 457A of the Code, to structure such stock appreciation rights so as to comply with the requirements of Section 409A and/or Section
457A of the Code, to the extent applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Nature of Stock Appreciation Rights</U>.&nbsp; The grantee of a stock appreciation right shall have the right, subject to the terms
of the Plan and the applicable Award Agreement, to receive from the Company an amount equal to (i) the excess of the Fair Market Value
of a share of Common Stock on the date of exercise of the stock appreciation right over the Exercise Price of the stock appreciation
right, multiplied by (ii) the number of shares with respect to which the stock appreciation right is exercised.&nbsp; Each Award Agreement
with respect to a stock appreciation right shall set forth the Exercise Price of such Award and, unless otherwise specifically provided
in the Award Agreement, the Exercise Price of a stock appreciation right shall equal the Fair Market Value of a share of Common Stock
on the date of grant; <U>provided</U> that in no event may such Exercise Price be less than the greater of (A) the Fair Market Value
of a share of Common Stock on the date of grant and (B) the par value of a share of Common Stock.&nbsp; Payment upon exercise of a stock
appreciation right shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of exercise of the stock
appreciation right) or any combination of both, all as the Administrator shall determine.&nbsp; Repricing of stock appreciation rights
granted under the Plan shall not be permitted (1) to the extent such action could cause adverse tax consequences to the grantee under
Sections 409A or 457A of the Code or (2) without prior shareholder approval, to the extent such approval would be required to be obtained
by the Company pursuant to the applicable rules of any applicable stock exchange on which the Common Stock is then listed, and any action
that would be deemed to result in a Repricing of a stock appreciation right shall be deemed null and void if it would cause such adverse
tax consequences or if any requisite shareholder approval related thereto is not obtained prior to the effective time of such action.&nbsp;
Upon the exercise of a stock appreciation right granted in connection with an option, the number of shares subject to the option shall
be reduced by the number of shares with respect to which the stock appreciation right is exercised.&nbsp; Upon the exercise of an option
in connection with which a stock appreciation right has been granted, the number of shares subject to the stock appreciation right shall
be reduced by the number of shares with respect to which the option is exercised.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Option Exercise Price</U>.&nbsp; Each Award Agreement with respect to an option shall set forth the Exercise Price of such Award and,
unless otherwise specifically provided in the Award Agreement, the Exercise Price of an option shall equal the Fair Market Value of a
share of Common Stock on the date of grant; <U>provided</U> that in no event may such Exercise Price be less than the greater of (i)
the Fair Market Value of a share of Common Stock on the date of grant and (ii) the par value of a share of Common Stock.&nbsp; Repricing
of options granted under the Plan shall not be permitted (1) to the extent such action could cause adverse tax consequences to the grantee
under Sections 409A or 457A of the Code or (2) without prior shareholder approval, to the extent such approval would be required to be
obtained by the Company pursuant to the applicable rules of any applicable stock exchange on which the Common Stock is then listed, and
any action that would be deemed to result in a Repricing of an option shall be deemed null and void if it would cause such adverse tax
consequences or if any requisite shareholder approval related thereto is not obtained prior to the effective time of such action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.3.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise
                           of Options and Stock Appreciation Rights</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the other provisions of this Article II and the Plan, each option and stock appreciation right granted under the Plan shall be exercisable
as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;
<U>Timing and Extent of Exercise</U>.&nbsp; Options and stock appreciation rights shall be exercisable at such times and under such conditions
as determined by the Administrator and set forth in the corresponding Award Agreement, but in no event shall any portion of such Award
be exercisable subsequent to the tenth anniversary of the date on which such Award was granted.&nbsp; Unless the applicable Award Agreement
otherwise specifically provides, an option or stock appreciation right may be exercised from time to time as to all or part of the shares
as to which such Award is then exercisable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Notice of Exercise</U>.&nbsp; An option or stock appreciation right shall be exercised by the filing of a written notice with the
Company or the Company&rsquo;s designated exchange agent (the &ldquo;Exchange Agent&rdquo;), on such form and in such manner as the Administrator
shall prescribe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Payment of Exercise Price</U>.&nbsp; Any written notice of exercise of an option shall be accompanied by payment for the shares being
purchased.&nbsp; Such payment shall be made: (i) by certified or official bank check (or the equivalent thereof acceptable to the Company
or its Exchange Agent) for the full option Exercise Price; (ii) with the consent of the Administrator, which consent shall be given or
withheld in the sole discretion of the Administrator, by delivery of shares of Common Stock having a Fair Market Value (determined as
of the exercise date) equal to all or part of the option Exercise Price and a certified or official bank check (or the equivalent thereof
acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise Price; or (iii) at the sole discretion
of the Administrator and to the extent permitted by law, by such other provision, consistent with the terms of the Plan, as the Administrator
may from time to time prescribe (whether directly or indirectly through the Exchange Agent), or by any combination of the foregoing payment
methods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Delivery of Certificates Upon Exercise</U>.&nbsp; Subject to Sections 3.2, 3.4 and 3.13, promptly after receiving payment of the full
option Exercise Price, or after receiving notice of the exercise of a stock appreciation right for which the Administrator determines
payment will be made partly or entirely in shares, the Company or its Exchange Agent shall (i) deliver to the grantee, or to such other
Person as may then have the right to exercise the Award, a certificate or certificates for the shares of Common Stock for which the Award
has been exercised or, in the case of stock appreciation rights, for which the Administrator determines will be made in shares or (ii)
establish an account evidencing ownership of the stock in uncertificated form. &nbsp;If the method of payment employed upon an option
exercise so requires, and if applicable law permits, an optionee may direct the Company or its Exchange Agent, as the case may be, to
deliver the stock certificate(s) to the optionee&rsquo;s stockbroker.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;
<U>No Shareholder Rights</U>.&nbsp; No grantee of an option or stock appreciation right (or other Person having the right to exercise
such Award) shall have any of the rights of a shareholder of the Company with respect to shares subject to such Award until the issuance
of a stock certificate to such Person for such shares or an account in the name of the grantee evidences ownership of stock in uncertificated
form.&nbsp; Except as otherwise provided in Section 1.5(c), no adjustment shall be made for dividends, distributions or other rights
(whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date
such stock certificate is issued or the date an account evidencing ownership of the stock in uncertificated form notes receipt of such
stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.4.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Termination
                           of Employment; Death Subsequent to a Termination of Employment</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;
<U>General Rule</U>.&nbsp; Except to the extent otherwise provided in paragraphs (b), (c), (d), (e) or (f) of this Section 2.4 or Section
3.5(b)(iii), a grantee who incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries
and Affiliates or dismissal from the Board may exercise any outstanding option or stock appreciation right on the following terms and
conditions: (i) exercise may be made only to the extent that the grantee was entitled to exercise the Award on the date of termination
of employment or consultancy/service relationship or dismissal from the Board, as applicable; and (ii) exercise must occur within three
months after termination of employment or consultancy/service relationship or dismissal from the Board but in no event after the original
expiration date of the Award; it being understood that then outstanding options and stock appreciation rights shall not be affected by
a change of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates so long as the grantee
continues to be a director, officer or employee of, or a consultant or service provider to (or a Person employed by or providing services
to any entity that that is itself a consultant or service provider to), the Company or any Subsidiary or Affiliate, and that reference
to a termination of a service relationship includes a removal as a director or officer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;
<U>Dismissal &ldquo;for Cause&rdquo;</U>.&nbsp; If a grantee incurs a termination of employment or consultancy/service relationship with
the Company and its Subsidiaries and Affiliates or dismissal from the Board in each case &ldquo;for Cause&rdquo;, all options and stock
appreciation rights not theretofore exercised shall immediately terminate upon the grantee&rsquo;s termination of employment or consultancy/service
relationship or dismissal from the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;
&nbsp;&nbsp; <U>Retirement</U>.&nbsp; If a grantee incurs a termination of employment or consultancy/service relationship with the Company
and its Subsidiaries and Affiliates or dismissal from the Board in each case as the result of his or her Retirement, then any outstanding
option or stock appreciation right shall, to the extent exercisable at the time of such Retirement, remain exercisable for a period of
three years after such Retirement; <U>provided</U> that in no event may such option or stock appreciation right be exercised following
the original expiration date of the Award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;
&nbsp; <U>Disability</U>.&nbsp; If a grantee incurs a termination of employment or consultancy/service relationship with the Company
and its Subsidiaries and Affiliates or a dismissal from the Board in each case by reason of a Disability, then any outstanding option
or stock appreciation right shall, to the extent exercisable at the time of such termination or dismissal, remain exercisable for a period
of one year after such termination or dismissal; <U>provided</U> that in no event may such option or stock appreciation right be exercised
following the original expiration date of the Award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Death</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Termination of Employment/Service as a Result of Grantee&rsquo;s Death</I>.&nbsp; If a grantee incurs a termination of employment
or consultancy/service relationship with the Company and its Subsidiaries and Affiliates or leaves the Board in each case as the result
of his or her death, then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such death,
remain exercisable for a period of one year after such death; <U>provided</U> that in no event may such option or stock appreciation
right be exercised following the original expiration date of the Award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Restrictions on Exercise Following Death</I>.&nbsp; Any such exercise of an Award following a grantee&rsquo;s death shall be made
only by the grantee&rsquo;s executor or administrator or other duly appointed representative reasonably acceptable to the Administrator,
unless the grantee&rsquo;s will specifically disposes of such Award, in which case such exercise shall be made only by the recipient
of such specific disposition.&nbsp; If a grantee&rsquo;s personal representative or the recipient of a specific disposition under the
grantee&rsquo;s will shall be entitled to exercise any Award pursuant to the preceding sentence, such representative or recipient shall
be bound by all the terms and conditions of the Plan and the applicable Award Agreement which would have applied to the grantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 63pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Administrator Discretion</U>.&nbsp; The Administrator may, in writing, waive or modify the application of the foregoing provisions
of this Section 2.4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.5.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transferability
                           of Options and Stock Appreciation Rights</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise specifically provided in this Plan or the applicable Award Agreement evidencing an option or stock appreciation right, during
the lifetime of a grantee, each such Award granted to a grantee shall be exercisable only by the grantee, and no such Award may be sold,
assigned, transferred, pledged or otherwise encumbered or disposed of other than by will or by the laws of descent and distribution.&nbsp;
The Administrator may, in any applicable Award Agreement evidencing an option or stock appreciation right, permit a grantee to transfer
all or some of the options or stock appreciation rights to (a) the grantee&rsquo;s spouse, children or grandchildren (&ldquo;Immediate
Family Members&rdquo;), (b) a trust or trusts for the exclusive benefit of such Immediate Family Members or (c) other parties approved
by the Administrator.&nbsp; Following any such transfer, any transferred options and stock appreciation rights shall continue to be subject
to the same terms and conditions as were applicable immediately prior to the transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.6.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Grant
                           of Restricted Stock</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; text-align: justify; text-indent: 36pt"><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: 3pt 0 6pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Restricted Stock Grants</U>.&nbsp; The Administrator may grant restricted shares of Common Stock to such Key Persons, in such amounts
and subject to such vesting and forfeiture provisions and other terms and conditions as the Administrator shall determine, subject to
the provisions of the Plan.&nbsp; A grantee of a restricted stock Award shall have no rights with respect to such Award unless such grantee
accepts the Award within such period as the Administrator shall specify by accepting delivery of a restricted stock Award Agreement in
such form as the Administrator shall determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Issuance of Stock Certificate</U>.&nbsp; Promptly after a grantee accepts a restricted stock Award in accordance with Section 2.6(a),
subject to Sections 3.2, 3.4 and 3.13, the Company or its Exchange Agent shall issue to the grantee a stock certificate or stock certificates
for the shares of Common Stock covered by the Award or shall establish an account evidencing ownership of the stock in uncertificated
form.&nbsp; Upon the issuance of such stock certificates, or establishment of such account, the grantee shall have the rights of a shareholder
with respect to the restricted stock, subject to: (i) the nontransferability restrictions and forfeiture provisions described in the
Plan (including paragraphs (d) and (e) of this Section 2.6); (ii) in the Administrator&rsquo;s sole discretion, a requirement, as set
forth in the Award Agreement, that any dividends paid on such shares shall be held in escrow and, unless otherwise determined by the
Administrator, shall remain forfeitable until all restrictions on such shares have lapsed; and (iii) any other restrictions and conditions
contained in the applicable Award Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Custody of Stock Certificate</U>.&nbsp; Unless the Administrator shall otherwise determine, any stock certificates issued evidencing
shares of restricted stock shall remain in the possession of the Company (or such other custodian as may be designated by the Administrator)
until such shares are free of any restrictions specified in the applicable Award Agreement.&nbsp; The Administrator may direct that such
stock certificates bear a legend setting forth the applicable restrictions on transferability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Nontransferability</U>.&nbsp; Except as otherwise specifically provided in this Plan or the applicable Award Agreement evidencing
a restricted stock Award, shares of restricted stock granted under the Plan may not be sold, assigned, transferred, pledged or otherwise
encumbered or disposed of prior to the lapsing of all restrictions thereon.&nbsp; The Administrator at the time of grant shall specify
the date or dates (which may depend upon or be related to the attainment of performance goals and other conditions) on which the nontransferability
of the restricted stock shall lapse.&nbsp; The Administrator may, in any applicable Award Agreement evidencing a restricted stock Award,
permit a grantee to transfer all or some of the shares of restricted stock prior to the lapsing of all restrictions thereon to (i) the
grantee&rsquo;s Immediate Family Members, (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members or (iii)
other parties approved by the Administrator.&nbsp; Following any permitted transfer prior to the lapsing of all restrictions on the restricted
stock, any transferred shares of restricted stock shall continue to be subject to the same terms and conditions as were applicable immediately
prior to the transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;
<U>Consequence of Termination of Employment/Service</U>.&nbsp; Unless otherwise set forth in the applicable Award Agreement, (i) a grantee&rsquo;s
termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates or dismissal from
the Board for any reason other than death, Disability or Retirement shall cause the immediate forfeiture of all shares of restricted
stock that have not yet vested as of the date of such termination of employment or consultancy/service relationship or dismissal from
the Board and (ii) if a grantee incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries
and Affiliates or dismissal from the Board as the result of his or her death, Disability or Retirement, all shares of restricted stock
that have not yet vested as of the date of such termination or departure from the Board shall immediately vest as of such date; it being
understood that then outstanding restricted stock Awards shall not be affected by a change of employment or consultancy/service relationship
with the Company and its Subsidiaries and Affiliates so long as the grantee continues to be a director, officer or employee of, or a
consultant or service provider to (or a Person employed by or providing services to any entity that that is itself a consultant or service
provider to), the Company or any Subsidiary or Affiliate, and that reference to a termination of a service relationship includes a removal
as a director or officer.&nbsp; Unless otherwise determined by the Administrator, all dividends paid on shares forfeited under this Section
2.6(e) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow
arrangement under which such dividends are held or otherwise.&nbsp; The Administrator may, in writing, waive or modify the application
of the foregoing provisions of this Section 2.6(e).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.7.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Grant
                           of Restricted Stock Units</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; text-align: justify; text-indent: 36pt"><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: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Restricted Stock Unit Grants</U>.&nbsp; The Administrator may grant restricted stock units to such Key Persons, and in such amounts
and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to
the provisions of the Plan.&nbsp; A restricted stock unit granted under the Plan shall confer upon the grantee a right to receive from
the Company, conditioned upon the occurrence of such vesting event as shall be determined by the Administrator and specified in the Award
Agreement, the number of such grantee&rsquo;s restricted stock units that vest upon the occurrence of such vesting event multiplied by
the Fair Market Value of a share of Common Stock on the date of vesting.&nbsp; Payment upon vesting of a restricted stock unit shall
be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of vesting) or both, all as the Administrator
shall determine, and such payments shall be made to the grantee at such time as provided in the Award Agreement, which the Administrator
shall intend to be (i) if Section 409A of the Code is applicable to the grantee, within the period required by Section 409A such that
it qualifies as a &ldquo;short-term deferral&rdquo; pursuant to Section 409A and the Treasury Regulations issued thereunder, unless the
Administrator shall provide for deferral of the Award intended to comply with Section 409A, (ii) if Section 457A of the Code is applicable
to the grantee, within the period required by Section 457A(d)(3)(B) such that it qualifies for the exemption thereunder, or (iii) if
Sections 409A and 457A of the Code are not applicable to the grantee, at such time as determined by the Administrator.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Dividend Equivalents</U>.&nbsp; The Administrator may include in any Award Agreement with respect to a restricted stock unit a dividend
equivalent right entitling the grantee to receive amounts equal to the ordinary dividends that would be paid, during the time such Award
is outstanding and unvested, and/or, if payment of the vested Award is deferred, during the period of such deferral following such vesting
event, on the shares of Common Stock underlying such Award if such shares were then outstanding.&nbsp; In the event such a provision
is included in a Award Agreement, the Administrator shall determine whether such payments shall be (i) paid to the holder of the Award,
as specified in the Award Agreement, either (A) at the same time as the underlying dividends are paid, regardless of the fact that the
restricted stock unit has not theretofore vested, (B) at the time at which the Award&rsquo;s vesting event occurs, conditioned upon the
occurrence of the vesting event, (C) once the Award has vested, at the same time as the underlying dividends are paid, regardless of
the fact that payment of the vested restricted stock unit has been deferred, and/or (D) at the time at which the corresponding vested
restricted stock units are paid, (ii) made in cash, shares of Common Stock or other property and (iii) subject to such other vesting
and forfeiture provisions and other terms and conditions as the Administrator shall deem appropriate and as shall be set forth in the
Award Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;
<U>Consequence of Termination of Employment/Service</U>.&nbsp; Unless otherwise set forth in the applicable Award Agreement, (i) a grantee&rsquo;s
termination of employment or consultancy/service relationship with the Company and its Subsidiaries and Affiliates or dismissal from
the Board for any reason other than death, Disability or Retirement shall cause the immediate forfeiture of all restricted stock units
that have not yet vested as of the date of such termination of employment or consultancy/service relationship or dismissal from the Board
and (ii) if a grantee incurs a termination of employment or consultancy/service relationship with the Company and its Subsidiaries and
Affiliates or dismissal from the Board as the result of his or her death, Disability or Retirement, all restricted stock units that have
not yet vested as of the date of such termination or departure from the Board shall immediately vest as of such date; it being understood
that then outstanding restricted stock units shall not be affected by a change of employment or consultancy/service relationship with
the Company and its Subsidiaries and Affiliates so long as the grantee continues to be a director, officer or employee of, or a consultant
or service provider to (or a Person employed by or providing services to any entity that that is itself a consultant or service provider
to), the Company or any Subsidiary or Affiliate, and that reference to a termination of a service relationship includes a removal as
a director or officer.&nbsp; Unless otherwise determined by the Administrator, any dividend equivalent rights on any restricted stock
units forfeited under this Section 2.7(c) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether
by termination of any escrow arrangement under which such dividends are held or otherwise.&nbsp; The Administrator may, in writing, waive
or modify the application of the foregoing provisions of this Section 2.7(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;
<U>No Shareholder Rights</U>.&nbsp; No grantee of a restricted stock unit shall have any of the rights of a shareholder of the Company
with respect to such Award unless and until a stock certificate is issued with respect to such Award upon the vesting of such Award or
an account in the name of the grantee evidences ownership of stock in uncertificated form (it being understood that the Administrator
shall determine whether to pay any vested restricted stock unit in the form of cash or Company shares or both), which issuance shall
be subject to Sections 3.2, 3.4 and 3.13.&nbsp; Except as otherwise provided in Section 1.5(c), no adjustment to any restricted stock
unit shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or
other property) for which the record date is prior to the date such stock certificate, if any, is issued or the date an account evidencing
ownership of the stock in uncertificated form notes receipt of such stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Transferability of Restricted Stock Units</U>.&nbsp; Except as otherwise provided in an applicable Award Agreement evidencing a restricted
stock unit, no restricted stock unit granted under the Plan shall be assignable or transferable.&nbsp; The Administrator may, in any
applicable Award Agreement evidencing a restricted stock unit, permit a grantee to transfer all or some of the restricted stock units
to (i) the grantee&rsquo;s Immediate Family Members, (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members
or (iii) other parties approved by the Administrator.&nbsp; Following any such transfer, any transferred restricted stock units shall
continue to be subject to the same terms and conditions as were applicable immediately prior to the transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.8.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Grant
                           of Unrestricted Stock</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Administrator may grant (or sell at a purchase price at least equal to par value) shares of Common Stock free of restrictions under the
Plan to such Key Persons and in such amounts and subject to such forfeiture provisions as the Administrator shall determine.&nbsp; Shares
may be thus granted or sold in respect of past services or other valid consideration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><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: 3pt 0; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top"><TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.9.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other
                           Stock-Based Awards</B></FONT></P></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; text-align: justify; text-indent: 36pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the Plan (including, without limitation, Section 3.16), the Administrator shall have the sole and complete authority
to grant to Key Persons other equity-based or equity-related Awards in such amounts and subject to such terms and conditions as the Administrator
shall determine; provided that any such Awards must comply with applicable law and, to the extent deemed desirable by the Administrator,
Rule 16b-3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.10.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend
                           Equivalents</B></FONT></P></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; text-align: justify; text-indent: 36pt"><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: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the Plan (including, without limitation, Section 3.16), in the discretion of the Administrator, an Award, other
than an option or stock appreciation right, may provide the Award recipient with dividends or dividend equivalents, payable in cash,
shares, other securities, other Awards or other property, on a current or deferred basis, on such terms and conditions as may be determined
by the Administrator, including, without limitation, payment directly to the Award recipient, withholding of such amounts by the Company
subject to vesting of the Award, or reinvestment in additional shares, restricted shares or other Awards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
III.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Miscellaneous</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.1.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment
                           of the Plan; Modification of Awards</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Amendment of the Plan</U>.&nbsp; The Board may from time to time suspend, discontinue, revise or amend the Plan in any respect whatsoever,
except that no such amendment shall materially impair any rights or materially increase any obligations under any Award theretofore made
under the Plan without the consent of the grantee (or, upon the grantee&rsquo;s death, the Person having the rights to the Award).&nbsp;
For purposes of this Section 3.1, any action of the Board or the Administrator that in any way alters or affects the tax treatment of
any Award shall not be considered to materially impair any rights of any grantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Shareholder Approval Requirement</U>.&nbsp; If required by applicable rules or regulations of a national securities exchange or the
SEC, the Company shall obtain shareholder approval with respect to any amendment to the Plan that (i) expands the types of Awards available
under the Plan, (ii) materially increases the aggregate number of shares which may be issued under the Plan, except as permitted pursuant
to Section 1.5(c), (iii) materially increases the benefits to participants under the Plan, including any material change to (A) permit,
or that has the effect of, a Repricing of any outstanding Award, (B) reduce the price at which shares or options to purchase shares may
be offered or (C) extend the duration of the Plan, or (iv) materially expands the class of Persons eligible to receive Awards under the
Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;
<U>Modification of Awards</U>.&nbsp; The Administrator may cancel any Award under the Plan.&nbsp; The Administrator also may amend any
outstanding Award Agreement, including, without limitation, by amendment which would: (i) accelerate the time or times at which the Award
becomes unrestricted, vested or may be exercised; (ii) waive or amend any goals, restrictions or conditions set forth in the Award Agreement;
or (iii) waive or amend the operation of Sections 2.4, 2.6(e) or 2.7(c) with respect to the termination of the Award upon termination
of employment or consultancy/service relationship or dismissal from the Board; <U>provided</U>, <U>however</U>, that no such amendment
shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable
to the Award.&nbsp; However, any such cancellation or amendment (other than an amendment pursuant to Section 1.5, 3.5 or 3.16) that materially
impairs the rights or materially increases the obligations of a grantee under an outstanding Award shall be made only with the consent
of the grantee (or, upon the grantee&rsquo;s death, the Person having the rights to the Award).&nbsp; In making any modification to an
Award (<U>e.g.</U>, an amendment resulting in a direct or indirect reduction in the Exercise Price or a waiver or modification under
Section 2.4(f), 2.6(e) or 2.7(c)), the Administrator may consider the implications, if any, of such modification under the Code with
respect to Sections 409A and 457A of the Code with respect to Awards granted under the Plan to individuals subject to such provisions
of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.2.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consent
                           Requirement</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>No Plan Action Without Required Consent</U>.&nbsp; If the Administrator shall at any time determine that any Consent (as defined below)
is necessary or desirable as a condition of, or in connection with, the granting of any Award under the Plan, the issuance or purchase
of shares or other rights thereunder, or the taking of any other action thereunder (each such action being hereinafter referred to as
a &ldquo;Plan Action&rdquo;), then such Plan Action shall not be taken, in whole or in part, unless and until such Consent shall have
been effected or obtained to the full satisfaction of the Administrator.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Consent Defined</U>.&nbsp; The term &ldquo;Consent&rdquo; as used herein with respect to any Plan Action means (i) any and all listings,
registrations or qualifications in respect thereof upon any securities exchange or under any federal, state or local law, rule or regulation,
(ii) any and all written agreements and representations by the grantee with respect to the disposition of shares, or with respect to
any other matter, which the Administrator shall deem necessary or desirable to comply with the terms of any such listing, registration
or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration be made and (iii)
any and all consents, clearances and approvals in respect of a Plan Action by any governmental or other regulatory bodies or any other
Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.3.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nonassignability</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as provided in Sections 2.4(e), 2.5, 2.6(d) or 2.7(e),<B><I>&nbsp;</I></B>(a) no Award or right granted to any Person under the Plan
or under any Award Agreement shall be assignable or transferable other than by will or by the laws of descent and distribution and (b)
all rights granted under the Plan or any Award Agreement shall be exercisable during the life of the grantee only by the grantee or the
grantee&rsquo;s legal representative or the grantee&rsquo;s permissible successors or assigns (as authorized and determined by the Administrator).&nbsp;
All terms and conditions of the Plan and the applicable Award Agreements will be binding upon any permitted successors or assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.4.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Taxes</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Withholding</U>.&nbsp; A grantee or other Award holder under the Plan shall be required to pay, in cash, to the Company, and the Company
and its Subsidiaries and Affiliates shall have the right and are hereby authorized to withhold from any Award, from any payment due or
transfer made under any Award or under the Plan or from any compensation or other amount owing to such grantee or other Award holder,
the amount of any applicable withholding taxes in respect of an Award, its grant, its exercise, its vesting, or any payment or transfer
under an Award or under the Plan, and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations
for payment of such taxes.&nbsp; Whenever shares of Common Stock are to be delivered pursuant to an Award under the Plan, with the approval
of the Administrator, which the Administrator shall have sole discretion whether or not to give, the grantee may satisfy the foregoing
condition by electing to have the Company withhold from delivery shares having a value equal to the amount of minimum tax required to
be withheld.&nbsp; Such shares shall be valued at their Fair Market Value as of the date on which the amount of tax to be withheld is
determined.&nbsp; Fractional share amounts shall be settled in cash.&nbsp; Such a withholding election may be made with respect to all
or any portion of the shares to be delivered pursuant to an Award as may be approved by the Administrator in its sole discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;
<U>Liability for Taxes</U>.&nbsp; Grantees and holders of Awards are solely responsible and liable for the satisfaction of all taxes
and penalties that may arise in connection with Awards (including, without limitation, any taxes arising under Sections 409A and 457A
of the Code) and the Company shall not have any obligation to indemnify or otherwise hold any such Person harmless from any or all of
such taxes.&nbsp; The Administrator shall have the discretion to organize any deferral program, to require deferral election forms, and
to grant or, notwithstanding anything to the contrary in the Plan or any Award Agreement, to unilaterally modify any Award in a manner
that (i) conforms with the requirements of Sections 409A and 457A of the Code (to the extent applicable), (ii) voids any participant
election to the extent it would violate Sections 409A or 457A of the Code (to the extent applicable) and (iii) for any distribution event
or election that could be expected to violate Section 409A of the Code, make the distribution only upon the earliest of the first to
occur of a &quot;permissible distribution event&quot; within the meaning of Section 409A of the Code or a distribution event that the
participant elects in accordance with Section 409A of the Code.&nbsp; The Administrator shall have the sole discretion to interpret the
requirements of the Code, including, without limitation, Sections 409A and 457A, for purposes of the Plan and all Awards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.5.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change
                           in Control</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Change in Control Defined</U>.&nbsp; Unless otherwise specifically set forth in the applicable Award Agreement, for purposes of the
Plan, &ldquo;Change in Control&rdquo; shall mean the occurrence of any of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any &ldquo;person&rdquo; (as defined in Section 13(d)(3) of the 1934 Act), company or other entity acquires &ldquo;beneficial ownership&rdquo;
(as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of more than 50% of the aggregate voting power of the capital
stock ordinarily entitled to elect directors of the Company; provided, however, that no Change in Control shall have occurred in the
event of such an acquisition by (A) the Company, (B) any trustee or other fiduciary holding securities under an employee benefit plan
of the Company or any Subsidiary or Affiliate or (C) any company or other entity owned, directly or indirectly, by the holders of the
voting stock ordinarily entitled to elect directors of the Company in substantially the same proportions as their ownership of the aggregate
voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to such acquisition or (D)
Athanasios Feidakis, Georgios Feidakis, Firment Shipping Inc., or Goldenmare Limited or any entity which any of them directly or indirectly
&ldquo;controls&rdquo; (as defined in Rule 12b-2 under the 1934 Act);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0 6pt; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the sale of all or substantially all the Company&rsquo;s assets in one or more related transactions to any &ldquo;person&rdquo; (as defined
in Section 13(d)(3) of the 1934 Act), company or other entity; provided, however, that no Change of Control shall have occurred in the
event of such a sale to (A) a Subsidiary which does not involve a material change in the equity holdings of the Company, (B) to an entity
(the &ldquo;Acquiring Entity&rdquo;) which has acquired all or substantially all the Company&rsquo;s assets if, immediately following
such sale, 50% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity
(or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of more than 50% of the aggregate
voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity) is beneficially owned by the holders
of the voting stock ordinarily entitled to elect directors of the Company immediately prior to such sale in substantially the same proportions
as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to such sale
or (C) Athanasios Feidakis, Georgios Feidakis, Firment Shipping Inc., or Goldenmare Limited or any entity which any of them directly
or indirectly &ldquo;controls&rdquo; (as defined in Rule 12b-2 under the 1934 Act);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any merger, consolidation, reorganization or similar event of the Company or any Subsidiary; provided, however, that no Change in Control
shall have occurred in the event 50% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors
of the surviving entity (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of more than
50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the surviving entity) is beneficially
owned by the holders of the voting stock ordinarily entitled to elect directors of the Company immediately prior to such event in substantially
the same proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately
prior to such event;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the approval by the Company&rsquo;s shareholders of a plan of complete liquidation or dissolution of the Company; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;during
any period of 12 consecutive calendar months, individuals:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.8pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">who
                                            were directors of the Company on the first day of such period, or</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 5.8pt 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.8pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whose
                                                election or nomination for election to the Board was recommended or approved by at least a majority of the directors then still in
                                                office who were directors of the Company on the first day of such period, or whose election or nomination for election were so
                                                approved, shall cease to constitute a majority of the Board.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, unless otherwise specifically set forth in the applicable Award Agreement, for each Award subject to Section 409A of the
Code, a Change in Control shall be deemed to have occurred under this Plan with respect to such Award only if a change in the ownership
or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company shall also be
deemed to have occurred under Section 409A of the Code, <U>provided</U> that such limitation shall apply to such Award only to the extent
necessary to avoid adverse tax effects under Section 409A of the Code.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Effect of a Change in Control</U>.&nbsp; Unless the Administrator specifically provides otherwise in an Award Agreement, upon the
occurrence of a Change in Control:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
notwithstanding any other provision of this Plan, any Award then outstanding shall become fully vested and any restriction and forfeiture
provisions thereon imposed pursuant to the Plan and the applicable Award Agreement shall lapse and any Award in the form of an option
or stock appreciation right shall be immediately exercisable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the extent permitted by law and not otherwise limited by the terms of the Plan, the Administrator may amend any Award Agreement in
such manner as it deems appropriate;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify; text-indent: 63pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a grantee who incurs a termination of employment or consultancy/service relationship or dismissal from
the Board for any reason, other than a termination or dismissal &ldquo;for Cause&rdquo;, concurrent with or within one year following
the Change in Control may exercise any outstanding option or stock appreciation right, but only to the extent that the grantee was entitled
to exercise the Award on the date of his or her termination of employment or consultancy/service relationship or dismissal from the Board,
until the earlier of (A) the original expiration date of the Award and (B) the later of (x) the date provided for under the terms of
Section 2.4 without reference to this Section 3.5(b)(iii) and (y) the first anniversary of the grantee&rsquo;s termination of employment
or consultancy/service relationship or dismissal from the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Miscellaneous</U>.&nbsp; Whenever deemed appropriate by the Administrator, any action referred to in paragraph (b)(ii) of this Section
3.5 may be made conditional upon the consummation of the applicable Change in Control transaction.&nbsp; For purposes of the Plan and
any Award Agreement granted hereunder, the term &ldquo;Company&rdquo; shall include any successor to Globus Maritime Limited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.6.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Operation
                           and Conduct of Business</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
in the Plan or any Award Agreement shall be construed as limiting or preventing the Company or any Subsidiary or Affiliate from taking
any action with respect to the operation and conduct of its business that it deems appropriate or in its best interests, including any
or all adjustments, recapitalizations, reorganizations, exchanges or other changes in the capital structure of the Company or any Subsidiary
or Affiliate, any merger or consolidation of the Company or any Subsidiary or Affiliate, any issuance of Company shares or other securities
or subscription rights, any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock
or other securities or rights thereof, any dissolution or liquidation of the Company or any Affiliate, any sale or transfer of all or
any part of the assets or business of the Company or any Subsidiary or Affiliate, or any other corporate act or proceeding, whether of
a similar character or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><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: 3pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.7.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
                           Rights to Awards</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Key Person or other Person shall have any claim to be granted any Award under the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.8.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Right
                           of Discharge Reserved</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
in the Plan or in any Award Agreement shall confer upon any grantee the right to continue his or her employment with the Company or any
Subsidiary or Affiliate, his or her consultancy/service relationship with the Company or any Subsidiary or Affiliate, or his or her position
as a director of the Company or any Subsidiary or Affiliate, or affect any right that the Company or any Affiliate may have to terminate
such employment or consultancy/service relationship or service as a director. For the avoidance of doubt, for purposes of the Plan, reference
to a termination of a service relationship with the Company or any Subsidiary or Affiliate includes a removal as a director or officer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.9.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-Uniform
                           Determinations</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Administrator&rsquo;s determinations and the treatment of Key Persons and grantees and their beneficiaries under the Plan need not be
uniform and may be made and determined by the Administrator selectively among Persons who receive, or who are eligible to receive, Awards
under the Plan (whether or not such Persons are similarly situated).&nbsp; Without limiting the generality of the foregoing, the Administrator
shall be entitled, among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective
Award Agreements, as to (a) the Persons to receive Awards under the Plan, (b) the types of Awards granted under the Plan, (c) the number
of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated with respect to, Awards and
(d) the terms and conditions of Awards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.10.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other
                           Payments or Awards</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
contained in the Plan shall be deemed in any way to limit or restrict the Company from making any award or payment to any Person under
any other plan, arrangement or understanding, whether now existing or hereafter in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.11.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Headings</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
section, subsection, paragraph or other subdivision headings contained herein are for the purpose of convenience only and are not intended
to expand, limit or otherwise define the contents of such section, subsection, paragraph or other subdivision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.12.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effective
                           Date and Term of Plan</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Adoption; Shareholder Approval</U>.&nbsp; The Plan was adopted by the Board on March 7, 2024.&nbsp; The Board may, but need not, make
the granting of any Awards under the Plan subject to the approval of the Company&rsquo;s shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;
&nbsp; <U>Termination of Plan</U>.&nbsp; The Board may terminate the Plan at any time.&nbsp; All Awards made under the Plan prior to
its termination shall remain in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions
of the Plan and the applicable Award Agreements.&nbsp; No Awards may be granted under the Plan following the tenth anniversary of the
date on which the Plan was adopted by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.13.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Restriction
                           on Issuance of Stock Pursuant to Awards</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall not permit any shares of Common Stock to be issued pursuant to Awards granted under the Plan unless such shares of Common
Stock are fully paid and non-assessable under applicable law.&nbsp; Notwithstanding anything to the contrary in the Plan or any Award
Agreement, at the </FONT><FONT STYLE="font-size: 10pt">time of the exercise of any Award, at the time of vesting of any Award, at the
time of payment of shares of Common Stock in exchange for, or in cancellation of, any Award, or at the time of grant of any unrestricted
shares under the Plan, the Company and the Administrator may, if either shall deem it necessary or advisable for any reason, require
the holder of an Award (a) to represent in writing to the Company that it is the Award holder&rsquo;s then-intention to acquire the shares
with respect to which the Award is granted for investment and not with a view to the distribution thereof or (b) to postpone the date
of exercise until such time as the Company has available for delivery to the Award holder a prospectus meeting the requirements of all
applicable securities laws; and no shares<B><I>&nbsp;</I></B>shall be issued or transferred in connection with any Award unless and until
all legal requirements applicable to the issuance or transfer of such shares have been complied with to the satisfaction of the Company
and the Administrator.&nbsp; The Company and the Administrator shall have the right to condition any issuance of shares to any Award
holder hereunder on such Person&rsquo;s undertaking in writing to comply with such restrictions on the subsequent transfer of such shares
as the Company or the Administrator shall deem necessary or advisable as a result of any applicable law, regulation or official interpretation
thereof, and all share certificates delivered under the Plan shall be subject to such stop transfer orders and other restrictions as
the Company or the Administrator may deem advisable under the Plan, the applicable Award Agreement or the rules, regulations and other
requirements of the SEC, any stock exchange upon which such shares are listed, and any applicable securities or other laws, and certificates
representing such shares may contain a legend to reflect any such restrictions.&nbsp; The Administrator may refuse to issue or transfer
any shares or other consideration under an Award if it determines that the issuance or transfer of such shares or other consideration
might violate any applicable law or regulation or entitle the Company to recover the same under Section 16(b) of the 1934 Act, and any
payment tendered to the Company by a grantee or other Award holder in connection with the exercise of such Award shall be promptly refunded
to the relevant grantee or other Award holder.&nbsp; Without limiting the generality of the foregoing, no Award granted under the Plan
shall be construed as an offer to sell securities of the Company, and no such offer shall be outstanding, unless and until the Administrator
has determined that any such offer, if made, would be in compliance with all applicable requirements of any applicable securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.14.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Requirement
                           of Notification of Election Under Section 83(b) of the Code </B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an Award recipient, in connection with the acquisition of Company shares under the Plan, makes an election under Section 83(b) of the
Code (to include in gross income in the year of transfer the amounts specified in Section 83(b) of the Code), the grantee shall notify
the Administrator of such election within ten days of filing notice of the election with the U.S. Internal Revenue Service, in addition
to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.15.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Severability</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as
to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Administrator, such provision
shall be construed or deemed amended to conform to the applicable laws or, if it cannot be construed or deemed amended without, in the
determination of the Administrator, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such
jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.16.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sections
                           409A and 457A</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Sections 409A and 457A of the Code and Department
of Treasury regulations and other interpretive guidance issued thereunder.&nbsp; Notwithstanding any provision of the Plan or any applicable
Award Agreement to the contrary, in the event that the Administrator determines that any Award may be subject to Section 409A or 457A
of the Code, the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures
(including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines
are necessary or appropriate to (i) exempt the Plan and Award from Sections 409A and 457A of the Code and/or preserve the intended tax
treatment of the benefits provided with respect to the Award, or (ii) comply with the requirements of Sections 409A and 457A of the Code
and related Department of Treasury guidance and thereby avoid the application of penalty taxes under Sections 409A and 457A of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.17.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Forfeiture;
                           Clawback</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Administrator may, in its sole discretion, specify in the applicable Award Agreement that any realized gain with respect to options or
stock appreciation rights and any realized value with respect to other Awards shall be subject to forfeiture or clawback, in the event
of (a) a grantee&rsquo;s breach of any non-competition, non-solicitation, confidentiality or other restrictive covenants with respect
to the Company or any Subsidiary or Affiliate, (b) a grantee&rsquo;s or their Affiliate&rsquo;s breach of any employment or consulting
agreement with the Company or any Subsidiary or Affiliate, (c) a grantee&rsquo;s termination of employment or consultancy/service relationship
for Cause or (d) a financial restatement that reduces the amount of compensation under this Plan previously awarded to a grantee that
would have been earned had results been properly reported.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.18.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
                           Trust or Fund Created</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between
the Company or any Subsidiary or Affiliate and an Award recipient or any other Person.&nbsp; To the extent that any Person acquires a
right to receive payments from the Company or any Subsidiary or Affiliate pursuant to an Award, such right shall be no greater than the
right of any unsecured general creditor of the Company or its Subsidiary or Affiliate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.19.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
                           Fractional Shares</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
fractional shares shall be issued or delivered pursuant to the Plan or any Award, and the Administrator shall determine whether cash,
other securities, or other property shall be paid or transferred in lieu of any fractional shares or whether such fractional shares or
any rights thereto shall be canceled, terminated, or otherwise eliminated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.20.</B></FONT></TD>
    <TD STYLE="width: 95%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing
                           Law</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Plan will be construed and administered in accordance with the laws of the State of New York, without giving effect to principles of
conflict of laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<DOCUMENT>
<TYPE>EX-4.17
<SEQUENCE>4
<FILENAME>exhibit417.htm
<DESCRIPTION>EXHIBIT 4.17
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
4.17</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated
10 August 2023&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">devocean
maritime ltd.</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">domina
maritime ltd.</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">dulac
maritime s.a.</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTFUL
SHIPHOLDING S.A.</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SERENA
MARITIME LIMITED</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SALAMINIA
MARITIME LIMITED</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
original Borrowers</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
original Hedge Guarantors</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARGO
MARITIME LIMITED</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TALISMAN
MARITIME LIMITED</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
additional Borrowers</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
additional Hedge Guarantors</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">globus
maritime limited</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
Parent Guarantor</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRST-CITIZENS
BANK &amp; TRUST COMPANY</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
Facility Agent</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRST-CITIZENS
BANK &amp; TRUST COMPANY</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
Security Agent</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECOND
DEED OF ACCESSION, AMENDMENT AND RESTATEMENT</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">relating
to a facility agreement dated 7 May 2021</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><BR STYLE="clear: both"></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Index</B></FONT></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%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Clause</B></FONT></TD>
  <TD STYLE="text-align: right; width: 10%"><B>Page</B></TD></TR>
</TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 420pt; text-indent: -420pt; text-align: justify"></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%">4</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">6</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">6</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">7</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">7</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">9</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">10</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">10</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">10</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">10</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">10</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">11</TD></TR>
</TABLE>
<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 420pt; text-indent: -420pt; text-align: justify"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Schedules</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&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;12</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;14</TD></TR>
</TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Execution</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&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;15</TD></TR>
</TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Appendices</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix
- Form of Amended and Restated Facility Agreement&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>THIS
DEED</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is made on 10 August 2<FONT STYLE="color: windowtext">023</FONT></FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BETWEEN</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><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; font-size: 10pt; color: windowtext"><B>DEVOCEAN
                                            MARITIME LTD.</B>, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            corporation incorporated in the Republic of the Marshall Islands 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;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><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; font-size: 10pt; color: windowtext"><B>DOMINA
                                            MARITIME LTD.</B>, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            corporation incorporated in the Republic of the Marshall Islands 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;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><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; font-size: 10pt; color: windowtext"><B>DULAC
                                            MARITIME S.A.</B>, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            corporation incorporated in the Republic of the Marshall Islands 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;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><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; font-size: 10pt; color: windowtext"><B>ARTFUL
                                            SHIPHOLDING S.A.</B>,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            corporation incorporated in the Republic of the Marshall Islands 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;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><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; font-size: 10pt"><B>SERENA
                                            MARITIME LIMITED</B>, a corporation incorporated in the Republic of the Marshall Islands
                                            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 original hedge guarantor (the &quot;<B>Original Hedge Guarantor F</B>&quot;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><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>SALAMINIA
                                            MARITIME LIMITED</B>, a corporation incorporated in the Republic of the Marshall Islands
                                            whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960,
                                            Majuro, Marshall Islands as original borrower (the &quot;<B>Original Borrower G</B>&quot;
                                            and together with the Original Borrower A, Original Borrower B, Original Borrower C, Original
                                            Borrower D and Original Borrower F, the &quot;<B>Original Borrowers</B>&quot;) and original
                                            hedge guarantor (the &quot;<B>Original Hedge Guarantor G</B>&quot; and together with the
                                            Original Hedge Guarantor A, Original Hedge Guarantor B, Original Hedge Guarantor C, Original
                                            Hedge Guarantor D and Original Guarantor F, the &quot;<B>Original Hedge Guarantors</B>&quot;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARGO
                                            MARITIME LIMITED</B>, a corporation incorporated in the Republic of the Marshall Islands
                                            whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960,
                                            Majuro, Marshall Islands as an additional borrower (the &quot;<B>Additional Borrower A</B>&quot;)
                                            and an additional hedge guarantor (the &quot;<B>Additional Hedge Guarantor A</B>&quot;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TALISMAN
                                            MARITIME LIMITED</B>, a corporation incorporated in the Republic of the Marshall Islands
                                            whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960,
                                            Majuro, Marshall Islands as an additional borrower (the &quot;<B>Additional Borrower B</B>&quot;
                                            and together with Additional Borrower A, the &quot;<B>Additional Borrowers</B>&quot;) and
                                            an additional hedge guarantor (the &quot;<B>Additional Hedge Guarantor B</B>&quot; and together
                                            with the Additional Hedge Guarantor A, the &quot;<B>Additional Hedge Guarantors</B>&quot;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">(9)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>globus
                                            maritime limited</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                            a corporation domesticated in the Republic of the Marshall Islands whose registered address
                                            is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands
                                            <FONT STYLE="color: windowtext">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;)</FONT></FONT></TD></TR></TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
                                            FINANCIAL INSTITUTIONS</B> listed in Part B of Schedule 1 of the Facility Agreement (<I>The
                                            Parties</I>) as lenders (the &quot;<B>Original Lenders</B>&quot;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
                                            FINANCIAL INSTITUTIONS</B> listed in Part B of Schedule 1 of the Facility Agreement (<I>The
                                            Parties</I>) as hedge counterparties (the &quot;<B>Hedge Counterparties</B>&quot;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FIRST-CITIZENS
                                            BANK &amp; TRUST COMPANY</B>, as facility agent of the other Finance Parties (the &quot;<B>Facility
                                            Agent</B>&quot;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FIRST-CITIZENS
                                            BANK &amp; TRUST COMPANY</B>, as security agent for the Secured Parties (the &quot;<B>Security
                                            Agent</B>&quot;)</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Background</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">By
                                            a facility agreement dated 7 May 2021 (as amended and restated by the Deed of Accession,
                                            Amendment and Restatement, the &quot;<B>Facility Agreement</B>&quot;) and made between, inter
                                            alia, (i) the Original Borrowers and the Released Borrower E (hereinafter defined) as joint
                                            and several borrowers, (ii) the Original Hedge Guarantors, (iii) the Parent Guarantor, (iv)
                                            the Original Lenders, (v) the Facility Agent and (vi) 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 up to $52,250,000, of which the principal amount outstanding on the
                                            date of this Deed is equal to $37,450,757.58.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">By
                                            a deed of release dated 10 May 2023 (the &quot;<B>Deed of Release</B>&quot;), the Security
                                            Agent released, among others, all the Released Assets (as defined in the Deed of Release)
                                            from the Security created in its favour by Longevity Maritime Limited, a company incorporated
                                            in Malta (the &quot;<B>Released Borrower E</B>&quot;), including the Mortgage registered
                                            on m.v. SUN GLOBE.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">the
                                            Additional Borrowers acceding to the Facility Agreement and assuming jointly and severally
                                            with the Original Borrowers, the Borrowers' obligations thereunder;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><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">the
                                            increase of the Facility to be made available to the Borrowers in two additional tranches
                                            (the &quot;<B>Additional Tranches</B>&quot;) in an amount of up to the lesser of (i) $25,000,000
                                            and (ii) 55 per cent. of the aggregate Initial Market Value of the bulk carrier vessels (A)
                                            m.v. &quot;DIAMOND GLOBE&quot; (&quot;<B>Additional Ship A</B>&quot;) registered in the ownership
                                            of the Additional Borrower A and (B) m.v. &quot;POWER GLOBE&quot; (&quot;<B>Additional Ship
                                            B</B>&quot; and together with Additional Ship A, the &quot;<B>Additional Ships</B>&quot;),
                                            for the purpose of financing the Additional Ships;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><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">the
                                            Additional Hedge Guarantors irrevocably and unconditionally jointly and severally guaranteeing
                                            to the Hedge Counterparties the obligations of each Borrower under the Hedging Agreement
                                            to which it is or, is to be, a party; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Original Hedge
                                                                                                                                                                                              Guarantors irrevocably and unconditionally jointly and severally guaranteeing to the Hedge Counterparties the obligations of each
                                                                                                                                                                                              Additional Borrower under the Hedging Agreement to which it is to be a party.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">This
                                            Deed sets out the terms and conditions on which the Finance Parties shall agree, with effect
                                            on and from the Effective Date, to:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">the
                                            Request; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            consequential amendments to the Facility Agreement and the other Finance Documents (the &quot;<B>Consequential
                                            Amendments</B>&quot;).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0cm"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OPERATIVE
PROVISIONS</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IT
IS AGREED </B>as follows:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interpretation</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defined
                                            expressions</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Deed, unless the contrary intention appears:</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Account
Security Confirmation</B><FONT STYLE="color: windowtext">&quot; means the security confirmation agreement dated on or about the Effective
Date relating to Account Security governed by Swiss law.</FONT></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Borrower</B>&quot;
means an Original Borrower or an Additional Borrower.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Deed
of Accession, Amendment and Restatement</B>&quot; means the deed of accession, amendment and restatement dated 10 August 2022 and made
between, amongst others, (i) the Original Borrowers, (ii) Borrower G, (iii) the Original Lenders, (iv) the Facility Agent and (v) the
Security Agent.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Effective
Date</B>&quot; means the date (falling no later than 10 August <FONT STYLE="color: windowtext">2023 or such later date as the Facility
Agent</FONT> may specify) on which the <FONT STYLE="color: windowtext">Facility Agent is satisfied</FONT> that all the conditions precedent
in Clause 3 (<I>Conditions Precedent</I>) have been satisfied.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Facility
Agreement</B>&quot; means the Facility Agreement referred to in Recital (A).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Hedge
Guarantor</B>&quot; means an Original Hedge Guarantor or an Additional Hedge Guarantor.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Mortgage
Addendum</B>&quot; or &quot;<B>Second Mortgage Addendum</B>&quot; <FONT STYLE="letter-spacing: -0.1pt">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.</FONT></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>New
Disclosure Letter</B>&quot; means the letter identifying the Disclosed Persons to be executed by each Additional Borrower and the Parent
Guarantor and acknowledged by the Security Agent.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>New
Finance Documents</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">this
                                            Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            Amended and Restated Facility Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            Mortgage Addendum or Second Mortgage Addendum;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">any
                                            Account Security Confirmation;</FONT></TD></TR></TABLE>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">the
                                            New Disclosure Letter; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">the
                                            Supplemental Security Documents,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
in the singular means any of them.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">&quot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Obligor</B><FONT STYLE="letter-spacing: -0.1pt">&quot;
</FONT>means each of the Borrowers and the Parent Guarantor.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">&quot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Original
Ships</B><FONT STYLE="letter-spacing: -0.1pt">&quot; means each of:</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">m.v.
                                            <FONT STYLE="color: windowtext">&quot;RIVER GLOBE&quot; (having IMO No. 9464168) registered
                                            in the ownership of Original Borrower A under the Marshall Islands flag; </FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">m.v.
                                            &quot;SKY GLOBE&quot; (having IMO No. 9463748) registered in the ownership of Original Borrower
                                            B under the Marshall Islands flag;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">m.v.
                                            &quot;STAR GLOBE&quot; (having IMO No. 9463750) registered in the ownership of Original Borrower
                                            C under the Marshall Islands flag;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">m.v.
                                            &quot;MOON GLOBE&quot; (having IMO No. 9294111) registered in the ownership of Original Borrower
                                            D under the Marshall Islands flag;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">m.v.
                                            &quot;GALAXY GLOBE&quot; (having IMO No. 9723629) registered in the ownership of Original
                                            Borrower F under the Marshall Islands flag; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">m.v.
                                            &quot;ORION GLOBE&quot; (having IMO No. 9634854) registered in the ownership of Original
                                            Borrower G under the Marshall Islands flag.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Ship</B>&quot;
means each Original Ship and each Additional Ship.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Supplemental
General Assignment</B>&quot; means, in relation to an Original Ship, the second general assignment creating Security over:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">that
                                            Original Ship's Earnings, its Insurances and any Requisition Compensation in relation to
                                            that Original Ship; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            Charter and any Charter Guarantee (as each such word is therein defined) in relation to that
                                            Original Ship,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
agreed form.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Supplemental
Hedging Agreement Security</B>&quot; means, in relation to an Original Borrower (other than Original Borrower G), the second hedging
agreement security creating Security over the Hedging Agreement to which that Original Borrower is a party, in agreed form.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Supplemental
Security Documents</B>&quot; means, together, the Supplemental General Assignment, the Supplemental Hedging Agreement Security, the Supplemental
Shares Securities, each Second Supplemental General Assignment, each Second Supplemental Hedging Agreement Security, each Supplemental
Shares Securities and, in the singular, means any of them.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Supplemental
Shares Security</B>&quot; means, in relation to an Original Borrower (other than Original Borrower G), a second shares security creating
Security over the shares in that Original Borrower in agreed form.</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&quot;Second
Supplemental General Assignment</B>&quot; means, in relation to an Original Ship, the third general assignment creating Security over:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">that
                                            Original Ship's Earnings, its Insurances and any Requisition Compensation in relation to
                                            that Original Ship; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            Charter and any Charter Guarantee (as each such word is therein defined) in relation to that
                                            Original Ship,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
agreed form.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Second
Supplemental Hedging Agreement Security</B>&quot; means, in relation to an Original Borrower (other than Original Borrower G), the third
hedging agreement security creating Security over the Hedging Agreement to which that Original Borrower is a party, in agreed form.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Second
Supplemental Shares Security</B>&quot; means, in relation to an Original Borrower (other than Original Borrower G), a third shares security
creating Security over the shares in that Original Borrower in agreed form.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Transaction
Obligor</B>&quot; has the meaning given to it in the Amended and Restated Facility Agreement.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
                                            of construction and interpretation provisions of Facility Agreement</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designation
                                            as a Finance Document</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Borrowers and the Finance Parties designate this Deed as a Finance Document.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement
                                            of the Finance Parties</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Finance Parties agree subject to and upon the terms and conditions set out in Clause 3 <FONT STYLE="color: windowtext">(<I>Conditions
                                            Precedent</I>) of this Deed, to:</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">the
                                            Request;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            Consequential Amendments.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions
                                            Precedent</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
agreement of the Finance Parties contained in Clause 2 (<I>Agreement of the Finance Parties</I>) is subject to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><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
                                            Default continuing on the date of this Deed and on the Effective Date or resulting from the
                                            occurrence of the Effective Date;</FONT></TD></TR></TABLE>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><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
                                            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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><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">no
                                            Ship has been sold or become a Total Loss;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><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">no
                                            event or series of events having occurred which have a Material Adverse Effect; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
                                            of conditions precedent</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <FONT STYLE="color: windowtext">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 </FONT>Schedule 1 (<I>Conditions
Precedent</I>).</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations
                                            and Warranties</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repetition
                                            of Facility Agreement representations and warranties</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Facility Agreement are true and not misleading and are repeated
on the date of this Deed.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representation
                                            and warranties of the Obligors</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt 35.45pt; text-align: justify"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 each Obligor with reference to the circumstances now existing.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repetition
                                            of Finance Documents representations and warranties</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 supplemented
by this Deed and updated with appropriate modifications to refer to this Deed, and where appropriate the relevant Mortgage Addendum or
Second Mortgage Addendum, remain true and not misleading and are repeated on the date of this Deed with reference to the circumstances
now existing.</FONT></P>

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<TD STYLE="width: 0"></TD><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; font-size: 10pt">Amendment
                                            and Restatement of Facility Agreement</FONT></TD></TR>
</TABLE>

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<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD><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>Amendment
                                            and restatement of the Facility Agreement</B></FONT></TD></TR>
                                                                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                               <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                 </TABLE>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Facility Agreement, as so amended and restated pursuant to (a) above, shall continue to be
                                            binding on each of the Original Borrowers, the Parent Guarantor and the Original Hedge Guarantors
                                            in accordance with its terms.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
                                            to Finance Documents</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 or Second Mortgage Addendum) shall be, and shall
be deemed by this Deed to be, amended as follows:</FONT></P>

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<TD STYLE="width: 0"></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
                                            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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">the
                                            Amended and Restated Facility Agreement; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            other Finance Documents (other than the Mortgages) as amended and supplemented by this Clause
                                            5.2 (<I>Amendments to Finance Documents</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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
                                            Borrowers) as joint and several borrowers, or, where the context so requires, any of them;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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 Guarantors) as hedge guarantors, or, where the context so requires, any
                                            of them;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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 or Second Mortgage Addendum; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance
                                            Documents to remain in full force and effect</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Facility Agreement and each of the other Finance Documents shall remain in full force and effect and from the Effective Date:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            the case of the Facility Agreement as amended and restated pursuant to Clause 5.1 (<I>Amendment
                                            and restatement of the Facility Agreement</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">in
                                            the case of the other Finance Documents as amended pursuant to Clause 5.2 (<I>Amendments
                                            to Finance Documents</I>); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Facility Agreement and the applicable provisions of this Deed will be read and construed
                                            as one document.</FONT></TD></TR></TABLE>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><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">Accession
                                            and Assumption</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
effect on and from the Effective Date:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Additional Borrower and each Additional Hedge Guarantor agrees that:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">it
                                            will accede to the Amended and Restated Facility Agreement as a Borrower and a Hedge Guarantor
                                            and it will assume the obligations of the Original Borrowers and the Original Hedge Guarantors
                                            thereunder; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">each
                                            Original Borrower further agrees to be jointly and severally liable together with each Additional
                                            Borrower for:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">the
                                            repayment of the Additional Tranches plus interest accrued thereon in accordance with the
                                            Amended and Restated Facility Agreement; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">all
                                            other obligations and liabilities under the Amended and Restated Facility Agreement as amended
                                            by this Deed;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">each
                                            Original Hedge Guarantor agrees to jointly and severally guarantee, together with the Additional
                                            Hedge Guarantors, the obligations of each Additional Borrower under the Hedging Agreement
                                            to which that Additional Borrower shall be a party;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">each
                                            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 that
                                            Borrower is or, as the case may be, shall be a party;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">the
                                            Parent Guarantor agrees that:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">its
                                            guarantee and indemnity:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">has
                                            full force and effect on the terms of the Amended and Restated Facility Agreement; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">the Original Borrowers,
                                                                                                                                              the Original Hedge Guarantors, the Parent Guarantor and the Finance Parties agree to the accession by each Additional Borrower and
                                                                                                                                              each Additional Hedge Guarantor to the Amended and Restated Facility Agreement as a Borrower and as a Hedge Guarantor.</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the Effective Date, each Original Borrower, each Original Hedge Guarantor and the Parent Guarantor confirms that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further
                                            Assurances</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs
                                            and Expenses</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of clause 16 (<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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Communications</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of clause 38 (<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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Deed may be executed in any number of counterparts.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
                                            party rights</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Law
                                            and Jurisdiction</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
                                            law</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation
                                            of the Facility Agreement provisions</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Process
                                            agent</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Obligor irrevocably appoint Saville &amp; Co at their registered office for the time being, presently at <FONT STYLE="color: windowtext">One
Carey Lane, London EC2V 8AE, England </FONT>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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Schedule
1<BR>
<FONT STYLE="font-weight: normal"><BR>
</FONT></FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions
Precedent</FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<BR></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
2</FONT></P>


<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective Date Notice</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Execution
Pages</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ORIGINAL
BORROWERS</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 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: 40%"><B>EXECUTED AS A DEED</B></TD><TD STYLE="text-align: left; width: 35%">&nbsp;</TD><TD STYLE="text-align: justify; width: 25%">)</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>by OLGA LAMBRIANIDOU</TD><TD STYLE="text-align: left"><B></B></TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>as attorney-in-fact</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 0.5pt 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 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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 OLGA LAMBRIANIDOU</TD><TD STYLE="text-align: left"><B></B></TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>as attorney-in-fact</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 0.5pt 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 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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 OLGA LAMBRIANIDOU</TD><TD STYLE="text-align: left"><B></B></TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>as attorney-in-fact</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 0.5pt 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 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><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; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%"><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 OLGA LAMBRIANIDOU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">as attorney-in-fact</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 0.5pt 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; text-align: justify">
<TD STYLE="width: 40%">Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; width: 35%">/s/Ifigeneia Dafni Soldatou</TD><TD STYLE="text-align: justify; width: 25%">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>Witness' name:</TD><TD STYLE="text-align: left">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><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; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%"><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 OLGA LAMBRIANIDOU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">as attorney-in-fact</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 0.5pt 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>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">)&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; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 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">
    <TD STYLE="text-align: justify; width: 40%"><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; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%"><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 OLGA LAMBRIANIDOU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">as attorney-in-fact</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 0.5pt 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>SALAMINIA 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">)&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; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 15 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 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="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADDITIONAL
    BORROWERS</B></FONT></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="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; width: 40%"><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; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%"><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 OLGA LAMBRIANIDOU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">as attorney-in-fact</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 0.5pt 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>ARGO 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">)&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; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"></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="text-align: justify; width: 40%"><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; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%"><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 OLGA LAMBRIANIDOU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">as attorney-in-fact</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 0.5pt 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>TALISMAN 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">)&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; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">&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="text-align: justify"><P><B>PARENT GUARANTOR</B></P>
</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">&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; width: 40%"><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; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%"><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 OLGA LAMBRIANIDOU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">as attorney-in-fact</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 0.5pt 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>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">)&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; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 16 -->
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</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">
    <TD STYLE="text-align: justify; width: 40%"><P><B> HEDGE GUARANTORS</B></P>
</TD>
    <TD STYLE="text-align: justify; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%">&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>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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by OLGA LAMBRIANIDOU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">as attorney-in-fact</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 0.5pt 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"><B>DEVOCEAN MARITIME LTD.</B></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; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 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">
    <TD STYLE="text-align: justify; width: 40%"><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; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%"><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 OLGA LAMBRIANIDOU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">as attorney-in-fact</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 0.5pt 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"><B>DOMINA MARITIME LTD.</B></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; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><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; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%"><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 OLGA LAMBRIANIDOU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">as attorney-in-fact</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 0.5pt 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"><B>DULAC MARITIME S.A.</B></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; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 17 -->
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><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="text-align: justify; width: 40%"><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; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%"><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 OLGA LAMBRIANIDOU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">as attorney-in-fact</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 0.5pt 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"><B>ARTFUL SHIPHOLDING S.A.</B></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; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">&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="text-align: justify; width: 40%"><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; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%"><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 OLGA LAMBRIANIDOU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">as attorney-in-fact</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 0.5pt 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"><B>SERENA MARITIME LIMITED</B></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; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 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">
    <TD STYLE="text-align: justify; width: 40%"><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; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%"><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 OLGA LAMBRIANIDOU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">as attorney-in-fact</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 0.5pt 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"><B>SALAMINIA MARITIME LIMITED</B></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; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</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">
    <TD STYLE="text-align: justify; width: 40%"><P><B> ADDITIONAL HEDGE GUARANTORS</B></P>
</TD>
    <TD STYLE="text-align: justify; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%">&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>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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by OLGA LAMBRIANIDOU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">as attorney-in-fact</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">duly authorised</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; 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">for and on behalf of</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt 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"><B>ARGO MARITIME LIMITED</B></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; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><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="text-align: justify; width: 40%"><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; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%"><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 OLGA LAMBRIANIDOU</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">as attorney-in-fact</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">duly authorised</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">for and on behalf of</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt 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"><B>TALISMAN MARITIME LIMITED</B></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; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><P><B> ORIGINAL LENDERS</B></P>
</TD>
    <TD STYLE="text-align: justify; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%">&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>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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Stavroula Giannopoulou</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">for and on behalf of</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt 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"><B>FIRST-CITIZENS BANK &amp; TRUST COMPANY</B></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; text-align: justify">
<TD>in the presence of:</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>&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 STYLE="width: 40%">Witness' signature:</TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; width: 35%">/s/Ifigeneia Dafni Soldatou</TD><TD STYLE="text-align: justify; width: 25%">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>Witness' name:</TD><TD STYLE="text-align: left">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 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">
    <TD STYLE="text-align: justify"><B>HEDGE COUNTERPARTIES</B></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">&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; width: 40%"><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; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%"><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 Stavroula Giannopoulou</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">for and on behalf of</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt 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"><B>FIRST-CITIZENS BANK &amp; TRUST COMPANY</B></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; text-align: justify">
<TD>in the presence of:</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>&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 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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="margin-top: 0; margin-bottom: 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="text-align: justify; width: 40%"><B>FACILITY AGENT</B></TD>
    <TD STYLE="text-align: justify; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%">&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>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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Stavroula Giannopoulou</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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>duly authorised</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">for and on behalf of</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt 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"><B>FIRST-CITIZENS BANK &amp; TRUST COMPANY</B></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; text-align: justify">
<TD>in the presence of:</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>&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 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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="margin-top: 0; margin-bottom: 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="text-align: justify; width: 40%"><B>SECURITY AGENT</B></TD>
    <TD STYLE="text-align: justify; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 25%">&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>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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Stavroula Giannopoulou</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></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">for and on behalf of</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt 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"><B>FIRST-CITIZENS BANK &amp; TRUST COMPANY</B></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; text-align: justify">
<TD>in the presence of:</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>&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 0.5pt solid; text-align: left">/s/Ifigeneia Dafni Soldatou</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">Ifigeneia Dafni Soldatou</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">WATSON FARLEY &amp; WILLIAMS</TD><TD STYLE="text-align: justify">)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">348 SYNGROU AVENUE</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">KALLITHEA 176 74</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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix<BR>
<BR>
Form of Amended and Restated Facility Agreement</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COUNTERSIGNED
</B>this ____ day of ______________ 2023 for and on behalf of each of the following Transaction Obligors each of which, by its execution
hereof, confirms and acknowledges that (i) it has read and understood the terms and conditions of this second deed of amendment and restatement
(the &quot;<B>Second Deed of Amendment and Restatement</B>&quot;), (ii) 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 Second Deed of Amendment
and Restatement) and (iii) 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.</FONT></P>
<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">______________________________</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
and on behalf of</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GLOBUS
SHIPMANAGEMENT CORP.</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
Approved Manager</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 36pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
7 May 2021</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Up
to $<FONT STYLE="color: red"><STRIKE>52,250,000</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">77,250,000</FONT></B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERM
LOAN FACILITY</B></FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">devocean
maritime ltd.</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">domina
maritime ltd.</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">dulac
maritime s.a.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTFUL
SHIPHOLDING S.A.</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: red; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>LONGEVITY
MARITIME LIMITED</STRIKE></B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SERENA
MARITIME LIMITED</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SALAMINIA
MARITIME LIMITED</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin: 0; text-align: center"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARGO
MARITIME LIMITED</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin: 0; text-align: center"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TALISMAN
MARITIME LIMITED</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
joint and several Borrowers</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
Hedge Guarantors</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">globus
maritime limited</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
Parent Guarantor</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First-Citizens
Bank &amp; Trust Company</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
Facility Agent</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First-Citizens
Bank &amp; Trust Company</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 72pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
Security Agent</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FACILITY
AGREEMENT</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
amended and restated by a Deed of Accession, Amendment and Restatement dated <FONT STYLE="color: red"><STRIKE>____ </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">5
</FONT>August <FONT STYLE="color: windowtext">2022 </FONT><FONT STYLE="text-decoration: underline double; color: blue">and as further
amended and restated by a Second Deed of Accession, Amendment and Restatement dated _________________ 2023</FONT></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">relating
to (i) a facility of up to US$34,250,000 for the refinancing of</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">m.vs.
&quot;RIVER GLOBE&quot;,&quot;SKY GLOBE&quot;, &quot;STAR GLOBE&quot;, &quot;MOON GLOBE&quot;, &quot;SUN GLOBE&quot;, &quot;GALAXY GLOBE&quot;
<FONT STYLE="color: red"><STRIKE>and </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">, </FONT>(ii) a top-up
facility of up to US$18,000,000 for the financing of m.v. &quot;ORION GLOBE&quot; <FONT STYLE="text-decoration: underline double; color: blue">and
(iii) a second top-up facility of up to US$25,000,000 for the financing of m.vs. &quot;DIAMOND GLOBE&quot; and &quot;POWER GLOBE&quot;</FONT></FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Index</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; text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clause</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1
    Interpretation</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>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>3</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">4</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-family: Times New Roman, Times, Serif; font-size: 10pt">1</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>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions
    and Interpretation</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>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>3</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">4</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>36</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>36</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purpose</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>37</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">39</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-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>37</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">39</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>39</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">41</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-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilisation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>39</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">41</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>41</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">44</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-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>41</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">44</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-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>43</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">47</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>47</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>47</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>50</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">54</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-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>50</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">54</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-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>51</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">55</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>53</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">57</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-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>53</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">57</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-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>58</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">62</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-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>59</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">63</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-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>62</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>63</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">67</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>64</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">68</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-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>64</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">68</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-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>67</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">71</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-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>68</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">72</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>73</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">77</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-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>73</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">77</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-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>80</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">84</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-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>85</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">89</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-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>89</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">93</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-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>98</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">102</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-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>104</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>106</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">110</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-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>107</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">112</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-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>113</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">117</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>118</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">123</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-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>118</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">123</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-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>123</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">128</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>125</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">130</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-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>125</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">130</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-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>135</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">140</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-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>151</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>151</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">156</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>153</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">158</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-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>153</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">158</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-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>156</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">161</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-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>157</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">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; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>157</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Calculations
    and Certificates</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>159</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">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-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Partial
    Invalidity</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>160</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">165</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-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Remedies
    and Waivers</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>160</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">165</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-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Entire
    Agreement</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>160</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">165</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-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>160</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">165</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-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Irrevocable
    Payment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>160</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">165</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-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
    and Waivers</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>161</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">166</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-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential
    Information</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>167</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">172</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-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>171</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">176</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>172</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">177</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-family: Times New Roman, Times, Serif; font-size: 10pt; text-underline-style: double; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">48</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
    Law</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>172</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">177</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-family: Times New Roman, Times, Serif; font-size: 10pt; text-underline-style: double; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">49</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enforcement</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>172</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">177</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-family: Times New Roman, Times, Serif; font-size: 10pt; text-underline-style: double; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">50</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Patriot
    Act Notice</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>172</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">177</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedules</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    1 The Parties</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>174</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">179</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part&nbsp;A
    The Obligors</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>174</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">179</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part&nbsp;B
    The Original Lenders</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>178</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">183</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part&nbsp;C
    The Servicing Parties</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>179</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">184</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    2 Conditions Precedent</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>180</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">185</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part&nbsp;A
    Conditions Precedent to <FONT STYLE="text-underline-style: double; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">initial
    </FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilisation Request</FONT></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="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>180</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">185</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part&nbsp;B
    Conditions Precedent to Utilisation <FONT STYLE="text-underline-style: double; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">request
    in respect of a tranche</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>183</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">188</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part&nbsp;C
    (Conditions Subsequent)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>185</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">190</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    3 Utilisation Request</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>186</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">191</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    4 Form&nbsp;of Transfer Certificate</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>189</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">194</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    5 Form&nbsp;of Assignment Agreement</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>191</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">196</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    6 Form&nbsp;of Compliance Certificate</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>194</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">199</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix
    A to Compliance Certificate Distributions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>196</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">201</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix
    B Dry Docking Reserves Certificate</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>197</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">202</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    7 Dry Docking and Special Reserves Table &quot;Maintenance Reserve Amount&quot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>198</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">203</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    8 Form&nbsp;of DCSR Certificate Debt Service Cover Ratio</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>199</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">204</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    9 Details of the Ships</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>200</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">205</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
    10 Timetables</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>202</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">207</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></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: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Execution</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; 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; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>203</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">208</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>THIS
AGREEMENT</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is made on 7 May 2021 and as amended and
restated on <FONT STYLE="color: red"><STRIKE>____ August 2022 </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">the
Effective Date </FONT>by the Deed of Accession, Amendment and Restatement <FONT STYLE="text-decoration: underline double; color: blue">and
as further amended and restated on the Second Effective Date by the Second Deed of Accession, Amendment and Restatement</FONT></FONT></P>

<P STYLE="font: bold 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><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; font-size: 10pt; color: windowtext"><B>DEVOCEAN
                                            MARITIME LTD.</B>, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            corporation incorporated in the Republic of the Marshall Islands 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;)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><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; font-size: 10pt; color: windowtext"><B>DOMINA
                                            MARITIME LTD.</B>, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            corporation incorporated in the Republic of the Marshall Islands 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;)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><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; font-size: 10pt; color: windowtext"><B>DULAC
                                            MARITIME S.A.</B>, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            corporation incorporated in the Republic of the Marshall Islands 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;)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><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; font-size: 10pt; color: windowtext"><B>ARTFUL
                                            SHIPHOLDING S.A.</B>,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            corporation incorporated in the Republic of the Marshall Islands 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;)</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(5)<B>LONGEVITY
MARITIME LIMITED, </B></STRIKE></FONT><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">a
company incorporated in Malta</FONT></STRIKE><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red">,
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;)</FONT></STRIKE></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(6)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SERENA
                                            MARITIME LIMITED</B>, a corporation incorporated in the Republic of the Marshall Islands
                                            whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960,
                                            Majuro, Marshall Islands as borrower (&quot;<B>Borrower F</B>&quot;)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(7)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SALAMINIA
                                            MARITIME LIMITED</B>, a corporation incorporated in the Republic of the Marshall Islands
                                            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></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARGO
                                            MARITIME LIMITED</B>, a corporation incorporated in the Republic of the Marshall Islands
                                            whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960,
                                            Majuro, Marshall Islands as borrower (&quot;<B>Borrower H</B>&quot;)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TALISMAN
                                            MARITIME LIMITED</B>, a corporation incorporated in the Republic of the Marshall Islands
                                            whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960,
                                            Majuro, Marshall Islands as borrower (&quot;<B>Borrower I</B>&quot;)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: blue">(9)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: red"><STRIKE>(8)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>globus
                                            maritime limited</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                            a corporation duly domesticated in the Republic of the Marshall Islands whose registered
                                            address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall
                                            Islands <FONT STYLE="color: windowtext">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;)</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(10)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(9)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
                                            COMPANIES</B> listed in Part A of Schedule 1 (<I>The Parties</I>) as hedge guarantors (the
                                            &quot;<B>Hedge Guarantors</B>&quot;)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(11)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(10)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
                                            FINANCIAL INSTITUTIONS</B> listed in Part B of Schedule 1 (<I>The Parties</I>) as lenders
                                            (the &quot;<B>Original Lenders</B>&quot;)</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>


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<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" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(12)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(11)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
                                            FINANCIAL INSTITUTIONS</B> listed in Part B of Schedule 1 (<I>The Parties</I>) as hedge counterparties
                                            (the &quot;<B>Hedge Counterparties</B>&quot;)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(13)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(12)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>First-Citizens
                                            Bank &amp; Trust Company</B>, as agent of the other Finance Parties (the &quot;<B>Facility
                                            Agent</B>&quot;)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(14)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(13)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>First-Citizens
                                            Bank &amp; Trust Company</B>, as security agent for the Secured Parties (the &quot;<B>Security
                                            Agent</B>&quot;)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Background</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">By
                                            a facility agreement dated 7 May 2021, the Lenders made available to <FONT STYLE="text-decoration: underline double; color: blue">,
                                            inter alia, </FONT>the <FONT STYLE="text-decoration: underline double; color: blue">Original
                                            </FONT>Borrowers a secured term loan facility, <FONT STYLE="color: windowtext">in six Tranches,
                                            in an aggregate amount of up to the lesser of (i) $34,250,000 and (ii) 52.5 per cent. of
                                            the aggregate of the Initial Market Value of </FONT><FONT STYLE="color: red"><STRIKE>Ship
                                            A, Ship B, Ship C, Ship D, Ship E and Ship F </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">the
                                            Original Ships </FONT><FONT STYLE="color: windowtext">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. </FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(B)</STRIKE></FONT><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">The
Lenders have already advanced to the Original Borrowers </FONT></STRIKE><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red">the
amount of $34,250,000 of which an amount of $29,250,000 is outstanding at the date of this Agreement.</FONT></STRIKE></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(C)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">Borrower
                                            G acceding to this Agreement as additional borrower;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            increase of the loan facility from $34,250,000 to $52,250,000 in an amount of up to the lesser
                                            of (i) $18,000,000 and (ii) 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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">amending
                                            the repayment terms of the Loan.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(C)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">The
                                            Lenders have already advanced to the Original Borrowers </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">and
                                            Borrower G the amount of $52,250,000 of which an amount of $37,450,757.58 is outstanding
                                            at the Second Effective Date.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(D)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">By
                                            a deed of release dated 10 May 2023 (the &quot;<B>Deed of Release</B>&quot;), the Security
                                            Agent released, among others, all the Released Assets (as defined in the Deed of Release)
                                            from the Security created in its favour by Longevity Maritime Limited </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">a
                                            company incorporated in Malta</FONT> <FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(the
                                            &quot;<B>Released Borrower E</B>&quot;), including the Mortgage registered on m.v. SUN GLOBE.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">By
                                            the Second 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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
                                            H and Borrower I acceding to this Agreement as additional borrowers; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                                                                                                                                     increase of the loan facility from $52,250,000 to $77,250,000 in an amount of up to the lesser of (i) $25,000,000 and (ii) 55 per
                                                                                                                                                     cent. of the aggregate Initial Market Value of Ship H and Ship I to be made available to the Borrowers in two additional Tranches
                                                                                                                                                     for the purpose of financing Ship H by Tranche H and Ship I by Tranche I.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(F)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(D)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(G)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(E)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            Agreement sets out the terms and conditions of the facility agreement as amended and restated
                                            by the Deed of Accession, Amendment and Restatement <FONT STYLE="text-decoration: underline double; color: blue">and
                                            as further amended and restated by the Second Deed of Accession, Amendment and Restatement</FONT>.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operative
Provisions</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
Interpretation</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions
                                            and Interpretation</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Agreement:</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>1992
ISDA Master Agreement</B>&quot; means the Master Agreement (Multicurrency - Cross Border) as published by the International Swaps and
Derivatives Association, Inc.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>2002
ISDA Master Agreement</B>&quot; means the 2002 Master Agreement as published by the International Swaps and Derivatives Association,
Inc.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Account
Bank</B>&quot; means CIT Bank, a division of First-Citizens Bank &amp; Trust Company, 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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Accounts</B>&quot;
means the Earnings Accounts, the Maintenance Reserve Accounts and the Cash Reserve Account.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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, as amended and supplemented by any relevant Account
Security Confirmation.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Account
Security Confirmation</B>&quot; <FONT STYLE="color: windowtext">means</FONT> <FONT STYLE="color: green"><STRIKE>the security confirmation
agreement dated on or about the Effective Date</STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: blue">: </FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">the
                                            security confirmation agreement dated on or about the Effective Date</FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            security confirmation agreement dated on or about the Second Effective Date,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">relating
to Account Security governed by Swiss law.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Adjusted
Term SOFR</B>&quot; means the percentage rate per annum which is the aggregate of the applicable:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">Reference
                                            Rate; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">Term
                                            SOFR Adjustment,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Advance</B>&quot;
means a borrowing of all or part of the Facility under this Agreement.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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).</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Approved
Classification</B>&quot; means, in relation to <FONT STYLE="color: red"><STRIKE>a </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">an
Original </FONT>Ship<FONT STYLE="color: red"><STRIKE>, </STRIKE></FONT> as at the date of this Agreement<FONT STYLE="text-decoration: underline double; color: blue">,
in relation to Ship G as at the Effective Date and in relation to Ship H and Ship I as at the Second Effective Date</FONT>, 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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Approved
Classification Society</B>&quot; means, in relation to <FONT STYLE="color: red"><STRIKE>a </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">an
Original </FONT>Ship<FONT STYLE="color: red"><STRIKE>, </STRIKE></FONT> as at the date of this Agreement<FONT STYLE="text-decoration: underline double; color: blue">,
in relation to Ship G as at the Effective Date and in relation to Ship H and Ship I as at the Second Effective Date</FONT>, 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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Approved
Commercial Manager</B>&quot; means, in relation to <FONT STYLE="color: red"><STRIKE>a </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">an
Original </FONT>Ship<FONT STYLE="color: red"><STRIKE>, </STRIKE></FONT> as at the date of this Agreement<FONT STYLE="text-decoration: underline double; color: blue">,
in relation to Ship G as at the Effective Date and in relation to Ship H and Ship I as at the Second Effective Date</FONT>, 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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Approved
Manager</B>&quot; means, in relation to a Ship, the Approved Commercial Manager or the Approved Technical Manager of that Ship.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Approved
Technical Manager</B>&quot; <FONT STYLE="text-decoration: underline double; color: blue">means, </FONT>in relation to <FONT STYLE="color: red"><STRIKE>a
</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">an Original </FONT>Ship<FONT STYLE="color: red"><STRIKE>,
</STRIKE></FONT> as at the date of this Agreement<FONT STYLE="text-decoration: underline double; color: blue">, in relation to Ship G
as at the Effective Date and in relation to Ship H and Ship I as at the Second Effective Date</FONT>, 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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Article
55 BRRD</B>&quot; means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions
and investment firms.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Assignment
Agreement</B>&quot; means an agreement substantially in the form set out in Schedule 5 (<I>Form of Assignment Agreement</I>) or any other
form agreed between the relevant assignor and assignee.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Authorisation</B>&quot;
means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, legalisation or registration.</FONT></P>


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

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

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Availability
Period</B>&quot; means:</FONT></P>

<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" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            relation to an Original Tranche, the period from and including the date of this Agreement
                                            to and including 30 May 2021;<FONT STYLE="color: red"><STRIKE>and</STRIKE></FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">in
                                            relation to Tranche G, the period commencing on the Effective Date and ending on 10 August
                                            2022<FONT STYLE="color: red"><STRIKE>.</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">;
                                            and</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            relation to Tranche H and Tranche I, the period commencing on the Second Effective Date and
                                            ending on 18 August 2023.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Available
Commitment</B>&quot; means a Lender's Commitment minus:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            amount of its participation in the outstanding Loan; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Available
Facility</B>&quot; means the aggregate for the time being of each Lender's Available Commitment.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Bail-In
Action</B>&quot; means the exercise of any Write-down and Conversion Powers.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Bail-In
Legislation</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            relation to an EEA Member Country which has implemented, or which at any time implements,
                                            Article 55 BRRD, the relevant implementing law or regulation as described in the EU Bail-In
                                            Legislation Schedule from time to time;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">in
                                            relation to the United Kingdom, the UK Bail-In Legislation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Balloon
Instalment</B>&quot; means each of Balloon Instalment A, Balloon Instalment B, Balloon Instalment C, Balloon Instalment D, Balloon Instalment
<FONT STYLE="color: red"><STRIKE>E</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">F</FONT>, Balloon Instalment
<FONT STYLE="color: red"><STRIKE>F and </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">G, </FONT>Balloon
Instalment <FONT STYLE="color: red"><STRIKE>G</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">H or Balloon
Instalment I</FONT>.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Base
Rate</B>&quot; means for any day a fluctuating rate per annum equal to the highest of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            Federal Funds Rate plus half of one per cent; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Base Rate is not necessarily the lowest rate of interest charged by Lenders in connection with extensions of credit. 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 <FONT STYLE="color: windowtext">zero
per cent. per annum.</FONT></FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Borrower</B>&quot;
means <FONT STYLE="text-decoration: underline double; color: blue">an Original </FONT>Borrower <FONT STYLE="color: red"><STRIKE>A, Borrower
B, Borrower C, Borrower D</STRIKE></FONT>, Borrower <FONT STYLE="color: red"><STRIKE>E</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">G</FONT>,
Borrower <FONT STYLE="color: red"><STRIKE>F </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">H </FONT>or
Borrower <FONT STYLE="color: red"><STRIKE>G</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">I</FONT>.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Break
Costs</B>&quot; means the amount (if any) by which:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">exceeds</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 for a period starting
                                            on the Business Day following receipt or recovery and ending on the last day of the current
                                            Interest Period.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<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,
Athens and includes in relation to the fixing of an interest rate, a day which is a US Government Securities Business Day.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>BWTS</B>&quot;
means, in respect of each Ship, the ballast water treatment system.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Cash
Reserve Account</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 the Parent Guarantor with the Account Bank designated &quot;Cash Reserve
                                            Account&quot;;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 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) above, irrespective of the number or designation of such replacement
                                            account; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            sub-account of any account referred to in paragraphs (a) or (b) above.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&quot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Charter
Guarantee</B>&quot; means any guarantee, bond, letter of credit or other instrument (whether or not already issued) supporting a Charter.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Code</B>&quot;
means the US Internal Revenue Code of 1986.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Commitment</B>&quot;
means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            relation to an Original Lender, the amount set opposite its name under the heading &quot;Commitment&quot;
                                            in Part B of Schedule 1 (<I>The Parties</I>) and the amount of any other Commitment transferred
                                            to it under this Agreement; and</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">in
                                            relation to any other Lender, the amount of any Commitment transferred to it under this Agreement,
                                            to the extent not cancelled, reduced or transferred by it under this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Commodity
Exchange Act</B>&quot; means the Commodity Exchange Act (7 U.S.C. &sect;1 et seq.) and any successor statute.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Compliance
Certificate</B>&quot; means a certificate in the form set out in Schedule 6 (<I>Form of Compliance Certificate</I>) or in any other form
agreed between the Parent Guarantor and the Facility Agent.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">any
                                            member of the Group or any of its advisers; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; 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 information that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36pt"><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">is
                                            identified in writing at the time of delivery as non-confidential by any member of the Group
                                            or any of its advisers; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36pt"><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">is
                                            known by that Finance Party before the date the information is disclosed to it in accordance
                                            with paragraphs (a) or (b) 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</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Consolidated
Funded Debt</B>&quot; has the meaning given to it in Clause 22.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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 (<I>Debt Service Coverage Ratio</I>).</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Debt
Service</B>&quot; has the meaning given to it in Clause 22.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Debt
Service Coverage ratio</B>&quot; has the meaning given to it in Clause 22.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Deed
of Accession, Amendment and Restatement</B>&quot; means the deed of accession, amendment and restatement dated ___ August 2022 and made
between, amongst others, (i) the <FONT STYLE="text-decoration: underline double; color: blue">Original </FONT>Borrowers, (ii) <FONT STYLE="text-decoration: underline double; color: blue">Borrower
G, (iii) </FONT>the Original Lenders, <FONT STYLE="color: red"><STRIKE>(iii</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">(iv</FONT>)
the Facility Agent and (<FONT STYLE="color: red"><STRIKE>iv</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">v</FONT>)
the Security Agent, amending and restating this Agreement.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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 and, in relation to Ship E, as amended and supplemented by <FONT STYLE="color: red"><STRIKE>the
</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">each </FONT>Supplemental Deed of Covenants.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Deed
of Release</B>&quot; means a deed releasing the Existing Security in a form acceptable to the Facility Agent.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Default</B>&quot;
means an Event of Default or a Potential Event of Default.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Delegate</B>&quot;
means any delegate, agent, attorney or co-trustee appointed by the Security Agent.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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 (<I>Debt Service Coverage Ratio).</I></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Disclosure
Letter</B>&quot; means any letter identifying the Disclosed Persons to be executed by each Borrower and the Parent Guarantor and acknowledged
by the Security Agent.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Disclosed
Persons</B>&quot; means any of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            person disclosed in the Disclosure Letter as being the individual having control of the Parent
                                            Guarantor as at the date of this Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            affiliated entity of the individual described in paragraph (a); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            immediate family members of the individual described in paragraph (a) as identified in the
                                            Disclosure Letter.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Distribution</B>&quot;
has the meaning given to it in Clause 23.18 (<I>Dividends</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Disruption
Event</B>&quot; means either or both of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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:</FONT></TD></TR></TABLE>


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<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" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">from
                                            performing its payment obligations under the Finance Documents; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">from
                                            communicating with other Parties or, if applicable, any Transaction Obligor in accordance
                                            with the terms of the Finance Documents,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Document
of Compliance</B>&quot; has the meaning given to it in the ISM Code.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>dollars</B>&quot;
and &quot;<B>$</B>&quot; mean the lawful currency, for the time being, of the United States of America.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>DSCR
Certificate</B>&quot; means a certificate in the form set out in <FONT STYLE="color: windowtext">Schedule 8 (<I>Form of DCSR Certificate
Debt Service Cover Ratio</I>) or in any other form agreed between the Parent Guarantor and the Facility Agent.</FONT></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>DSCR
Testing Date</B>&quot; has the meaning given to it in Clause 22.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">the
                                            proceeds of the exercise of any lien on sub-freights;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">compensation
                                            payable to a Borrower or the Security Agent in the event of requisition of that Ship for
                                            hire or use;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">remuneration
                                            for salvage and towage services;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">demurrage
                                            and detention moneys;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">without
                                            prejudice to the generality of sub-paragraph (i) above, damages for breach (or payments for
                                            variation or termination) of any charterparty or other contract for the employment of that
                                            Ship;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">all
                                            moneys which are at any time payable under any Insurances in relation to loss of hire (if
                                            any);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                            monies which are at any time payable to a Borrower in relation to general average contribution;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            and whenever that Ship is employed on terms whereby any moneys falling within sub-paragraphs
                                            (i) to (viii) of paragraph (a) 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.</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 72pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 72pt; text-indent: -40pt; text-align: justify">&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Earnings
Account</B>&quot; means, in relation to a Borrower:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 relevant Earnings Account Bank designated &quot;Earnings
                                            Account&quot;;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 relevant 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) above, irrespective of the number or designation of
                                            such replacement account; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            sub-account of any account referred to in paragraphs (a) or (b) above.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Earnings
Account Bank</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            relation to the Earnings Account of a Borrower (other than Borrower G) Credit Suisse AG acting
                                            through its office at Paradeplatz 8, 8001 Zurich Switzerland <FONT STYLE="color: windowtext">or
                                            any replacement bank or other financial institution as may be approved by the Facility Agent
                                            acting with the authorisation of the Majority Lenders; and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">in
                                            relation to the Earnings Account of Borrower G, the Account Bank.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>EBITDA</B>&quot;
has the meaning given to it in Clause 22.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>EEA
Member Country</B>&quot; means any member state of the European Union, Iceland, Liechtenstein and Norway.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Environmental
Approval</B>&quot; means any present or future permit, ruling, variance or other Authorisation required under Environmental Law.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Environmental
Incident</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 72pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>ERISA</B>&quot;
means the Employee Retirement Income Security Act of 1974, as amended, and any successor thereto.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>ERISA
Affiliate</B>&quot; means each person (and defined in Section 3(9) of ERISA) which together with any Transaction Obligor would be deemed
to be a &quot;single employer&quot; within the meaning of Section 414(b), (c), (m) or (o) of the Code</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>EU
Bail-In Legislation Schedule</B>&quot; means the document described as such and published by the LMA from time to time.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Event
of Default</B>&quot; means any event or circumstance specified as such in Clause 28 (<I>Events of Default</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Existing
Facility Agreement</B>&quot; means the facility agreement dated 24 June 2019 (as amended, restated and supplemented from time to time)
and entered into between, amongst others, (i) Borrower A, Borrower B, Borrower C, Borrower D and <FONT STYLE="text-decoration: underline double; color: blue">Released
</FONT>Borrower E as borrowers, (ii) the Parent Guarantor (iii) the financial institutions listed therein as lenders and (iv) the Existing
Facility Agent.</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Existing
Security</B>&quot; means any Security created to secure the Existing Indebtedness.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Facility</B>&quot;
means the term loan facility made available under this Agreement as described in Clause 2 (<I>The Facility</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>FATCA</B>&quot;
means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">sections
                                            1471 to 1474 of the Code or any associated regulations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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) above; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            agreement pursuant to the implementation of any treaty, law or regulation referred to in
                                            paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any
                                            governmental or taxation authority in any other jurisdiction.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>FATCA
Application Date</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            relation to a &quot;withholdable payment&quot; described in section 1473(1)(A)(i) of the
                                            Code (which relates to payments of interest and certain other payments from sources within
                                            the US), 1 July 2014; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">in
                                            relation to a &quot;passthru payment&quot; described in section 1471(d)(7) of the Code not
                                            falling within paragraph (a) above, the first date from which such payment may become subject
                                            to a deduction or withholding required by FATCA.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>FATCA
Deduction</B>&quot; means a deduction or withholding from a payment under a Finance Document required by FATCA.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>FATCA
Exempt Party</B>&quot; means a Party that is entitled to receive payments free from any FATCA Deduction.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Federal
Funds Rate</B>&quot; means, for any day, the greater of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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</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>


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<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" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">zero
                                            per cent.</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>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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 and/or the date of the Deed of Accession, Amendment
and Restatement 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>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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 (<I>Debt Service Coverage Ratio</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Fiscal
Quarter</B>&quot; means any of the quarterly accounting periods ending on March 31, June 30, September 30 and December 31 of each year.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Finance
Document</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">this
                                            Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            Deed of Accession, Amendment and Restatement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Second Deed of Accession, Amendment and Restatement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(c)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            Utilisation Request;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(d)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            Disclosure Letter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(e)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            Security Document;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(f)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            Hedging Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(g)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            Manager's Undertaking;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(h)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            Subordination Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(i)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            other document which is executed for the purpose of establishing any priority or subordination
                                            arrangement in relation to the Secured Liabilities; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(j)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            other document designated as such by the Facility Agent and the Borrowers.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&quot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Finance
Party</B>&quot; means the Facility Agent, the Security Agent, a Lender or a Hedge Counterparty.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Financial
Indebtedness</B>&quot; means any indebtedness for or in relation to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">moneys
                                            borrowed;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures,
                                            loan stock or any similar instrument;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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 2019) (for the avoidance of doubt operating leases are not considered
                                            as Financial Indebtedness);</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>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 72pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">receivables
                                            sold or discounted (other than any receivables to the extent they are sold on a non-recourse
                                            basis);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            amount of any liability in relation to any guarantee or indemnity for any of the items referred
                                            to in paragraphs (a) to (h) above.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>GAAP</B>&quot;
means international financial reporting standards as issued by the International Accounting Standards Board including IFRS.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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 STYLE="color: red"><STRIKE>and, in relation to each Original
Ship, as amended and supplemented by the relevant Supplemental General Assignment</STRIKE></FONT>.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Greek
Accounts</B>&quot; means, the accounts with Eurobank Ergasias SA:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            relation to Borrower A, with account numbers:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">0026.0029.27.0200695604
                                            (Euro account); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">0026.0029.22.1200536753
                                            ($ account);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">in
                                            relation to Borrower C, with account numbers:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">0026.0029.21.0200695531<FONT STYLE="color: red"><STRIKE>(Euro
                                            </STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: blue">(Euro </FONT>account);
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">0026.0029.25.1200536665
                                            ($ account).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">in
                                            relation to Borrower F, with account numbers:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">0026.0029.24.0200750341
                                            (<FONT STYLE="color: red"><STRIKE>euro </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Euro
                                            </FONT>account) and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">0026.0029.25.1200619380
                                            ($ account).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Group</B>&quot;
means the Parent Guarantor and its Subsidiaries for the time being.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Group
Vessel</B>&quot; has the meaning given to it in Clause 22.1 (<I>Definitions</I>).</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Hedge
Counterparty Guarantor</B>&quot; means any person who provides a Hedge Counterparty Guarantee.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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 STYLE="color: red"><STRIKE>and, in
relation to each Original Borrower, as amended and supplemented by the relevant Supplemental Hedging Agreement Security</STRIKE></FONT>.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Hedging
Prepayment Proceeds</B>&quot; means any Hedge Receipts arising as a result of termination or closing out under a Hedging Agreement.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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 for a period equal in
length to the Interest Period of the Loan or that part of the Loan and which is as of a day which is no more than three US Government
Securities Business Days before the Quotation Day.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Holding
Company</B>&quot; means, in relation to a person, any other person in relation to which it is a Subsidiary.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Indemnified
Person</B>&quot; has the meaning given to it in Clause 14.2 (<I>Other indemnities</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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 STYLE="color: windowtext">of
Part B of Schedule 2 (<I>Conditions Precedent</I>).</FONT></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Interest
expense</B>&quot; has the meaning given to it in Clause 22.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Insurances</B>&quot;
means, in relation to a Ship:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Interest
Payment Date</B>&quot; has the meaning given to it in Clause 8.2 (<I>Payment of interest</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Interpolated
Historic 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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">either</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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
                                            most recent applicable Term SOFR (as of a day which is not more than three US Government
                                            Securities Business Days before the Quotation Day) 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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            most recent applicable Term SOFR (as of a day which is not more than <FONT STYLE="color: windowtext">three
                                            US Government Securities Business Days before the Quotation Day) for the shortest period
                                            (for which Term SOFR is available) which exceeds the Interest Period of the Loan or that
                                            part of the Loan.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">either</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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
                                            applicable Term SOFR (as of the Specified Time) 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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>ISDA
Master Agreement</B>&quot; means a 1992 ISDA Master Agreement or a 2002 ISDA Master Agreement.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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 2002, as the same may be amended or supplemented from time to time.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>ISSC</B>&quot;
means an International Ship Security Certificate issued under the ISPS Code.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Legal
Reservations</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">similar
                                            principles, rights and defences under the laws of any Relevant Jurisdiction.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Lender</B>&quot;
means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">any
                                            Original Lender; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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>),</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">which
in each case has not ceased to be a Party as such in accordance with this Agreement.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&quot;Limitation
Acts</B>&quot; means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>LMA</B>&quot;
means the Loan Market Association or any successor organisation.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Loan</B>&quot;
means the loan made or 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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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 (<I>Debt Service Coverage Ratio</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Maintenance
Reserve Account</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 the Parent Guarantor with the Account Bank designated &quot;Maintenance
                                            Reserve Account&quot;;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 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) above, irrespective of the number or designation of such replacement
                                            account; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            sub-account of any account referred to in paragraphs (a) or (b) above.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Maintenance
Reserve Amount</B>&quot; has the meaning given to it in Schedule 7 (<I>Dry Docking and Special Reserves Table</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Majority
Lenders</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 Loan has not yet been made, a Lender or Lenders whose Commitments aggregate more than
                                            66&#8532; per cent. of the Total Commitments; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">at
                                            any other time, a Lender or Lenders whose participations in the Loan aggregate more than
                                            66&#8532; 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&#8532; per cent. of the Loan immediately
                                            before such repayment.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Management
Agreement</B>&quot; means a Technical Management Agreement or a Commercial Management Agreement.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Margin</B>&quot;
means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            respect of an Original Tranche<FONT STYLE="color: red"><STRIKE>, </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">:</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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; color: red"><STRIKE>(a)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">from
                                            the date of this Agreement until the Effective Date, 3.75 per cent. per annum <FONT STYLE="color: red"><STRIKE>and
                                            at all times thereafter, 3.35 per cent per annum</STRIKE></FONT>;<FONT STYLE="color: red"><STRIKE>and</STRIKE></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(b)in
                                            respect of Tranche G</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">on
                                            and from the Effective Date until the Second Effective Date</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                            3.35 per cent. per annum<FONT STYLE="color: red"><STRIKE>.</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">;
                                            and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">on
                                            and from the Second Effective Date and at all times thereafter, 2.70 per cent. per annum;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            respect of Tranche G:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">on
                                            and from the Effective Date until the Second Effective Date, 3.35 per cent. per annum; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">on
                                            and from the Second Effective Date and at all times thereafter, 2.70 per cent. per annum;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            respect of Tranche H and Tranche I, 2.70 per cent. per annum.</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>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Market
Value Adjusted Total Assets</B>&quot; has the meaning given to it in Clause 22.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">as
                                            at a date not more than 10 days previously;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">by
                                            an Approved Valuer selected by the Facility Agent at the cost of the Borrowers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">with
                                            or without physical inspection of that Ship or vessel (as the Facility Agent may require);
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>provided
that</B> 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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Material
Adverse Effect</B>&quot; means in the reasonable opinion of the Majority Lenders, a material adverse effect on:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            business, operations, property, condition (financial or otherwise) of any Obligor; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            ability of any Obligor to perform its obligations under any Finance Document; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Maximum
Leverage Ratio</B>&quot; has the meaning given to it in Clause 22.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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 22.2 (<I>Minimum Cash Reserve</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            to paragraph (c) 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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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.</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>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
above rules will only apply to the last Month of any period.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Mortgage</B>&quot;
means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            relation to each Original Ship <FONT STYLE="text-decoration: underline double; color: blue">and
                                            Ship G</FONT>, a first priority or preferred (as the case may be) ship mortgage on that Ship
                                            (as amended and supplemented by <FONT STYLE="color: red"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">each
                                            </FONT>relevant Mortgage Addendum); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">in
                                            relation to Ship <FONT STYLE="color: red"><STRIKE>G</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">H
                                            and Ship I</FONT>, the first preferred Marshall Islands mortgage on Ship G,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
each case, in agreed form.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Mortgage
Addendum</B>&quot; means<FONT STYLE="color: red"><STRIKE>, </STRIKE></FONT><STRIKE><FONT STYLE="color: green">in relation to the Mortgage
over each Original Ship</FONT><FONT STYLE="color: red">, </FONT></STRIKE><FONT STYLE="text-decoration: underline double; color: blue">:</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">in
                                            relation to the Mortgage over each Original Ship</FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            first amendment or addendum (as the case may be) to the Mortgage over that Original Ship
                                            <FONT STYLE="color: red"><STRIKE>in agreed form.</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">;
                                            and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            second amendment or addendum (as the case may be) to the Mortgage over that Original Ship;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            relation to the Mortgage over Ship G, a first amendment or addendum (as the case may be)
                                            to that Mortgage,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
each case in agreed form.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Mortgaged
Ship</B>&quot; means any Ship which is subject to a Mortgage at the relevant time.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Nasdaq
Market Tier</B>&quot; means the Nasdaq Global Select Market, the Nasdaq Global Market and the Nasdaq Capital Market.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Net
LTV</B><FONT STYLE="font-weight: normal">&quot; means, at any relevant time, <FONT STYLE="color: windowtext">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 </FONT>25 (</FONT><I>Loan to value ratio<FONT STYLE="font-weight: normal">)</FONT></I><FONT STYLE="font-weight: normal">
plus the balances standing to the credit of the Cash Reserve <FONT STYLE="color: red"><STRIKE>Accounts </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Account
</FONT>(other than for the purposes of Clause 23.18 (<I>Dividends</I>) in which case such balances are excluded from the calculation
of Net LTV). </FONT></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Obligor</B>&quot;
means a Borrower, the Parent Guarantor or a Hedge Guarantor.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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 2020.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Original
Borrower</B>&quot; means each of Borrower A, Borrower B, Borrower C, Borrower D<FONT STYLE="color: red"><STRIKE>, Borrower E </STRIKE></FONT>
or Borrower F.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Original
Ship</B>&quot; means each of Ship A, Ship B, Ship C, Ship D, Ship E or Ship F.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Original
Tranche</B>&quot; means each of Tranche A, Tranche B, Tranche C, Tranche D, Tranche E or Tranche F.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Overseas
Regulations</B>&quot; means the Overseas Companies Regulations 2009 (SI 2009/1801).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Party</B>&quot;
means a party to this Agreement.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&quot;Payment</B>&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 liabilities (or other liabilities or obligations).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Permitted
Charter</B>&quot; means, in relation to a Ship:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">a
                                            Charter:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">which
                                            is a time, voyage or consecutive voyage charter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">the
                                            duration of which does not exceed and is not capable of exceeding, by virtue of any optional
                                            extensions, 12 months;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">which
                                            is entered into on <I>bona fide</I> arm's length terms at the time at which that Ship is
                                            fixed; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            relation to which not more than two months' hire is payable in advance,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Permitted
Financial Indebtedness</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">any
                                            Financial Indebtedness incurred under the Finance Documents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 relevant Utilisation Date, the Existing Indebtedness;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<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" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 <FONT STYLE="color: windowtext">23.25
                                            <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 </FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">any
                                            Permitted Trade Debt.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">which
                                            is unsecured;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">in
                                            relation to which no cash interest, fees, costs or expenses are payable during the Security
                                            Period; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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; color: windowtext">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Permitted
Security</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 or otherwise with the prior consent of the Facility Agent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 relevant Utilisation Date, the Existing Security;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">liens
                                            for salvage;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">any
                                            other lien arising by operation of law or otherwise in the ordinary course of the operation,
                                            repair or maintenance of any Ship:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">not
                                            as a result of any default or omission by any Borrower;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">not
                                            being enforced through arrest; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<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" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">subject,
                                            in the case of liens for repair or maintenance, to Clause 24.16 (<I>Restrictions on chartering,
                                            appointment of managers etc.</I>),</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&quot;Permitted
Trade Debt</B>&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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">on
                                            and from the date of this Agreement until the date falling 90 days from the relevant Utilisation
                                            Date (inclusive) (the &quot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Three
                                            Month Period</B><FONT STYLE="font-weight: normal">&quot;) does not exceed</FONT> $500,000
                                            (or the equivalent in any other currency) in aggregate in respect of that Ship and remains
                                            unpaid;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">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) its due date or (B) 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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">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) its due date or (B) 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.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Plan</B>&quot;
means any &quot;employee benefit plan&quot; as defined in Section 3(3) 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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">listed
                                            on a Sanctions List;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">resident
                                            in, or incorporated or organised under the laws of a Sanctioned Country;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 72pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">acting
                                            or purporting to act on behalf of any of the persons listed in paragraphs (a) to (c) above.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Protected
Party</B>&quot; has the meaning given to it in Clause 12.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>PSC</B>&quot;
means port state control.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Qualified
ECP Guarantor</B>&quot; means, in respect of any Hedging Obligation, each of the <FONT STYLE="text-decoration: underline double; color: blue">Parent
</FONT>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 1a(18)(A)(v)(II) of the
Commodity Exchange Act.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Quarter
End Date</B>&quot; means 31 March, 30 June, 30 September and 31 December of each calendar year.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Quotation
Day</B>&quot; means, in relation to any period for which an interest rate is to be determined, two US Government Securities Business
Days before the first day of that period unless market practice differs in the relevant syndicated loan market in which case the Quotation
Day will be determined by the Facility Agent in accordance with that market practice (and if quotations would normally be given on more
than one day, the Quotation Day will be the last of those days).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Reference
Rate</B>&quot; means in relation to the Loan or any part of the Loan:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">as
                                            otherwise determined pursuant to Clause 10.1 (<I>Unavailability of Term SOFR</I>).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Relevant
Jurisdiction</B>&quot; means, in relation to a Transaction Obligor:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">its
                                            Original Jurisdiction;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            jurisdiction where it conducts its business; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<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" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">the
                                            jurisdiction whose laws govern the perfection of any of the Security Documents entered into
                                            by it.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Relevant
Market</B>&quot; means the market for overnight cash borrowing collateralised by US Government Securities.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Relevant
Percentage</B>&quot; has the meaning given to it in Clause 25 (<I>Loan to value ratio</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Repayment
Instalment</B>&quot; has the meaning given to it in Clause 6.1 (<I>Repayment of Loan</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Representative</B>&quot;
means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Requisition</B>&quot;
means in relation to a Ship:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            capture or seizure of that Ship (including any hijacking or theft) by any person whatsoever.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Resolution
Authority</B>&quot; means any body which has authority to exercise any Write-down and Conversion Powers.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Safety
Management Certificate</B>&quot; has the meaning given to it in the ISM Code.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Safety
Management System</B>&quot; has the meaning given to it in the ISM Code.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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, Iran, North Korea, Syria, Venezuela and <FONT STYLE="text-decoration: underline double; color: blue">the
</FONT>Crimea<FONT STYLE="text-decoration: underline double; color: blue">, Donetsk People's Republic and Luhansk People's Republic regions
of Ukraine</FONT>).</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; color: blue; text-align: justify; text-indent: 0cm"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Sanctioned
Ship</B>&quot; means a ship which is the subject of Sanctions.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Sanctions
Advisory</B>&quot; means the Sanctions Advisory for the Maritime Industry, Energy and Metals Sectors, and Related Communities issued
14 May 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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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, 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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Sanctions
List</B>&quot; means the list of Specially Designated Nationals and Blocked Persons, the Sectoral Sanctions Identification List, the
Foreign Sanctions Evaders List, in each case, published by the Office of Foreign Assets Control of the United States Department of the
Treasury, 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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">&quot;<B>Second
Deed of Accession, Amendment and Restatement</B>&quot; means the </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">deed
of accession, amendment and restatement dated </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">______________
2023 and made between, amongst others, (i) the Original Borrowers and Borrower G as existing borrowers, (ii) Borrower H and Borrower
I as additional borrowers, (iii) the Original Lenders, (iv) the Facility Agent and (v) the Security Agent, amending and restating this
Agreement.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Second
Effective Date</B>&quot; has the meaning given to the term &quot;Effective Date&quot; in the Second Deed of Accession, Amendment and
Restatement.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Secured
Party</B>&quot; means each Finance Party from time to time party to this Agreement, a Receiver or any Delegate.</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Security
Document</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">any
                                            Shares Security;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            Mortgage;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            Deed of Covenant;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">any
                                            General Assignment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">any
                                            Account Security;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">any
                                            Hedging Agreement Security;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">any
                                            Subordinated Debt Security;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            Mortgage Addendum;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            Supplemental Security Document;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            other document (whether or not it creates Security) which is executed as security for the
                                            Secured Liabilities; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            other document designated as such by the Facility Agent and the Borrowers.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Security
Property</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            Security Agent's interest in any turnover trust created under the Finance Documents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">except:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">rights
                                            intended for the sole benefit of the Security Agent; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Servicing
Party</B>&quot; means the Facility Agent or the Security Agent.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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 STYLE="color: red"><STRIKE>and, in relation to each Original Borrower, as amended and supplemented
pursuant to the relevant Supplemental Shares Security</STRIKE></FONT>.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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, Ship F <FONT STYLE="text-decoration: underline double; color: blue">, Ship G, Ship H </FONT>or
Ship <FONT STYLE="color: red"><STRIKE>G</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">I</FONT>.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Ship
G</B>&quot; means m.v. &quot;ORION GLOBE&quot;, details of which are set out opposite its name in Schedule 9 (<I>Details of the Ships</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Ship
H</B>&quot; means m.v. &quot;DIAMOND GLOBE&quot;, details of which are set out opposite its name in Schedule 9 (<I>Details of the Ships</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Ship
I</B>&quot; means m.v. &quot;POWER GLOBE&quot;, details of which are set out opposite its name in Schedule 9 (<I>Details of the Ships</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><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 (<I>Debt Service Coverage Ratio)</I>.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>SOFR</B>&quot;
means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes
over the administration of that rate).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Specified
Time</B>&quot; means <FONT STYLE="color: windowtext">in relation to when a Reference Rate is fixed, the Quotation Day.</FONT></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Subordinated
Creditor</B>&quot; means:</FONT></P>


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<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" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">a
                                            Transaction Obligor; or</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" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 person who becomes a Subordinated Creditor in accordance with this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Subordinated
Finance Document</B>&quot; means any other document relating to or evidencing Subordinated Liabilities.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Subsidiary</B>&quot;
means a subsidiary within the meaning of section 1159 of the Companies Act 2006.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Supplemental
Deed of Covenant</B>&quot; means, in relation to Ship E, <FONT STYLE="color: red"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">each
</FONT>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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Supplemental
General Assignment</B>&quot; means<FONT STYLE="color: red"><STRIKE>, </STRIKE></FONT><STRIKE><FONT STYLE="color: green">in relation to
an Original Ship</FONT><FONT STYLE="color: red">, the general assignment, being supplemental to the General Assignment relating to that
Ship, creating Security over:</FONT></STRIKE><FONT STYLE="text-decoration: underline double; color: blue">:</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">in
                                            relation to an Original Ship</FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            second general assignment; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            third general assignment; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            relation to Ship G, the second general assignment,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">creating
Security over (A) </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that Ship's Earnings, its Insurances
and any Requisition Compensation in relation to that Ship<FONT STYLE="color: red"><STRIKE>; </STRIKE></FONT> and <FONT STYLE="text-decoration: underline double; color: blue">(B)
</FONT>any Charter and any Charter Guarantee (as each such word is therein defined) in relation to that Ship, in agreed form.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Supplemental
Hedging Agreement Security</B>&quot; means<FONT STYLE="color: red"><STRIKE>, the supplemental hedging agreement security to the Hedging
Agreement Security in respect of each Original Borrower in agreed form.</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">:</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            relation to an Original Borrower:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            second hedging agreement security; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            third hedging agreement security; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            relation to Borrower G, the second hedging agreement security, creating Security over the
                                            Hedging Agreement to which that Borrower is a party in agreed form.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Supplemental
Security Documents</B>&quot; means, together, <FONT STYLE="color: red"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">each
</FONT>Supplemental General <FONT STYLE="color: red"><STRIKE>Assignments</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Assignment</FONT>,
<FONT STYLE="color: red"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">each </FONT><FONT STYLE="color: windowtext">Supplemental
Hedging Agreement Security, </FONT><FONT STYLE="color: red"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">each
</FONT><FONT STYLE="color: windowtext">Account Security </FONT><FONT STYLE="color: red"><STRIKE>Confirmations</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Confirmation</FONT>,
<FONT STYLE="color: red"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">each </FONT>Supplemental
Deed of Covenant and <FONT STYLE="color: red"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">each
</FONT>Supplemental Shares <FONT STYLE="color: red"><STRIKE>Securities </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Security
</FONT>and, in the singular, means any of them.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Supplemental
Shares Security</B>&quot; means<FONT STYLE="color: red"><STRIKE>, </STRIKE></FONT><STRIKE><FONT STYLE="color: green">in relation to an
Original Borrower</FONT><FONT STYLE="color: red">, a shares security being supplemental to the Shares Security relating to that Borrower,
</FONT></STRIKE><FONT STYLE="text-decoration: underline double; color: blue">:</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">in
                                            relation to an Original Borrower</FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            second shares security; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            third shares security; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">in
                                            relation to Borrower G, the second shares security,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">creating
Security over the shares in that Borrower in agreed form.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tax
Credit</B>&quot; has the meaning given to it in Clause 12.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tax
Deduction</B>&quot; has the meaning given to it in Clause 12.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tax
Payment</B>&quot; has the meaning given to it in Clause 12.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Term
SOFR</B>&quot; means the <FONT STYLE="color: windowtext">rate per annum determined by the Facility Agent as the forward-looking term
rate based on SOFR as administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration
of that rate) for 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></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Term
SOFR Adjustment</B>&quot; means <FONT STYLE="color: windowtext">0.10 per cent. per annum.</FONT></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Termination
Date</B>&quot; means <FONT STYLE="color: green"><STRIKE>the date falling five years after the Utilisation Date of </STRIKE></FONT><STRIKE><FONT STYLE="color: red">an
Original Tranche.</FONT></STRIKE><FONT STYLE="text-decoration: underline double; color: blue">: </FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">in
                                            relation to an Original Tranche and Tranche G, </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">the
                                            date falling five years after the Utilisation Date of </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">the
                                            Original Tranches; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            relation to Tranche H and Tranche I, the date falling four years after the Utilisation Date
                                            of Tranche H and Tranche I.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Third
Parties Act</B>&quot; has the meaning given to it in Clause 1.5 (<I>Third party rights</I>).</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Total
Assets</B>&quot; has the meaning given to it in Clause 22.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Total
Commitments</B>&quot; means the aggregate of the Commitments, which was $34,250,000 at the date of this Agreement and has been increased
by $18,000,000 to $52,250,000 with effect from the Effective Date pursuant to <FONT STYLE="color: red"><STRIKE>and as defined in the
</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">the Deed of Accession, Amendment and Restatement and has
been further increased by $25,000,000 to $77,250,000 with effect from the Second Effective Date pursuant to the Second </FONT>Deed of
Accession, Amendment and Restatement.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Total
Loss</B>&quot; means, in relation to a Ship:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">actual,
                                            constructive, compromised, agreed or arranged total loss of that Ship; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            Requisition of that Ship unless that Ship is returned to the full control of the relevant
                                            Borrower within 60 days of such Requisition.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Total
Loss Date</B>&quot; means, in relation to the Total Loss of a Ship:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">in
                                            the case of a constructive, compromised, agreed or arranged total loss of that Ship, the
                                            earlier of:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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
                                            date on which a notice of abandonment is given (or deemed or agreed to be given) to the insurers;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tranche</B>&quot;
means any Original Tranche <FONT STYLE="color: red"><STRIKE>and </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">,
</FONT>Tranche G<FONT STYLE="text-decoration: underline double; color: blue">, Tranche H or Tranche I</FONT>.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tranche
A</B>&quot; means that part of the Loan made available to the Borrowers to refinance the Existing Indebtedness secured on Ship A.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tranche
B</B>&quot; means that part of the Loan made available to the Borrowers to refinance the Existing Indebtedness secured on Ship B.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tranche
C</B>&quot; means that part of the Loan made available to the Borrowers to refinance the Existing Indebtedness secured on Ship C.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tranche
D</B>&quot; means that part of the Loan made available to the Borrowers to refinance the Existing Indebtedness secured on Ship D.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tranche
E</B>&quot; means that part of the Loan made available to the Borrowers to refinance the Existing Indebtedness secured on Ship E.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tranche
G</B>&quot; means that part of the Loan made or to be made available to the Borrowers to refinance the purchase price of Ship G as well
as for general corporate and working capital of the Obligors.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tranche
H</B>&quot; means that part of the Loan made available to the Borrowers to refinance the purchase price of Ship H.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tranche
I</B>&quot; means that part of the Loan made available to the Borrowers to refinance the purchase price of Ship I.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Transaction
Document</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">a
                                            Finance Document;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">a
                                            Subordinated Finance Document;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            Hedge Counterparty Guarantee; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">any
                                            other document designated as such by the Facility Agent and a Borrower.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Transaction
Security&quot;</B> means the Security created or evidenced or expressed to be created or evidenced under the Security Documents.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Transfer
Certificate</B>&quot; means a certificate substantially in the form set out in Schedule 4 (<I>Form of Transfer Certificate</I>) or any
other form agreed between the Facility Agent and the Borrowers.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Transfer
Date</B>&quot; means, in relation to an assignment or a transfer, the later of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            date on which the Facility Agent executes the relevant Assignment Agreement or Transfer Certificate.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>UK
Bail-In Legislation</B>&quot; means Part 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).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>UK
Establishment</B>&quot; means a UK establishment as defined in the Overseas Regulations.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Unpaid
Sum</B>&quot; means any sum due and payable but unpaid by a Transaction Obligor under the Finance Documents.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>US</B>&quot;
means the United States of America.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>US
Government Securities Business Day</B>&quot; means any day other than:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">a
                                            Saturday or a Sunday; and</FONT></TD></TR></TABLE>


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<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" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>US
Tax Obligor</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">a
                                            person which is resident for tax purposes in the US; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">a
                                            person some or all of whose payments under the Finance Documents are from sources within
                                            the US for US federal income tax purposes.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Utilisation</B>&quot;
means a utilisation of the Facility.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Utilisation
Date</B>&quot; means the date of a Utilisation, being:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(a)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            respect of an Original Tranche, 10 May 2021; <FONT STYLE="color: red"><STRIKE>and</STRIKE></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(a)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            respect of Tranche G, <FONT STYLE="color: red"><STRIKE>the date on which Tranche G </STRIKE></FONT><STRIKE><FONT STYLE="color: green">is
                                            to be made available to the Borrowers.</FONT></STRIKE><FONT STYLE="text-decoration: underline double; color: blue">10
                                            August 2022; and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">in
                                            respect of Tranche H or Tranche I, the date on which such Tranche </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">is
                                            to be made available to the Borrowers.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Utilisation
Request</B>&quot; means a notice substantially in the form set out in Schedule 3 <I>(Utilisation Request</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>VAT</B>&quot;
means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">any
                                            value added tax imposed by the Value Added Tax Act 1994;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            tax imposed in compliance with the Council Directive of 28 November 2006 on the common system
                                            of value added tax (EC Directive 2006/112); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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) above,
                                            or imposed elsewhere.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Write-down
and Conversion Powers</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">in
                                            relation to any other applicable Bail-In Legislation other than the UK Bail-In Legislation:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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
                                            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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 108pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">any
                                            similar or analogous powers under that Bail-In Legislation; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Unless
                                            a contrary indication appears, a reference in this Agreement to:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">&quot;<B>assets</B>&quot;
                                            includes present and future properties, revenues and rights of every description;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>document</B>&quot;
                                            includes a deed and also a letter, fax, email or telex;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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)
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">&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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            &quot;<B>group of Lenders</B>&quot; includes all the Lenders;</FONT></TD></TR></TABLE>


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<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" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            provision of law is a reference to that provision as amended or re-enacted from time to time;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            time of day is a reference to London time;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">words
                                            denoting the singular number shall include the plural and vice versa; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xviii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction
                                            of insurance terms</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Agreement:</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>approved</B>&quot;
means, for the purposes of Clause 27 (<I>Insurance Undertakings</I>), approved in writing by the Facility Agent.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>policy</B>&quot;
includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreed
                                            forms of Finance Documents</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">References
in Clause 1.1 (<I>Definitions</I>) to any Finance Document being in &quot;agreed form&quot; are to that Finance Document:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            a form attached to a certificate dated the same date as this Agreement (and signed by each
                                            Borrower and the Facility Agent); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
                                            party rights</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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) of Clause 14.2
                                            (<I>Other indemnities</I>) or paragraph (b) of Clause 32.11 (<I>Exclusion of liability</I>)
                                            may, subject to this</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.<BR STYLE="clear: both"></FONT></P>

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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2<BR>
<BR>
The Facility</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Facility</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Facility</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            Lenders have already made available to the Borrowers the loan facility under the Original
                                            Tranches on 10 May 2021 as follows:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></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">Tranche
                                            A in the amount of $4,151,515.15;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">Tranche
                                            B in the amount of $4,878,030.30;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">Tranche
                                            C in the amount of $5,293,181.82;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tranche
                                            D in the amount of $4,566,666.67;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">Tranche
                                            E in the amount of $5,189,393.94; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">Tranche
                                            F in the amount of $10,171,212.12.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Lenders have already made available to the Borrowers the loan facility under Tranche G on
                                            10 August 2022 in the amount of $18,000,000.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(b)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                            to the terms of this Agreement, the Lenders shall also make available to the Borrowers a
                                            <FONT STYLE="text-decoration: underline double; color: blue">second </FONT>top-up loan facility
                                            (being Tranche <FONT STYLE="color: red"><STRIKE>G</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">H
                                            and Tranche I</FONT>) in the amount of up to $<FONT STYLE="color: red"><STRIKE>18,000,000
                                            </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">25,000,000 </FONT>to
                                            be drawn in a single advance for the purpose set out in Recital (<FONT STYLE="color: red"><STRIKE>C</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">E</FONT>).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance
                                            Parties' rights and obligations</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            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) 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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">A
                                            Finance Party may, except as specifically provided in the Finance Documents, separately enforce
                                            its rights under or in connection with the Finance Documents.</FONT></TD></TR></TABLE>


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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowers'
                                            Agent</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 0"></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 by its execution of <FONT STYLE="text-decoration: underline double; color: blue">or
                                            accession to </FONT>this Agreement <FONT STYLE="text-decoration: underline double; color: blue">(as
                                            the case may be) </FONT>irrevocably appoints the Parent Guarantor to act on its behalf as
                                            its agent in relation to the Finance Documents and irrevocably authorises:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 35.45pt"></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">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
                                            any 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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">each
                                            Finance Party to give any notice, demand or other communication to that Borrower pursuant
                                            to the Finance Documents to the Parent Guarantor,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purpose</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purpose</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Borrower shall apply or, in the case of the Original Tranches <FONT STYLE="text-decoration: underline double; color: blue">and Tranche
G</FONT>, have applied all amounts borrowed by it under the Facility only for the purpose stated in the preamble (<I>Background</I>)
to this Agreement.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monitoring</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions
                                            of Utilisation</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
                                            conditions precedent</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Borrowers may not deliver a Utilisation Request unless the Facility Agent has received all of the documents and other evidence listed
in Part A of Schedule 2 (<I>Conditions Precedent</I>) in form and substance satisfactory to the Facility Agent.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further
                                            conditions precedent</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Lenders will only be obliged to comply with Clause 5.4 (<I>Lenders' participation</I>) if:</FONT></P>


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

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<TD STYLE="width: 0"></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 relevant Utilisation Request and on the proposed Utilisation Date and before
                                            the relevant advance is made available:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">no
                                            Default is continuing or would result from the proposed Utilisation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            Repeating Representations to be made by each Transaction Obligor are true;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            Parent Guarantor is in compliance with Clause 22.3 (<I>Minimum Liquidity Amount</I>); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">no
                                            Ship has neither been sold nor become a Total Loss; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">in
                                            the case of the Advance under each Tranche, the Facility Agent has received on or before
                                            the relevant Utilisation Date, or is satisfied it will receive when the Advance is made available,
                                            all of the documents and other evidence listed in Part B of Schedule 2 (<I>Conditions Precedent</I>)
                                            relating to that Tranche in form and substance satisfactory to the Facility Agent.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notification
                                            of satisfaction of conditions precedent</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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>).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
                                            of conditions precedent</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; 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 relevant 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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions
                                            Subsequent</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Borrowers undertake to deliver or cause to be delivered to the Facility Agent the additional documents and evidence listed in Part C
of <FONT STYLE="color: windowtext">Schedule 2 (<I>Conditions Precedent</I>) within the timeframe specified therein in form and substance
satisfactory to the Facility Agent. </FONT></FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3<BR>
<BR>
Utilisation</FONT></P>

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<TD STYLE="width: 0"></TD><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; font-size: 10pt">Utilisation</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delivery
                                            of a Utilisation Request</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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 may utilise the Facility by delivery to the Facility Agent of a duly completed
                                            Utilisation Request not later than the Specified Time.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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 in respect of the Original Tranches
                                            <FONT STYLE="color: red"><STRIKE>and </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">,
                                            </FONT>not more than one Utilisation Request in respect of Tranche G <FONT STYLE="text-decoration: underline double; color: blue">and
                                            not more than one Utilisation Request in respect of Tranche H and Tranche I</FONT>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">All
                                            Original Tranches shall be simultaneously drawn.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Tranche
                                            H and Tranche I shall be simultaneously drawn.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Completion
                                            of a Utilisation Request</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></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 relevant Availability Period;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 a Utilisation comply with Clause 5.3 (<I>Currency and amount</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">all
                                            applicable deductible items have been completed; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">the
                                            proposed Interest Period complies with Clause 9 (<I>Interest Periods</I>).</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency
                                            and amount</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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 a Utilisation Request must be dollars.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 Advance must be an amount which is not more than:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">in
                                            respect of the Advance under the Original Tranches, the lesser of (i) $34,250,000 and (ii)
                                            52.5 per cent. of the aggregate of the Initial Market Value of the Original Ships; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>and</STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">in
                                            respect of the Advance under the Tranche G, the lesser of (i) $18,000,000 and (ii) 62.5 per
                                            cent. of the Initial Market Value of Ship G</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>.</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            respect of the Advance under Tranche H and Tranche I, the lesser of (i) $25,000,000 and (ii)
                                            55 per cent, of the aggregate Initial Market Value of Ship H and Ship I.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 Advance must be an amount which is not more than the Available Facility.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lenders'
                                            participation</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 each Advance available by the relevant Utilisation Date through its Facility Office.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation
                                            of Commitments</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Commitments in respect of any Tranche which are unutilised at the end of the <FONT STYLE="text-decoration: underline double; color: blue">relevant
</FONT>Availability Period shall then be cancelled.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retentions
                                            and payment to third parties</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Borrowers irrevocably authorise the Facility Agent:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 relevant Utilisation Request and
                                            to apply them in payment of the items to which they relate; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 relevant Utilisation Date, to pay to, or for the account of, the Borrowers the balance
                                            (after any deduction made in accordance with paragraph (a) above) of the amounts which the
                                            Facility Agent receives from the Lenders in respect of the relevant Advance. <FONT STYLE="color: red"><STRIKE>That
                                            </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">In relation
                                            to an Original Tranche (other than Tranche F), that </FONT>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 relevant Utilisation Request for that part of the Loan used to refinance the
                                            Existing Indebtedness and the balance to the account of the Borrowers.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disbursement
                                            of Advance to third party</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepositioning
                                            of funds</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 relevant Utilisation Date or, if such Utilisation Date does not occur, within three
                                            Business Days of demand by the Facility Agent; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">shall,
                                            without duplication, indemnify each Finance Party against any costs, loss or liability it
                                            may incur in connection with such arrangement.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
Repayment, Prepayment and Cancellation</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><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">Repayment</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
                                            of Loan</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Borrowers shall repay the Loan as follows:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Tranche
                                            A by:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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; color: windowtext">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 </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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 STYLE="color: windowtext">$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;); </FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Tranche
                                            B by:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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; color: windowtext">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 </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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 STYLE="color: windowtext">$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;); </FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Tranche
                                            C by:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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; color: windowtext">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 </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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 STYLE="color: windowtext">$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;); </FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Tranche
                                            D by:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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; color: windowtext">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 </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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 STYLE="color: windowtext">$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;); </FONT></FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Tranche
                                            E <FONT STYLE="color: red"><STRIKE>by: </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">has
                                            been prepaid in full;</FONT></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: red; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>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 </STRIKE></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: red; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(ii)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>a
                                            balloon instalment in the amount of $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;);
                                            </STRIKE></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Tranche
                                            F by:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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; color: windowtext">20
                                            equal consecutive quarterly instalments, each in an amount of $371,212.12 (each a &quot;<B>Tranche
                                            F Amortising Instalment</B>&quot; and collectively, the &quot;<B>Tranche F Amortising Instalments</B>&quot;);
                                            and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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 STYLE="color: windowtext">$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;); </FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Tranche
                                            G by:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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; color: windowtext">15
                                            equal consecutive quarterly instalments, each in an amount of $375,000 (each a &quot;<B>Tranche
                                            G </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green"><STRIKE>Amortising
                                            Instalment</STRIKE></FONT></B><FONT STYLE="color: green; font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&quot;
                                            and together with Tranche A Amortising Instalments, Tranche B Amortising Instalments, Tranche
                                            C Amortising Instalments, Tranche D Amortising Instalments, Tranche </STRIKE></FONT><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red">E
                                            Amortising Instalments and Tranche F </FONT></STRIKE><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">Amortising
                                            Instalments, the &quot;<B>Amortising Instalments</B>&quot; and each an &quot;<B>Amortising
                                            Instalment</B>&quot;); and </FONT></STRIKE><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><B>Amortising
                                            Instalment</B>&quot;); and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            balloon instalment in the amount of $12,375,000 (the &quot;<B>Balloon Instalment G</B>&quot;
                                            and together with the Tranche G Amortising Instalments, shall each be a &quot;<B>Repayment
                                            Instalment G</B>&quot;); </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Tranche
                                            H by: </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">16
                                            equal consecutive quarterly instalments, each in an amount of $375,000 (each a &quot;<B>Tranche
                                            H Amortising Instalment</B>&quot;); and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            balloon instalment in the amount of $12,750,000 (the &quot;<B>Balloon Instalment H</B>&quot;
                                            and together with the Tranche H Amortising Instalments, shall each be a &quot;<B>Repayment
                                            Instalment H</B>&quot;); </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Tranche
                                            I by: </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">16
                                            equal consecutive quarterly instalments, each in an amount of $125,000 (each a &quot;<B>Tranche
                                            I </B></FONT><B><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">Amortising
                                            Instalment</FONT></B><FONT STYLE="text-decoration: underline double; color: green; font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;
                                            and together with Tranche A Amortising Instalments, Tranche B Amortising Instalments, Tranche
                                            C Amortising Instalments, Tranche D Amortising Instalments, Tranche </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">F
                                            Amortising Instalments, Tranche G Amortising Instalments and Tranche H </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">Amortising
                                            Instalments, the &quot;<B>Amortising Instalments</B>&quot; and each an &quot;<B>Amortising
                                            Instalment</B>&quot;); and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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 STYLE="color: windowtext">$</FONT><FONT STYLE="color: red"><STRIKE>12,375,000
                                            </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">4,250,000 </FONT><FONT STYLE="color: windowtext">(the
                                            &quot;<B>Balloon Instalment </B></FONT><B><FONT STYLE="color: red"><STRIKE>G</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">I</FONT></B><FONT STYLE="color: windowtext">&quot;
                                            and together with the Tranche </FONT><FONT STYLE="color: red"><STRIKE>G </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">I
                                            </FONT><FONT STYLE="color: windowtext">Amortising Instalments, shall each be a</FONT></FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Repayment
Instalment <FONT STYLE="color: red"><STRIKE>G</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">I</FONT></B><FONT STYLE="color: windowtext">&quot;
and together with Repayment Instalments A, Repayment Instalments B, Repayment Instalments C, Repayment Instalments D, Repayment Instalments
</FONT><FONT STYLE="color: red"><STRIKE>E and </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">F, </FONT><FONT STYLE="color: windowtext">Repayment
Instalments </FONT><FONT STYLE="color: red"><STRIKE>F</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">G and
Repayment Instalments H</FONT><FONT STYLE="color: windowtext">, the &quot;<B>Repayment Instalments</B>&quot;)</FONT><FONT STYLE="color: red"><STRIKE>;
</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">.</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(h)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            first <FONT STYLE="color: red"><STRIKE>Amortizing </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Amortising
                                            </FONT>Instalment of each Original Tranche shall be repaid on the date falling three Months
                                            after the relevant Utilisation Date and the first Amortising Instalment of Tranche G <FONT STYLE="text-decoration: underline double; color: blue">,
                                            Tranche H and Tranche I </FONT>shall be repaid on the next Repayment Date in respect of the
                                            Original Tranches following the Utilisation Date of <FONT STYLE="text-decoration: underline double; color: blue">such
                                            </FONT>Tranche <FONT STYLE="color: red"><STRIKE>G </STRIKE></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 <FONT STYLE="text-decoration: underline double; color: blue">applicable
                                            to that Tranche</FONT>.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
                                            of cancellation and prepayment on scheduled repayments</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 Borrowers cancel 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 Borrowers cancel 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 (<I>Cancellation 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            any part of the Loan is prepaid in accordance with Clause 7.3 (<I>Voluntary prepayment of
                                            Loan</I><FONT STYLE="color: red"><STRIKE>), </STRIKE></FONT><STRIKE><FONT STYLE="color: green">Clause
                                            7.4 (<I>Mandatory prepayment on sale or Total Loss</I></FONT></STRIKE>) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">If
                                            any part of the Loan is repaid or prepaid in accordance with </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">Clause
                                            7.4 (<I>Mandatory prepayment on sale or Total Loss</I></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">)
                                            and following the prepayment referred to in paragraph (a) of Clause 7.4 (<I>Mandatory prepayment
                                            on sale or Total Loss</I>) a further prepayment is required under paragraph (b) of Clause
                                            7.4 (<I>Mandatory prepayment on sale or Total Loss</I>), if the Ship that has been sold or
                                            become Total Loss:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">is
                                            a Ship other than Ship H or Ship I:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            such further prepayment shall reduce the Repayment Instalments outstanding at the time for
                                            Tranche H and Tranche I in inverse order of maturity by the amount of the Loan repaid or
                                            prepaid (pro rata between Tranche H and Tranche I); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">following
                                            the full prepayment of Tranche H and Tranche I, then any such further prepayment shall reduce
                                            the Repayment Instalments outstanding of the remaining Tranches, in inverse order of maturity
                                            by the amount of the Loan repaid or prepaid;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 106.3pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">is
                                            Ship H, any such further prepayment shall reduce the Repayment Instalments outstanding at
                                            the time for Tranche I in inverse order of maturity by the amount of the Loan repaid or prepaid
                                            and following the full prepayment of Tranche I, any such further prepayment shall reduce
                                            the Repayment Instalments outstanding of the remaining Tranches, in inverse order of maturity
                                            by the amount of the Loan repaid or prepaid; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">is
                                            Ship I, any such further prepayment shall reduce the Repayment Instalments outstanding at
                                            the time for Tranche H in inverse order of maturity by the amount of the Loan repaid or prepaid
                                            and following the full prepayment of Tranche H, any such further prepayment shall reduce
                                            the Repayment Instalments outstanding of the remaining Tranches, in inverse order of maturity
                                            by the amount of the Loan repaid or prepaid.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination
                                            Date</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the <FONT STYLE="text-decoration: underline double; color: blue">final </FONT>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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reborrowing</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Borrower may reborrow any part of the Facility which is repaid.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment
                                            and Cancellation</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illegality</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 to determine or charge interest rates based upon Adjusted Term SOFR or Term
                                            SOFR or it becomes unlawful for any Affiliate of a Lender for that Lender to do so:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">that
                                            Lender shall promptly notify the Facility Agent upon becoming aware of that event;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">upon
                                            the Facility Agent notifying the Borrowers, the Available Commitment of that Lender will
                                            be immediately cancelled; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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:</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">Sanctions
                                            (including in each case, without limitation, (A) the non-existence or cessation of legality,
                                            validity, binding effect or enforceability of a provision of a Finance Document and (B) 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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            the extent permitted by applicable law, that Lender shall promptly notify the Borrowers through
                                            the Facility Agent upon becoming aware of that event;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            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) the Sanctions Cancellation Date and (y) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automatic
                                            cancellation</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voluntary
                                            prepayment of Loan</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            to paragraph (b) 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).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 relevant Availability Period (or, if earlier,
                                            the day on which the Available Facility is zero).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mandatory
                                            prepayment on sale or Total Loss</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            a Ship is sold (without prejudice to paragraph (a) 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 Relevant Date, the Borrowers shall also prepay such part of the Loan as shall eliminate
                                            any shortfall arising if the <FONT STYLE="color: red"><STRIKE>ratio set out in Clause 25
                                            (<I>Loan to value ratio</I>) were applied </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">amount
                                            of the Loan outstanding to the aggregate Market Value of the remaining Mortgaged Ships </FONT>immediately
                                            following the payment referred to in paragraph (a) above <FONT STYLE="text-decoration: underline double; color: blue">is
                                            more than 55 per cent</FONT>.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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 <FONT STYLE="color: red"><STRIKE>paragraph
                                            </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">paragraphs </FONT>(a)
                                            and <FONT STYLE="color: red"><STRIKE>paragraph </STRIKE></FONT>(b) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">In
                                            this Clause 7.4 (<I>Mandatory prepayment on sale or Total Loss</I>):</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Relevant
Date</B>&quot; means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">in
                                            the case of a Total Loss of a Ship, on the earlier of:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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
                                            date falling 90 days after the Total Loss Date; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">the
                                            date of receipt by the Security Agent of the proceeds of insurance relating to such Total
                                            Loss.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mandatory
                                            prepayment of Hedging Prepayment Proceeds</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right
                                            of repayment and cancellation in relation to a single Lender</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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
                                            sum payable to any Lender by a Transaction Obligor is required to be increased under paragraph
                                            (c) 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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">any
                                            Lender claims indemnification from a Borrower under Clause 12.3 (<I>Tax indemnity</I>) or
                                            Clause 13.1 (<I>Increased costs</I>),</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></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
                                            receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of
                                            that Lender shall immediately be reduced to zero.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            the last day of each Interest Period which ends after the Borrowers have given notice of
                                            cancellation under paragraph (a) 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.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restrictions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">No
                                            Borrower may reborrow any part of the Facility which is prepaid.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
                                            of prepayments</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
Costs of Utilisation</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculation
                                            of interest</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            applicable Margin; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Adjusted
                                            Term SOFR.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
                                            of interest</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Default
                                            interest</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            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) 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notification
                                            of rates of interest</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Facility Agent shall promptly notify the Lenders and the Borrowers of the determination of a rate of interest under this Agreement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hedging</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 relevant 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>).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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 <FONT STYLE="text-decoration: underline double; color: blue">(or
                                            more at the discretion of the Facility Agent)</FONT>.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Each
                                            Hedging Agreement shall:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">be
                                            secured by <I>pari passu </I>Security with this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">be
                                            with a Hedge Counterparty;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">be
                                            for a term ending on the Termination Date;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
                                            settlement dates coinciding with the Interest Payment Dates;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">be
                                            based on an ISDA Master Agreement and otherwise in form and substance satisfactory to the
                                            Facility Agent; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">provide
                                            that the Termination Currency (as defined in the relevant Hedging Agreement) shall be dollars.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">The
                                            parties to each Hedging Agreement must comply with the terms of that Hedging Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Paragraph
                                            (f) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            reductions in the aggregate notional amount of the transactions in respect of the Hedging
                                            Agreements in accordance with paragraph (h) above will be apportioned as between those transactions
                                            <I>pro rata</I>.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraph
                                            (h) above shall not apply to any transactions in respect of any Hedging Agreement under which
                                            no Borrower has any actual or contingent indebtedness.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Facility Agent must make a request under paragraph (h) above if so required by a Hedge Counterparty.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">in
                                            accordance with paragraphs (h)-(k) above;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">on
                                            the occurrence of an Illegality (as such expression is defined in the relevant Hedging Agreement);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">in
                                            the case of termination or closing out by a Hedge Counterparty, if the Facility Agent serves
                                            notice under sub-paragraph (ii) of paragraph (a) of Clause 28.19 (<I>Acceleration</I>) or,
                                            having served notice under sub-paragraph (iii) of paragraph (a) of Clause 28.19 (<I>Acceleration</I>),
                                            makes a demand;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">if
                                            the Secured Liabilities (other than in respect of the Hedging Agreements) have been irrevocably
                                            and unconditionally paid and discharged in full;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) of paragraph (l) above, it shall promptly notify
                                            the Facility Agent of that termination or close out.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            a Hedge Counterparty is entitled to terminate or close out any transaction in respect of
                                            any Hedging Agreement under sub-paragraph (iii) of paragraph (l) above, such Hedge Counterparty
                                            shall promptly terminate or close out such transaction following a request to do so by the
                                            Security Agent.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Security Agent shall not be liable for the performance of any of a Borrower's obligations
                                            under a Hedging Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
                                            Periods</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
                                            Periods</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Interest Period will be three Months.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 a Tranche or any part of the Loan shall not extend beyond the
                                            <FONT STYLE="text-decoration: underline double; color: blue">relevant </FONT>Termination
                                            Date.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 each Tranche shall start on the Utilisation Date relevant to that
                                            Tranche and each subsequent Interest Period shall start on the last day of the preceding
                                            Interest Period.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Each
                                            Tranche shall have one Interest Period only at any time.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Interest Period can be selected in respect of a tenor that has ceased to be available in
                                            accordance with Clause 45.4 (<I>Benchmark Replacement setting</I>).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Business
                                            Days</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
                                            to the Calculation of Interest</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 Term SOFR</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Term SOFR</I>: If no 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 Term SOFR for a period
                                            equal in length to the Interest Period of the Loan or that part of the Loan.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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"><I>Historic
                                            Term SOFR</I>: If no Term SOFR is available for the Interest Period of the Loan or any part
                                            of the Loan and it is not possible to calculate the Interpolated Term SOFR by 17:00 New York
                                            time on the relevant Quotation Day, the applicable Reference Rate shall be the Historic Term
                                            SOFR for the Loan or that part of the Loan.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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"><I>Interpolated
                                            Historic Term SOFR: </I>If paragraph (b) above applies but no 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 for a period equal in length to the Interest
                                            Period of the Loan or that part of the Loan.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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"><I>Base
                                            Rate</I>: If paragraph (c) above applies but it is not possible to calculate the Interpolated
                                            Historic Term SOFR, there shall be no Reference Rate for the Loan or that part of the Loan
                                            (as applicable) and Clause 10.3 (<I>Base Rate</I>) shall apply to the Loan or that part of
                                            the Loan for that Interest Period.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Market
                                            disruption</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; 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, the Facility Agent receives notification from
a Lender or Lenders (whose participations in the Loan or the relevant part of the Loan exceed 30 per cent. of the Loan or that part of
the Loan as appropriate) that its cost of funds relating to its participation in the Loan or that part of the Loan would be in excess
of Adjusted Term SOFR then Clause 10.3 (<I>Base Rate</I>) shall apply to the Loan or that part of the Loan (as applicable) for the relevant
Interest Period</FONT></P>

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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Base
                                            Rate</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 10.3 (<I>Base Rate</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:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">the
                                            applicable Margin; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            Base Rate from time to time.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 10.3 (<I>Base Rate</I>) applies and 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Subject
                                            to Clause 45.4 (<I>Benchmark Replacement setting</I>), any substitute or alternative basis
                                            agreed pursuant to paragraph (b) above shall, with the prior consent of all the Lenders and
                                            the Borrowers, be binding on all Parties.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Break
                                            Costs</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 prior to the last day of an Interest Period for the Loan, the relevant
                                            part of the Loan or that Unpaid Sum.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 respect
                                            of which they become, or may become payable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commitment
                                            fee</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">in
                                            relation to the Commitments in respect of each Original Tranche, commencing on the original
                                            date of this Agreement and ending on the earlier of (a) the Utilisation Date of each Original
                                            Tranche and (b) the expiry of the <FONT STYLE="text-decoration: underline double; color: blue">relevant
                                            </FONT>Availability Period; <FONT STYLE="color: red"><STRIKE>and</STRIKE></FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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) the Utilisation Date
                                            in respect of Tranche G and (b) the expiry of the <FONT STYLE="color: red"><STRIKE>Availability
                                            Period.</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">relevant
                                            Availability Period; and</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            relation to the Commitments in respect of Tranche H and Tranche I, commencing on the date
                                            of the Second Deed of Accession, Amendment and Restatement and ending on the earlier of (a)
                                            the Utilisation Date in respect of Tranche H and Tranche I and (b) the expiry of the relevant
                                            Availability Period.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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

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<TD STYLE="width: 0"></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) shall not apply if the relevant Utilisation Date <FONT STYLE="color: green"><STRIKE>in
                                            respect of an Original Tranche occurs within seven days of the date of this Agreement</STRIKE></FONT><STRIKE>
                                            <FONT STYLE="color: red">or, in respect of Tranche G, </FONT><FONT STYLE="color: green">within
                                            seven days of the Effective Date</FONT><FONT STYLE="color: red">.</FONT></STRIKE><FONT STYLE="text-decoration: underline double; color: blue">:</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">in
                                            respect of an Original Tranche occurs within seven days of the date of this Agreement</FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">in
                                            respect of Tranche G, occurs </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">within
                                            seven days of the Effective Date</FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">;
                                            and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            respect of Tranche H and Tranche I, occurs within seven days of the Second Effective Date.
                                            </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upfront
                                            fee</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 shall pay to the Facility Agent an upfront fee in the amount equal to 1.00 per
                                            cent. of the Total Commitments in respect of Tranche G.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Borrowers shall pay to the Facility Agent an upfront fee in the amount equal to 1.25 per
                                            cent. of the Total Commitments in respect of Tranche H and Tranche I.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(c)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            upfront fee in each of <FONT STYLE="color: red"><STRIKE>paragraph (a</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">paragraphs
                                            (a), (b</FONT>) and (<FONT STYLE="text-decoration: underline double; color: blue">c</FONT>)<FONT STYLE="color: red"><STRIKE>b
                                            </STRIKE></FONT>above shall be payable on the earlier of (i) the relevant Utilisation Date
                                            and (ii) the expiry of the relevant Availability Period.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment
                                            fee</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            to paragraph (c) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 prepayment fee is:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">if
                                            the prepayment occurs on or before the first anniversary of the Utilisation Date of a Tranche,
                                            two per cent. of the amount prepaid;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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 of a Tranche, one per cent. of the amount prepaid.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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) of paragraph (c) of Clause 22.5 (<I>Debt Service Coverage Ratio</I>), sub-paragraph (iv)
                                            of paragraph (b) of Clause 23.18 (<I>Dividends</I>), Clause 25.6 (<I>Prepayment Mechanism</I>)
                                            and 29.2 (<I>Conditions of assignment or transfer</I>).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6<BR>
<BR>
Additional Payment Obligations</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
                                            Gross Up and Indemnities</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            this Agreement:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tax
Credit</B>&quot; means a credit against, relief or remission for, or repayment of any Tax.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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>).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">This
                                            Clause 12 (<I>Tax Gross Up and Indemnities</I>) shall not apply to any Hedging Agreement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
                                            gross-up</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax
                                            Deduction is required by law.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
                                            indemnity</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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) above shall not apply:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">with
                                            respect to any Tax assessed on a Finance Party:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">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,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">to
                                            the extent a loss, liability or cost:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">is
                                            compensated for by an increased payment under Clause 12.2 (<I>Tax gross-up</I>); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">relates
                                            to a FATCA Deduction required to be made by a Party.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">A
                                            Protected Party making, or intending to make, a claim under paragraph (a) 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">A
                                            Protected Party shall, on receiving a payment from an Obligor under this Clause 12.3 (<I>Tax
                                            indemnity</I>), notify the Facility Agent.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
                                            Credit</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an Obligor makes a Tax Payment and the relevant Finance Party determines that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">that
                                            Finance Party has obtained and utilised that Tax Credit, 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.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stamp
                                            taxes</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VAT</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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) 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).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">(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) 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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">(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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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 provided for in Article 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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FATCA
                                            Information</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request
                                            by another Party:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">confirm
                                            to that other Party whether it is:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">a
                                            FATCA Exempt Party; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">not
                                            a FATCA Exempt Party; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            a Party confirms to another Party pursuant to sub-paragraph (i) of paragraph (a) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Paragraph
                                            (a) above shall not oblige any Finance Party to do anything and sub-paragraph (iii) of paragraph
                                            (a) above shall not oblige any other Party to do anything which would or might in its reasonable
                                            opinion constitute a breach of:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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
                                            law or regulation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">any
                                            fiduciary duty; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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
                                            duty of confidentiality.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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) or (ii) of paragraph
                                            (a) above (including, for the avoidance of doubt, where paragraph (c) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Withholding
                                            certificate etc.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">where
                                            that Lender is an Original Lender, on the date of this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">within
                                            ten Business Days of the date of a request from the Facility Agent,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;supply
to the Facility Agent:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">a
                                            withholding certificate on Form W-8, IRS Form 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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Facility Agent shall provide any withholding certificate, withholding statement, document,
                                            authorisation or waiver it receives from a Lender pursuant to paragraph (a) above to the
                                            Borrowers.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 &#8206; (a) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">The
                                            Facility Agent may rely on any withholding certificate, withholding statement, document,
                                            authorisation or waiver it receives from a Lender pursuant to paragraph (a) or (c) 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) or (c) above.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FATCA
                                            Deduction</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased
                                            Costs</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased
                                            costs</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">the
                                            introduction of or any change in (or in the interpretation, administration or application
                                            of) any law or regulation; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">compliance
                                            with any law or regulation made,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
each case after the date of this Agreement; or</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">In
                                            this Agreement:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">&quot;<B>Basel
                                            III</B>&quot; means:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            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 2010, each as amended,
                                            supplemented or restated;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            rules for global systemically important banks contained in &quot;Global systemically important
                                            banks: assessment methodology and the additional loss absorbency requirement - Rules text&quot;
                                            published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented
                                            or restated; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            further guidance or standards published by the Basel Committee on Banking Supervision relating
                                            to &quot;Basel III&quot;.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">&quot;<B>CRD
                                            IV</B>&quot; means:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">Regulation
                                            (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
                                            requirements for credit institutions and investment firms and amending regulation (EU) No.
                                            648/2012, as amended by Regulation (EU) 2019/876;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">Directive
                                            2013/36/EU of the European Parliament and of the Council of 26 June 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</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            other law or regulation which implements Basel III.</FONT></TD></TR></TABLE>


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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">&quot;<B>Increased
                                            Costs</B>&quot; means:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">a
                                            reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's)
                                            overall capital;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            additional or increased cost; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">a
                                            reduction of any amount due and payable under any Finance Document,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased
                                            cost claims</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide
                                            a certificate confirming the amount of its Increased Costs.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exceptions</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clause
13.1 (<I>Increased costs</I>) does not apply to the extent any Increased Cost is:</FONT></P>

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<TD STYLE="width: 0"></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">attributable
                                            to a Tax Deduction required by law to be made by an Obligor;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">attributable
                                            to a FATCA Deduction required to be made by a Party;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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) of Clause 12.3 (<I>Tax indemnity</I>) applied);</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">attributable
                                            to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation;
                                            or</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">incurred
                                            by a Hedge Counterparty in its capacity as such.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
                                            Indemnities</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency
                                            indemnity</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></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">making
                                            or filing a claim or proof against that Obligor; or</FONT></TD></TR></TABLE>


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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">obtaining
                                            or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) the rate of exchange used to convert
that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time
of its receipt of that Sum.</FONT></P>

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<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">This
                                            Clause 14.1 (<I>Currency indemnity</I>) does not apply to any sum due to a Hedge Counterparty
                                            in its capacity as such.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
                                            indemnities</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            Obligor shall, on demand, indemnify each Secured Party against any cost, loss or liability
                                            incurred by it (acting reasonably) as a result of:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></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">the
                                            occurrence of any Event of Default;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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
                                            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>);</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given
                                            by the Borrowers.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            limiting, but subject to any limitations set out in paragraph (b) above, the indemnity in
                                            paragraph (b) above shall cover any cost, loss or liability incurred by each Indemnified
                                            Person in any jurisdiction:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>


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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">in
                                            connection with any Environmental Claim.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnity
                                            to the Facility Agent</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Obligor shall, on demand, indemnify the Facility Agent against:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            cost, loss or liability incurred by the Facility Agent (acting reasonably) as a result of:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">investigating
                                            any event which it reasonably believes is a Default; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">acting
                                            or relying on any notice, request or instruction which it reasonably believes to be genuine,
                                            correct and appropriately authorised; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">instructing
                                            lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
                                            permitted under the Finance Documents; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnity
                                            to the Security Agent</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></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">in
                                            relation to or as a result of:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">any
                                            failure by a Borrower to comply with its obligations under Clause 16 (<I>Costs and Expenses</I>);</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">acting
                                            or relying on any notice, request or instruction which it reasonably believes to be genuine,
                                            correct and appropriately authorised;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            taking, holding, protection or enforcement of the Finance Documents and the Transaction Security;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">any
                                            default by any Transaction Obligor in the performance of any of the obligations expressed
                                            to be assumed by it in the Finance Documents;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">any
                                            action by any Transaction Obligor which vitiates, reduces the value of, or is otherwise prejudicial
                                            to, the Transaction Security; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">instructing
                                            lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
                                            permitted under the Finance Documents.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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).</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mitigation
                                            by the Finance Parties</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mitigation</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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) above does not in any way limit the obligations of any Transaction Obligor under the
                                            Finance Documents.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation
                                            of liability</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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>).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">A
                                            Finance Party is not obliged to take any steps under Clause 15.1 (<I>Mitigation</I>) if either:</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">a
                                            Default has occurred and is continuing; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">in
                                            the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs
                                            and Expenses</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction
                                            expenses</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">this
                                            Agreement and any other documents referred to in this Agreement or in a Security Document;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            other Finance Documents executed after the date of this Agreement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
                                            costs</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If:</FONT></P>

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<TD STYLE="width: 0"></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">a
                                            Transaction Obligor requests an amendment, waiver or consent; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enforcement
                                            and preservation costs</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
Guarantees and Joint and Several Liability of Borrowers</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantee
                                            and Indemnity &ndash; Parent Guarantor</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantee
                                            and indemnity</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Parent Guarantor irrevocably and unconditionally:</FONT></P>

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<TD STYLE="width: 0"></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 STYLE="color: windowtext">provided that such guarantee shall not include any Excluded
                                            Hedging Obligations of the Parent Guarantor;</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing
                                            guarantee</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reinstatement</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
                                            of defences</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) or in respect of any Transaction Security (without limitation and whether or not known to it or any Secured Party)
including:</I></FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            time, waiver or consent granted to, or composition with, any Transaction Obligor or other
                                            person;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            unenforceability, illegality or invalidity of any obligation of any person under any Finance
                                            Document or any other document or security; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            insolvency or similar proceedings.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediate
                                            recourse</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appropriations</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

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<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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>).</FONT></TD></TR></TABLE>


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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferral
                                            of Parent Guarantor's rights</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            be indemnified by a Transaction Obligor;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">to
                                            exercise any right of set-off against any Transaction Obligor; and/or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">to
                                            claim or prove as a creditor of any Transaction Obligor in competition with any Secured Party.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
                                            security</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability
                                            of provisions of Guarantee to other Security</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
                                            and Several Liability of the Borrowers</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
                                            and several liability</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
liabilities and obligations of the Borrowers under this Agreement shall, whether expressed to be so or not, be joint and several.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
                                            of defences</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
liabilities and obligations of a Borrower shall not be impaired by:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">this
                                            Agreement being or later becoming void, unenforceable or illegal as regards any other Borrower;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            Lender or the Security Agent entering into any rescheduling, refinancing or other arrangement
                                            of any kind with any other Borrower;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Lender or the Security Agent releasing any other Borrower or any Security created by a Finance
                                            Document; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            time, waiver or consent granted to, or composition with any other Borrower or other person;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            unenforceability, illegality or invalidity of any obligation or any person under any Finance
                                            Document or any other document or security; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            insolvency or similar proceedings.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
                                            Debtor</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>


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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
                                            restrictions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            to paragraph (b) below, during the Security Period no Borrower shall:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">set
                                            off such an amount against any sum due from it to any other Borrower; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prove
                                            or claim for such an amount in any liquidation, administration, arrangement or similar procedure
                                            involving any other Borrower; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">exercise
                                            or assert any combination of the foregoing.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            during the Security Period, the Facility Agent, by notice to a Borrower, requires it to take
                                            any action referred to in paragraph (a) above in relation to any other Borrower, that Borrower
                                            shall take that action as soon as practicable after receiving the Facility Agent's notice.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferral
                                            of Borrowers' rights</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            be indemnified by any other Borrower; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">to
                                            claim any contribution from any other Borrower in relation to any payment made by it under
                                            the Finance Documents.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantee
                                            and Indemnity &ndash; Hedge Guarantors</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantee
                                            and indemnity</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Hedge Guarantor irrevocably and unconditionally jointly and severally:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 STYLE="color: windowtext">provided that such guarantee
                                            shall not include any Excluded Hedging Obligations of such Hedge Guarantor;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing
                                            guarantee</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reinstatement</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
                                            of defences</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            time, waiver or consent granted to, or composition with, any Transaction Obligor or other
                                            person;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            unenforceability, illegality or invalidity of any obligation of any person under any Finance
                                            Document or any other document or security; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            insolvency or similar proceedings.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediate
                                            recourse</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appropriations</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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>).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferral
                                            of Hedge Guarantors' rights</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            be indemnified by a Transaction Obligor;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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;</FONT></TD></TR></TABLE>


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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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>);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">to
                                            exercise any right of set-off against any Transaction Obligor; and/or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">to
                                            claim or prove as a creditor of any Transaction Obligor in competition with any Secured Party.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
                                            security</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Keepwell</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 1a(18)(A)(v)(II) of the Commodity Exchange Act.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acknowledgement
                                            regarding any supported QFCs</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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):</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">For
                                            the purposes of this Clause 19.10 (<I>Acknowledgement regarding any supported QFCs</I>) the
                                            following terms have the following meanings:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">&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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">&quot;<B>Covered
                                            Entity</B>&quot; means any of the following:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">&quot;covered
                                            entity&quot; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect;
                                            252.82(b);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">a
                                            &quot;covered FSI&quot; as that term is defined in, and interpreted in accordance with, 12
                                            C.F.R. &sect; 382.2(b).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">&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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicability
                                            of provisions of Guarantee to other Security</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.12</FONT></TD><TD STYLE="text-align: justify"></TD></TR>
</TABLE>

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<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0cm"></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8<BR>
<BR>
Representations, Undertakings and Events of Default</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            <FONT STYLE="color: red"><STRIKE>respective Obligor </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Original
                                            Borrower and the Parent Guarantor </FONT>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 STYLE="color: red"><STRIKE>,
                                            or as the case may be in respect of Borrower G, on the Effective Date.</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
                                            G makes the representations and warranties set out in this Clause 20 (<I>Representations</I>)
                                            to each Finance Party on the Effective Date.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
                                            H and Borrower I the representations and warranties set out in this Clause 20 (<I>Representations</I>)
                                            to each Finance Party on the Second Effective Date.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Status</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 <FONT STYLE="color: red"><STRIKE>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, Borrower G and the Parent Guarantor), duly </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">corporation
                                            </FONT>incorporated and validly existing in good standing under the law of its Original Jurisdiction.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">It
                                            and each Transaction Obligor has the power to own its assets and carry on its business as
                                            it is being conducted.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
                                            capital and ownership</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 STYLE="color: windowtext">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.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 STYLE="color: windowtext">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.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 STYLE="color: windowtext">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.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 STYLE="color: windowtext">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.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: red; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>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.</STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(f)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
                                            F is authorised to issue 500 <FONT STYLE="color: windowtext">registered shares with no par
                                            value, all of which have been issued in registered form and are fully paid and non-assessable.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(g)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
                                            G is authorised to issue 500 <FONT STYLE="color: windowtext">registered shares with no par
                                            value, all of which have been issued in registered form and are fully paid and non-assessable.</FONT></FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
                                            H 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
                                            I 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(h)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(i)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
                                            of the shares in any Borrower is subject to any option to purchase, pre-emption rights or
                                            similar rights.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Binding
                                            obligations</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Validity,
                                            effectiveness and ranking of Security</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">No
                                            concurrence, consent or authorisation of any person is required for the creation of or otherwise
                                            in connection with any Transaction Security.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-conflict
                                            with other obligations</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            law or regulation applicable to it;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            constitutional documents of any Transaction Obligor; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power
                                            and authority</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 relevant Utilisation Date the power to enter
                                            into, perform and deliver, and has taken or, as the case may be will take by the relevant
                                            Utilisation Date, all necessary action to authorise:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">in
                                            the case of Borrower A, its registration of Ship A under its Approved Flag;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">in
                                            the case of Borrower B, its registration of Ship B under its Approved Flag;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            the case of Borrower C, its registration of Ship C under its Approved Flag;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">in
                                            the case of Borrower D, its registration of Ship D under its Approved Flag;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: red; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(vi)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>in
                                            the case of Borrower E, its registration of Ship E under its Approved Flag;</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(vii)</STRIKE></FONT><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 STYLE="color: red"><STRIKE>and</STRIKE></FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(viii)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            the case of Borrower G, its registration of Ship G under its Approved Flag<FONT STYLE="color: red"><STRIKE>.</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">;</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            the case of Borrower H, its registration of Ship H under its Approved Flag; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            the case of Borrower I, its registration of Ship I under its Approved Flag.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Validity
                                            and admissibility in evidence</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Authorisations required or desirable:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">to
                                            make the Transaction Documents to which it is a party admissible in evidence in its Relevant
                                            Jurisdictions,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
been obtained or effected and are in full force and effect.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
                                            law and enforcement</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insolvency</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">corporate
                                            action, legal proceeding or other procedure or step described in paragraph (a) of Clause
                                            28.8 (<I>Insolvency proceedings</I>); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">creditors'
                                            process described in Clause 28.9 (<I>Creditors' process</I>),</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            filing or stamp taxes</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.1pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(a)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green"><STRIKE>registration
                                            of each Mortgage and each Mortgage Addendum (as applicable) at the registry of the Approved
                                            Flag applicable to the relevant Ship</STRIKE></FONT><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red">;
                                            and</FONT></STRIKE></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: red; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>registration
                                            of the Shares Security and the Supplemental Shares Security of Borrower E at the Malta Business
                                            Registry pursuant to Regulation 37 (2) (Form G). </STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <FONT STYLE="color: red"><STRIKE>:</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: green">registration of
each Mortgage and each Mortgage Addendum (as applicable) at the registry of the Approved Flag applicable to the relevant Ship</FONT></FONT>
<FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">and </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">which
registration, filings and taxes and fees (if any) will be made and paid promptly after the date of the relevant Finance Documents.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deduction
                                            of Tax</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            default</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 relevant 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            misleading information</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            financial projections contained in any such information have been prepared on the basis of
                                            recent historical information and on the basis of reasonable assumptions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                            Statements</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Its
                                            Original Financial Statements were prepared in accordance with IFRS consistently applied.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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 2020.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Its
                                            most recent financial statements delivered pursuant to Clause 21.2 (<I>Financial statements</I>):</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">have
                                            been prepared in accordance with Clause 21.4 (<I>Requirements as to financial statements</I>);
                                            and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.16</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pari
                                            passu ranking</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.17</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            proceedings pending or threatened</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.18</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuations</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">There
                                            has been no change to the factual information provided pursuant to paragraph (a) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.19</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            breach of laws</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.20</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            Charter</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Ship is subject to any Charter other than a Permitted Charter.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.21</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
                                            with Environmental Laws</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.22</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            Environmental Claim</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Environmental Claim has been made or threatened against any Transaction Obligor or any Ship.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.23</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            Environmental Incident</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.24</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISM
                                            and ISPS Code compliance</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.25</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
                                            paid</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">No
                                            claims or investigations are being, or are reasonably likely to be, made or conducted against
                                            it with respect to Taxes.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.26</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                            Indebtedness</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Borrower has any Financial Indebtedness outstanding other than Permitted Financial Indebtedness.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.27</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overseas
                                            companies</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.28</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Good
                                            title to assets</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.29</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ownership</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 relevant Utilisation Date, each Borrower will be the sole legal and beneficial owner
                                            of its Ship, its Earnings and its Insurances.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.30</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Centre
                                            of main interests and establishments</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purposes of The Council of the European Union Regulation No. 2015/848 on Insolvency Proceedings (recast)(the &quot;Regulation&quot;),
its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in Greece and it has no &quot;establishment&quot;
(as that term is used in Article 2(10) of the Regulation) in any other jurisdiction.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.31</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Place
                                            of business</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.32</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            employee or pension arrangements</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Borrower has any employees or any liabilities under any pension scheme.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Within
                                            the last six years, no Transaction Obligor nor any ERISA Affiliate has sponsored, maintained
                                            or was obligated to contribute to any Plan.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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 2510.3-101, as modified by Section 3(42)
                                            of ERISA.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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
                                            406 of ERISA or Section 4975 of the Code.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.33</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sanctions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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):</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">is
                                            a Prohibited Person;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">has
                                            violated or is violating any Sanctions;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
                                            knowingly engaged in any activity that would reasonably be expected to result in such person
                                            being designated as a Prohibited Person</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            Ship is a Sanctioned Ship.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.34</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US
                                            Tax Obligor</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Transaction Obligor is a US Tax Obligor.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.35</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Margin
                                            Regulations; Investment Company Act</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.36</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anti-bribery</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.37</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eligible
                                            Contract Participant</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.38</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patriot
                                            Act</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent applicable each Obligor is in compliance with (i) 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) the PATRIOT Act.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.39</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repetition</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; 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 relevant Utilisation Request and the first day of each Interest Period.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
                                            Undertakings</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; 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 or <FONT STYLE="color: red"><STRIKE>as
</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">, in </FONT>the case <FONT STYLE="color: red"><STRIKE>may
be in respect </STRIKE></FONT>of Borrower G<FONT STYLE="color: red"><STRIKE>, as </STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: blue">on
</FONT>and from the <FONT STYLE="text-decoration: underline double; color: blue">Effective Date or, in the case of Borrower H and Borrower
I on and from the Second </FONT>Effective Date, unless the Facility Agent, acting with the authorisation of the Majority Lenders (or,
where specified, all the Lenders), may otherwise permit.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                            statements</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
respective Obligors shall supply to the Facility Agent in sufficient copies for all the Lenders:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">after
                                            the end of each Fiscal Quarter, the bank account statements in relation to each of the Greek
                                            Accounts.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
                                            Certificate and DSCR Certificate</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Parent Guarantor shall supply to the Facility Agent, with each set of financial statements
                                            delivered pursuant to paragraphs (a) and (c) of Clause 21.2 (<I>Financial statements</I>):</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Compliance Certificate and each DSCR Certificate shall be signed by one director or, as the
                                            case may be, officer of the Parent Guarantor.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Requirements
                                            as to financial statements</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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 financial statements were
                                            prepared; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DAC6</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            this Clause 21.5 (<I>DAC6</I>), &quot;<B>DAC6</B>&quot; means the Council Directive of 25
                                            May 2018 (2018/822/EU) amending Directive 2011/16/EU or any replacement legislation applicable
                                            in the United Kingdom.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 shall supply to the Facility Agent (in sufficient copies for all the Lenders, if
                                            the Facility Agent so requests):</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information:
                                            miscellaneous</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Obligor shall supply to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">promptly,
                                            its constitutional documents where these have been amended or varied;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">promptly,
                                            such further information and/or documents regarding:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">each
                                            Ship, goods transported on each Ship, its Earnings and its Insurances;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            Security Assets;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">compliance
                                            of the Transaction Obligors with the terms of the Finance Documents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            financial condition, business and operations of any member of the Group; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            Greek Accounts, as any Finance Party (through the Facility Agent) may reasonably request;
                                            and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notification
                                            of Default</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
                                            of websites</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">the
                                            Facility Agent expressly agrees (after consultation with each of the Lenders) that it will
                                            accept communication of the information by this method;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">both
                                            the relevant Obligor and the Facility Agent are aware of the address of and any relevant
                                            password specifications for the Designated Website; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            information is in a format previously agreed between the relevant Obligor and the Facility
                                            Agent.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any Lender (a &quot;<B>Paper Form 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 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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">An
                                            Obligor shall promptly upon becoming aware of its occurrence notify the Facility Agent if:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">the
                                            Designated Website cannot be accessed due to technical failure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            password specifications for the Designated Website change;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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
                                            new information which is required to be provided under this Agreement is posted onto the
                                            Designated Website;</FONT></TD></TR></TABLE>


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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            existing information which has been provided under this Agreement and posted onto the Designated
                                            Website is amended; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an Obligor notifies the Facility Agent under sub-paragraph (i) or (v) of paragraph (c) above, all information to be provided by the Obligors
under this Agreement after the date of that notice shall be supplied in paper form.</FONT></P>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;Know
                                            your customer&quot; checks</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obliges
a Finance Party (or, in the case of sub-paragraph (iii) 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) 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) 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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                            Covenants</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Clause 22 (<I>Financial Covenants</I>):</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Debt
Service</B>&quot; means, for any period, an amount equal to the sum of:</FONT></P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            aggregate amount of the cash portion of Interest Expense of the Parent Guarantor during that
                                            period; plus</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            fixed dividend (whether in cash or in kind) paid on or in respect of its preferred shares
                                            (other than any Management Preferred Dividends); plus</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            aggregate amount of any repayment instalments at the Parent Guarantor level during that period.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Debt
Service Coverage Ratio</B>&quot; means, for any period, the ratio of:</FONT></P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            aggregate EBITDA of the Parent Guarantor for that period; to</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            Debt Service for such period.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>DSCR
Testing Date</B>&quot; has the meaning given to it in Clause 22.5 (<I>Debt Service Coverage Ratio</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>EBITDA</B>&quot;
means, in relation to the Parent Guarantor for any period, an amount equal to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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 STYLE="color: windowtext">the Parent Guarantor for such period as determined
                                            in accordance with IFRS; </FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 72pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">minus</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            sum of (without double counting):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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
                                            income tax credit for such period;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">any
                                            interest income for such period;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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
                                            gain from any extraordinary item for such period;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">any
                                            other non-cash gains that have been added in determining the net income of the Parent Guarantor
                                            for such period, 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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 72pt; text-align: justify; text-indent: 0cm"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            sum of (without double counting):</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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
                                            provision for income taxes during such period;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">Interest
                                            Expense for such period;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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
                                            loss from any extraordinary item for such period; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">depreciation
                                            and amortization for such period,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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,</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and,
for the purposes of this definition, the following items shall be excluded in determining the net income of the Parent Guarantor:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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">any
                                            write-up of any asset; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt"><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
                                            net gain arising from the acquisition of any securities, or the extinguishment, under IFRS,
                                            of any Financial Indebtedness of the Parent Guarantor.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Group
Vessel</B>&quot; means each vessel which is owned by a member of the Group.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<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 accounting information
most recently provided pursuant to the terms of this Agreement with the Market Value of that Group Vessel) as of the relevant testing
date in the relevant Compliance Certificate.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Maximum
Leverage Ratio</B>&quot; means, as at any date, the ratio of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            sum of Consolidated Funded Debt and Short-Term Liabilities; to</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">Market
                                            Value Adjusted Total Assets.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<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.</FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum
                                            Cash Reserve</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; 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 relevant 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;).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum
                                            Liquidity Amount</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; 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 relevant Utilisation Date:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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; color: red"><STRIKE>the
                                            Borrowers </STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Borrower
                                            G </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall
                                            ensure that the aggregate amount of all cash on deposit in <FONT STYLE="color: red"><STRIKE>the
                                            </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">its </FONT>Earnings
                                            <FONT STYLE="color: red"><STRIKE>Accounts </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Account
                                            (</FONT>which <FONT STYLE="color: red"><STRIKE>in each case </STRIKE></FONT>is legally and
                                            beneficially owned by <FONT STYLE="color: red"><STRIKE>the Borrower </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">it
                                            is </FONT>free of any <FONT STYLE="color: green"><STRIKE>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 </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">restriction
                                            on withdrawal or transfer, other than in relation to the minimum liquidity amount hereinafter
                                            referred, and unencumbered by any Security other than pursuant to the Finance Documents)
                                            is equal to at least $150,000 in respect of Ship G then subject to a Mortgage;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">the
                                            Borrowers shall ensure that the aggregate amount of all cash on deposit in the Cash Reserve
                                            Account (which is legally and beneficially owned by the Guarantor and blocked with </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">restriction
                                            on withdrawal or transfer and unencumbered by any Security other than pursuant to the Finance
                                            Documents</FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">)
                                            </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">is
                                            equal to at least $150,000 in respect of each Mortgaged Ship </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(other
                                            than Ship G) </FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: green">then
                                            subject to a Mortgage; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(b)</STRIKE></FONT><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 STYLE="color: windowtext">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)</FONT> <FONT STYLE="text-decoration: underline double; color: blue">or (b) </FONT><FONT STYLE="color: windowtext">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</FONT>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum
                                            Leverage Ratio</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Parent Guarantor shall ensure that, at all times during the Security Period, the Maximum
                                            Leverage Ratio is 0.75:1.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            financial covenant set out in paragraph (a) above shall be tested semi-annually commencing
                                            on the Fiscal Quarter ending 30 June 2021 and by reference to the financial statements of
                                            the Parent Guarantor delivered pursuant to paragraph (a) and (c) 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>).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
                                            Service Coverage Ratio</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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) 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            financial covenant set out in paragraph (a) above shall be tested:</FONT></TD></TR></TABLE>


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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">commencing
                                            at the time a Distribution is to be made (if such Distribution is made within the first calendar
                                            year of any Utilisation Date) on an aggregate basis of the Fiscal Quarter to date; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">thereafter,
                                            at the end of each Period,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; 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) (c) 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></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 STYLE="color: windowtext">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:</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
each case in a total amount sufficient to eliminate the Shortfall (the &quot;<B>Cure Option</B>&quot;).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
failure for any reason to cure in accordance with this sub-paragraphs (i) or (ii) above by the Final Cure Date shall constitute an immediate
Event of Default.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
                                            Undertakings</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; 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 <FONT STYLE="text-decoration: underline double; color: blue">on
and from the date of this Agreement or, in the case of Borrower G on and from the Effective Date or, in the case of Borrower H and Borrower
I on and from the Second Effective Date, and </FONT>throughout the Security Period <FONT STYLE="color: red"><STRIKE>or as the case may
be in respect of Borrower G, as and from the Effective Date, </STRIKE></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) of Clause 23.18
(<I>Dividends</I>) the Facility Agent's consent shall not to be unreasonably withheld).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorisations</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Obligor shall, and shall procure that each other Transaction Obligor will, promptly:</FONT></P>

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<TD STYLE="width: 0"></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">obtain,
                                            comply with and do all that is necessary to maintain in full force and effect; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">supply
                                            certified copies to the Facility Agent of,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">perform
                                            its obligations under the Transaction Documents to which it is a party;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">own
                                            and operate each Ship (in the case of the Borrowers).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
                                            with laws</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) 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) the PATRIOT Act.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
                                            compliance</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Obligor shall, and shall procure that each other Transaction Obligor will:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">comply
                                            with all Environmental Laws;</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">obtain,
                                            maintain and ensure compliance with all requisite Environmental Approvals;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">implement
                                            procedures to monitor compliance with and to prevent liability under any Environmental Law,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
failure to do so has or is reasonably likely to have a Material Adverse Effect.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
                                            Claims</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            Environmental Claim against any Transaction Obligor which is current, pending or threatened;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            facts or circumstances which are reasonably likely to result in any Environmental Claim being
                                            commenced or threatened against any Transaction Obligor,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
the claim, if determined against that Transaction Obligor, has or is reasonably likely to have a Material Adverse Effect.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></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">such
                                            payment is being contested in good faith;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">such
                                            payment can be lawfully withheld.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">No
                                            Obligor change its residence for Tax purposes.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overseas
                                            companies</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            change to centre of main interests</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Obligor shall change the location of its centre of main interest (as that term is used in Article 3(1) 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 2(10) of the Regulation) in any other jurisdiction.</FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pari
                                            passu ranking</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 relevant Utilisation Date, each Borrower shall hold the legal title to, and own the entire
                                            beneficial interest in its Ship, its Earnings and its Insurances.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negative
                                            pledge</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">No
                                            Borrower shall:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">sell,
                                            transfer or otherwise dispose of any of its receivables on recourse terms;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
                                            into any other preferential arrangement having a similar effect,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Paragraphs
                                            (a) and (b) above do not apply to any Permitted Security.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disposals</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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) 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>).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
                                            of business</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">No
                                            Borrower shall engage in any business other than the ownership and operation of its Ship.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                            Indebtedness</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Borrower shall incur or permit to be outstanding any Financial Indebtedness except Permitted Financial Indebtedness.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.16</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenditure</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.17</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
                                            capital</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Borrower shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">purchase,
                                            cancel, redeem or retire its issued shares or share capital, as the case may be;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">issue
                                            any further shares except to the Parent Guarantor and provided such new shares are made subject
                                            to the terms of the <FONT STYLE="text-decoration: underline double; color: blue">Shares Security
                                            and any Supplemental </FONT>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 <FONT STYLE="text-decoration: underline double; color: blue">and
                                            (if applicable) that Supplemental Shares Security </FONT>are complied with; <FONT STYLE="text-decoration: underline double; color: blue">or</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">appoint
                                            any further director, officer or secretary of that Borrower (unless the provisions of the
                                            Shares Security <FONT STYLE="text-decoration: underline double; color: blue">and any Supplemental
                                            Shares Security </FONT>applicable to that Borrower are complied with).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.18</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Parent Guarantor shall not:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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);</FONT></TD></TR></TABLE>


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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">redeem,
                                            repurchase, defease, retire or repay any of its common share capital or resolve to do so,</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(each
a &quot;<B>Distribution</B>&quot;).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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) above shall not apply provided that:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">no
                                            Event of Default has occurred or the making of the Distribution would result in the occurrence
                                            of an Event of Default;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            Net LTV is less than 60 per cent. before the making of the Distribution;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            Parent Guarantor is in compliance with Clause 22.5 (<I>Debt Service Coverage Ratio</I>);
                                            and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Notwithstanding
                                            paragraphs (a) and (b) 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 $<FONT STYLE="color: red"><STRIKE>500,000 </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">1,000,000
                                            </FONT>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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">The
                                            Borrowers shall be permitted to:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">pay
                                            any management, advisory or other fee to or to the order of any of its shareholders; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">repay
                                            or distribute any share premium reserve,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(collectively,
the &quot;<B>Borrower's Distribution</B>&quot;),</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in,
each case, <B>Provided that</B> no Event of Default has occurred and is continuing or would result from such Borrower's Distribution.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.19</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
                                            transactions</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Borrower shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">enter
                                            into any material agreement other than:</FONT></TD></TR></TABLE>


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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">the
                                            Transaction Documents;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">any
                                            other agreement expressly allowed under any other term of this Agreement (including, without
                                            limitation, in respect of any Permitted Financial Indebtedness); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.20</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlawfulness,
                                            invalidity and ranking; Security imperilled</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">make
                                            it unlawful for a Transaction Obligor to perform any of its obligations under the Transaction
                                            Documents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">cause
                                            any obligation of a Transaction Obligor under the Transaction Documents to cease to be legal,
                                            valid, binding or enforceable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">cause
                                            any Transaction Document to cease to be in full force and effect;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">cause
                                            any Transaction Security to rank after, or lose its priority to, any other Security; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">imperil
                                            or jeopardise the Transaction Security.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.21</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
                                            and ERISA compliance</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.22</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Books
                                            and records</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.23</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sanctions</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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)
                                            contemplated by this Agreement to fund any trade, business or other activities:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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);</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">in
                                            any country or territory, that at the time of such funding is a Sanctioned Country; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Obligor will, and will ensure that any other Transaction Obligor and any other member of
                                            the Group will:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">conduct
                                            their activities in a manner consistent with Sanctions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">ensure
                                            Subsidiaries and Affiliates comply with the relevant policies, as applicable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
                                            relevant controls in place to monitor automatic identification system (AIS) transponders;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">have
                                            controls in place to screen and assess onboarding or offloading cargo in areas they determine
                                            to present a high risk;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">have
                                            controls to assess authenticity of bills of lading, as necessary; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">have
                                            controls in place consistent with the Sanctions Advisory.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Each
                                            Obligor shall procure that each other Transaction Obligor and each other member of the Group
                                            will comply in all respects with Sanctions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Obligor nor any other Transaction Obligor nor any other member of the Group shall be a Prohibited
                                            Person.</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">The
                                            representations and covenants in Clause 23.23 (<I>Sanctions</I>), paragraphs (a) through
                                            (e) 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. 2271/96 of 22 November 1996
                                            (&quot;<B>EU Blocking Regulation</B>&quot;) or Section 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 7 of the <FONT STYLE="color: red"><STRIKE>of
                                            the </STRIKE></FONT>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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Restricted
                                            Lender:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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) 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">The
                                            Facility Agent is only permitted to exclude the Commitment or participation in the Loan of
                                            a Lender pursuant to paragraph (i) 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.24</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further
                                            assurance</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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)):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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;</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.25</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subordination
                                            of liabilities under a Permitted Inter-Company Loan</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 and the Parent Guarantor agree that the Permitted Inter-Company Loan Liabilities
                                            are postponed and subordinated to the Secured Liabilities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
                                            Ship Undertakings</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; 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="text-decoration: underline double; color: blue">or</FONT>,
<FONT STYLE="color: red"><STRIKE>or as </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">in </FONT>the case
<FONT STYLE="color: red"><STRIKE>may be in respect </STRIKE></FONT>of Borrower G<FONT STYLE="color: red"><STRIKE>, as </STRIKE></FONT>
<FONT STYLE="text-decoration: underline double; color: blue">on </FONT>and from the <FONT STYLE="text-decoration: underline double; color: blue">Effective
Date or, in the case of Borrower H and Borrower I on and from the Second </FONT>Effective Date, and throughout <FONT STYLE="color: red"><STRIKE>the
rest of </STRIKE></FONT>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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ships'
                                            names and registration</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Borrower shall, in respect of the Ship owned by it:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">keep
                                            that Ship registered in its name under the Approved Flag from time to time at its port of
                                            registration;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">not
                                            do or allow to be done anything as a result of which such registration might be suspended,
                                            cancelled or imperilled;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">not
                                            enter into any dual flagging arrangement in respect of that Ship; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">not
                                            change the name of that Ship,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>provided
that</B> any change of flag (including the Permitted Re-flagging) of a Ship shall be subject to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repair
                                            and classification</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">consistent
                                            with first class ship ownership and management practice; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">so
                                            as to maintain the Approved Classification free of overdue major recommendations and conditions
                                            affecting that Ship's class.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
                                            society undertaking</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            notify the Security Agent promptly in writing if the Approved Classification Society:</FONT></TD></TR></TABLE>


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

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<TD STYLE="width: 35.45pt"></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">receives
                                            notification from that Borrower or any person that that Ship's Approved Classification Society
                                            is to be changed; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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 or terms and conditions
                                            of that Borrower or that Ship's membership of the Approved Classification Society;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">following
                                            receipt of a written request from the Security Agent:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Modifications</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Removal
                                            and installation of parts</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            to paragraph (b) below, no Borrower shall remove any material part of any Ship, or any item
                                            of equipment installed on any Ship unless:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            replacement part or item is free from any Security in favour of any person other than the
                                            Security Agent; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">A
                                            Borrower may install:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">scrubbers
                                            or other equipment installed to comply with regulatory requirements applicable to the Ship
                                            owned by that Borrower.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Surveys</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspection</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><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 STYLE="color: windowtext">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) no Event of Default or (ii) 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.</FONT></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prevention
                                            of and release from arrest</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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, in respect of the Ship owned by it, promptly discharge:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">all
                                            Taxes, dues and other amounts charged in respect of that Ship, its Earnings or its Insurances;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">all
                                            other outgoings whatsoever in respect of that Ship, its Earnings or its Insurances.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
                                            with laws etc.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Borrower shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">comply,
                                            or procure compliance with all laws or regulations:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">relating
                                            to its business generally; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">relating
                                            to the Ship owned by it, its ownership, employment, operation, management and registration,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">including,
but not limited to, the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">obtain,
                                            comply with and do all that is necessary to maintain in full force and effect any Environmental
                                            Approvals; and</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            limiting paragraph (a) 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).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISPS
                                            Code</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
limiting paragraph (a) of Clause 24.10 (<I>Compliance with laws etc.</I>), each Borrower shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">maintain
                                            an ISSC for that Ship; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">notify
                                            the Facility Agent promptly in writing of any actual or threatened withdrawal, suspension,
                                            cancellation or modification of the ISSC.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sanctions
                                            and Ship trading</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
limiting Clause 24.10 (<I>Compliance with laws etc.</I>), each Borrower shall procure:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">that
                                            the Ship owned by it shall not be used by or for the benefit of a Prohibited Person;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">that
                                            the Ship owned by it shall not be used in trading in any manner that creates a material risk
                                            that such Ship will become a Sanctioned Ship;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(b)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
                                            such Ship shall not be used in trading to or from a Sanctioned Country or otherwise in any
                                            manner <FONT STYLE="color: red"><STRIKE>contrary to Sanctions (or which could be contrary
                                            to Sanctions if Sanctions were binding on each Transaction Obligor); and</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">in
                                            violation of Sanctions, or in a manner which creates a risk that a Transaction Obligor will
                                            become a Prohibited Person or in any manner which would cause any Finance Party to be in
                                            breach of or made subject to Sanctions, or at risk of being in breach of Sanctions; </FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(c)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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<FONT STYLE="color: red"><STRIKE>.</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">;
                                            and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">without
                                            prejudice to the above provisions of this Clause 24.12 (<I>Sanctions and Ship trading</I>),
                                            use commercially reasonable endeavours to procure that each time charterparty in respect
                                            of the Ship owned by it shall contain, for the benefit of that Borrower, language which gives
                                            effect to the provisions of paragraph (a) of Clause 24.10 (<I>Compliance with laws etc</I>.)
                                            as regards Sanctions and this Clause 24.12 (<I>Sanctions and Ship trading</I>) and which
                                            charterparty permits refusal of employment or voyage orders if such employment or compliance
                                            with such orders either results, or risks resulting in non-compliance with such provisions
                                            breaching Sanctions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
                                            in war zones or excluded areas</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            prior written consent of the Security Agent acting on the instructions of the Majority Lenders
                                            has been given; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
                                            of information</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">that
                                            Ship, its employment, position and engagements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Earnings and payments and amounts due to its master and crew;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            towages and salvages; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">its
                                            compliance, the Approved Manager's compliance and the compliance of that Ship with the ISM
                                            Code and the ISPS Code,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notification
                                            of certain events</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Borrower shall, in respect of the Ship owned by it, promptly notify the Facility Agent by fax, confirmed forthwith by letter, of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            casualty to that Ship which is or is likely to be or to become a Major Casualty;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            requisition of that Ship for hire;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            arrest or detention of that Ship or any exercise or purported exercise of any lien on that
                                            Ship or the Earnings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            intended dry docking of that Ship;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            Environmental Claim made against that Borrower or in connection with that Ship, or any Environmental
                                            Incident;</FONT></TD></TR></TABLE>


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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.16</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restrictions
                                            on chartering, appointment of managers etc.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            Borrower shall, in relation to the Ship owned by it:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">let
                                            that Ship on demise charter for any period;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">enter
                                            into any time, voyage or consecutive voyage charter in respect of that Ship other than a
                                            Permitted Charter;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">make
                                            material amendments or supplements to a Management Agreement or terminate a Management Agreement;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">de
                                            activate or lay up that Ship; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">For
                                            the purposes of sub-paragraph (iii) and (iv) of paragraph (a) 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) the
                                            management fee, (ii) the parties to the Management Agreement, (iii) the duration, the scope
                                            of the services provided under the Management Agreement and the terms of its termination
                                            and (iv) the governing law and jurisdiction provision.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.17</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
                                            of Mortgage</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.18</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sharing
                                            of Earnings</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Borrower shall enter into any agreement or arrangement for the sharing of any Earnings other than for the purposes of this Agreement.</FONT></P>


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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.19</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ship
                                            tracking</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.20</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notification
                                            of compliance</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>).</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan
                                            to value ratio</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum
                                            allowed required loan to value ratio</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(b)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Clause 25.1 (<I>Maximum allowed required loan to value ratio</I>)<FONT STYLE="color: red"><STRIKE>, </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">:</FONT></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Relevant
Percentage</B>&quot; means:</FONT></P>

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<TD STYLE="width: 35.45pt"></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">on
                                            and from the <FONT STYLE="color: red"><STRIKE>relevant </STRIKE></FONT>Utilisation Date <FONT STYLE="text-decoration: underline double; color: blue">in
                                            respect of Tranche H and Tranche I </FONT>until the date falling <FONT STYLE="color: red"><STRIKE>18
                                            </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">9 </FONT>months
                                            after <FONT STYLE="color: red"><STRIKE>the relevant </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">that
                                            </FONT>Utilisation Date, <FONT STYLE="color: red"><STRIKE>75 </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">70
                                            </FONT>per cent.; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">at
                                            all times thereafter during the Security Period, <FONT STYLE="color: red"><STRIKE>70 </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">65
                                            </FONT>per cent<FONT STYLE="color: red"><STRIKE>, </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>in
</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each case, expressed as a percentage of the
aggregate of the Loan and any exposure under the Hedging Agreement.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
                                            of additional security; prepayment</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">A
                                            Borrower may, instead of making a prepayment as described in paragraph (a) 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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">has
                                            a net realisable value at least equal to the shortfall; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">is
                                            documented in such terms as the Facility Agent may approve or require,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">before
the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.</FONT></P>


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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value
                                            of additional vessel security</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuations
                                            binding</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
valuation under this Clause 25 (<I>Loan to value ratio</I>) shall be binding and conclusive as regards each Borrower.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
                                            of information</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            a Borrower fails to provide the information referred to in paragraph (a) 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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment
                                            mechanism</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
                                            of valuations</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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 10 days before the relevant Utilisation Date and, for the purposes of Clause 25.1
                                            (<I>Maximum allowed required loan to value ratio</I>) on two occasions in each year on 30
                                            June and 31 December at the same time as the relevant Compliance Certificate is provided
                                            in accordance with Clause 21.3 (<I>Compliance Certificate and DSCR Certificate</I>).</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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 STYLE="color: windowtext">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 </FONT>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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Release
                                            of additionally security</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><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 &#8206;&#8206;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> 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) no Event of Default has occurred or will result from such release and (ii) the relevant ratio shall
continue to be no more than the Relevant Percentage at the relevant time immediately following such release.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts,
                                            application of Earnings and Hedge Receipts</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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 relevant Earnings Account Bank.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 open and maintain throughout the Security Period the Maintenance Reserve
                                            Account and the Cash Reserve Account with the Account Bank.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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 relevant 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) its Earnings Account and (ii) in the case of Borrower A, Borrower C and Borrower
                                            F, its Greek Account.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">The
                                            Borrowers further undertake that the amounts:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
                                            of Earnings</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Borrower shall ensure that:</FONT></P>

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<TD STYLE="width: 0"></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 General Assignment and <FONT STYLE="color: red"><STRIKE>the
                                            </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">any </FONT>Supplemental
                                            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</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">all
                                            Hedge Receipts are paid in to its Earnings Account.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dry
                                            Docking and Special Survey Reserves</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 relevant 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) of Clause 21.2 <I>(Financial Statements)</I>.</FONT></TD></TR></TABLE>


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

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<TD STYLE="width: 0"></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
                                            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 <FONT STYLE="text-decoration: underline double; color: blue">(<I>Dry
                                            Docking and Special Survey Reserves</I>) </FONT><B>provided that </B>no Event of Default
                                            has occurred and is continuing or will result from such release.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Clause 26.3 <FONT STYLE="text-decoration: underline double; color: blue">(<I>Dry Docking and Special Survey Reserves</I>)</FONT>,
&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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
                                            accrued on Cash Reserve Account and Maintenance Reserve Accounts</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Release
                                            of accrued interest</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Location
                                            of Accounts</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Obligor shall promptly:</FONT></P>

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<TD STYLE="width: 0"></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">comply
                                            with any requirement of the Facility Agent as to the location or relocation of its any Account;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance
                                            Undertakings</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; 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="text-decoration: underline double; color: blue">or</FONT>,
<FONT STYLE="color: red"><STRIKE>or as </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">in </FONT>the case
<FONT STYLE="color: red"><STRIKE>may be in respect </STRIKE></FONT>of Borrower G and Ship G<FONT STYLE="color: red"><STRIKE>, as and
</STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: blue">on </FONT>from the Effective Date <FONT STYLE="text-decoration: underline double; color: blue">or,
in the case of Borrower H</FONT>, <FONT STYLE="text-decoration: underline double; color: blue">Ship H, Borrower I and Ship I on and from
the Second Effective Date and </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.</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance
                                            of obligatory insurances</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Borrower shall keep the Ship owned by it insured at its expense against:</FONT></P>

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<TD STYLE="width: 0"></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">fire
                                            and usual marine risks (including hull and machinery and excess risks);</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">war
                                            risks;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">protection
                                            and indemnity risks; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms
                                            of obligatory insurances</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Borrower shall effect such insurances:</FONT></P>

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<TD STYLE="width: 0"></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
                                            dollars;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></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">120
                                            per cent. of the Tranche relating to the Ship owned by it; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            Market Value of that Ship;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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 <FONT STYLE="text-decoration: underline double; color: blue">but
                                            not less than US$1,000,000,000</FONT>;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">in
                                            the case of protection and indemnity risks, in respect of the full tonnage of its Ship;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">on
                                            approved terms customary in major marine insurance markets; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">through
                                            insurance brokers and insurance companies with ccurrent rating by A.M. 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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further
                                            protections for the Finance Parties</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

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<TD STYLE="width: 0"></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
                                            always to paragraph (b), name that Borrower as the sole named insured unless the interest
                                            of every other named insured is limited:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></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">in
                                            respect of any obligatory insurances for hull and machinery and war risks;</FONT></TD></TR></TABLE>


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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            any provable out-of-pocket expenses that it has incurred and which form part of any recoverable
                                            claim on underwriters; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">name
                                            the Security Agent as loss payee with such directions for payment as the Facility Agent may
                                            specify;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">provide
                                            that the Security Agent may make proof of loss if that Borrower fails to do so.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renewal
                                            of obligatory insurances</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Borrower shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">at
                                            least 14 days before the expiry of any obligatory insurance effected by it:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">obtain
                                            the Facility Agents' approval to the matters referred to in sub-paragraph (i) above;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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) above; and</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copies
                                            of policies; letters of undertaking</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Borrower shall ensure that the Approved Brokers provide the Security Agent upon its request with:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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>pro
                                            forma</I> copies of all policies relating to the obligatory insurances which they are to
                                            effect or renew; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">a
                                            letter or letters or undertaking in a form required by the Facility Agent and including undertakings
                                            by the Approved Brokers that:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">if
                                            they receive instructions to renew the obligatory insurances, they will promptly notify the
                                            Facility Agent of the terms of the instructions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copies
                                            of certificates of entry</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">a
                                            certified copy of the certificate of entry for that Ship;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit
                                            of original policies</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
                                            of premiums</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantees</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
                                            with terms of insurances</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Without
                                            limiting paragraph (a) above, each Borrower shall:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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) of paragraph (b) 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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alteration
                                            to terms of insurances</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement
                                            of claims</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Borrower shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">not
                                            settle, compromise or abandon any claim under any obligatory insurance for Total Loss or
                                            for a Major Casualty; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
                                            of copies of communications</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Borrower shall provide the Security Agent, at the time of each such communication, with copies of all written communications between
that Borrower and:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Approved Brokers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            approved protection and indemnity and/or war risks associations; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            approved insurance companies and/or underwriters,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">which
relate directly or indirectly to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">that
                                            Borrower's obligations relating to the obligatory insurances including, without limitation,
                                            all requisite declarations and payments of additional premiums or calls; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">any
                                            credit arrangements made between that Borrower and any of the persons referred to in paragraphs
                                            (a) or (b) above relating wholly or partly to the effecting or maintenance of the obligatory
                                            insurances.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
                                            of information</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) above.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.16</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mortgagee's
                                            interest and additional perils insurances</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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) above or dealing with, or considering,
                                            any matter arising out of any such insurance.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events
                                            of Default</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-payment</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">its
                                            failure to pay is caused by:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">administrative
                                            or technical error; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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
                                            Disruption Event; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">payment
                                            is made within five Business Days of its due date.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specific
                                            obligations</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; 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 STYLE="color: windowtext">Clause
23.23 (<I>Sanctions</I>), Clause 24.12 (<I>Sanctions and Ship trading</I>), Clause </FONT>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>).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
                                            obligations</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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>)).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">No
                                            Event of Default under paragraph (a) 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.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Misrepresentation</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; 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 five 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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cross
                                            default</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">Any
                                            Financial Indebtedness of any Transaction Obligor is not paid when due nor within any originally
                                            applicable grace period.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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) to (d) above is less than $<FONT STYLE="color: windowtext">1,000,000
                                            (or its equivalent in any other currency).</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">No
                                            Event of Default will occur under paragraph (a) of this Clause 28.6 (<I>Cross default</I>)
                                            in respect of a Borrower if the Financial Indebtedness is Permitted Trade Debt.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insolvency</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Obligor:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">is
                                            unable or admits inability to pay its debts as they fall due;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">is
                                            deemed to, or is declared to, be unable to pay its debts under applicable law;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">suspends
                                            or threatens to suspend making payments on any of its debts; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            value of the assets of any Obligor is less than its liabilities (taking into account contingent
                                            and prospective liabilities).</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insolvency
                                            proceedings</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Any
                                            corporate action, legal proceedings or other procedure or step is taken in relation to:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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
                                            composition, compromise, assignment or arrangement with any creditor of any Obligor;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enforcement
                                            of any Security over any assets of any Obligor,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">or
any analogous procedure or step is taken in any jurisdiction.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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) 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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Creditors'
                                            process</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>)).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
                                            of Control</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Borrower is not or ceases to be a 100 per cent. directly owned Subsidiary of the Parent Guarantor.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">For
                                            the purpose of paragraph (c) above &quot;control&quot; means the power (whether by way of
                                            ownership of shares, proxy, contract, agency or otherwise) to:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">appoint
                                            or remove all, or the majority, of the directors or other equivalent officers of the Parent
                                            Guarantor; or</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of paragraph (c) 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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlawfulness,
                                            invalidity and ranking</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 or becomes unlawful for a Transaction Obligor to perform any of its obligations under
                                            the Finance Documents.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Any
                                            obligation of a Transaction Obligor under the Finance Documents is not or ceases to be legal,
                                            valid, binding or enforceable.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Any
                                            Transaction Security proves to have ranked after, or loses its priority to, any other Security.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
                                            imperilled</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
Security created or intended to be created by a Finance Document is in any way imperilled or in jeopardy.</FONT></P>

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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cessation
                                            of business</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arrest</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">30
                                            days if that Ship is off-hire; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">45
                                            days of that Ship is on-hire,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
such arrest or detention.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expropriation</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            arrest or detention of a Ship referred to in Clause 28.14 (<I>Arrest</I>); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            Requisition.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.16</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repudiation
                                            and rescission of agreements</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.17</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Litigation</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.18</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material
                                            adverse change</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
event or circumstance occurs which has or is reasonably likely to have a Material Adverse Effect.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.19</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceleration</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">by
                                            notice to the Borrowers:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">cancel
                                            the Available Commitment of each Lender, whereupon they shall immediately be cancelled;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">exercise
                                            or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions
                                            under the Finance Documents,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
the Facility Agent may serve notices under sub-paragraphs (i), (ii) or (iii) of paragraph (a) above simultaneously or on different dates
and any Servicing Party may take any action referred to in paragraph (b) 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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.20</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enforcement
                                            of security</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.<BR STYLE="clear: both"></FONT></P>


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<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9<BR>
<BR>
Changes to Parties</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
                                            to the Lenders</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assignments
                                            and transfers by the Lenders</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to this Clause 29 (<I>Changes to the Lenders</I>), a Lender (the &quot;<B>Existing Lender</B>&quot;) may:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">assign
                                            any of its rights; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">transfer
                                            by novation any of its rights and obligations,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions
                                            of assignment or transfer</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Unless
                                            otherwise provided in this Clause 29.2 (<I>Conditions of assignment or transfer</I>), any
                                            prepayment made pursuant to paragraph (a) 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) of Clause 7.3 (<I>Voluntary prepayment of Loan</I>) shall not apply
                                            and there will be no prepayment fee for such prepayment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Should
                                            the Obligors not make the prepayment in accordance with paragraph (a) above then the remaining
                                            provisions of this Clause 29 (<I>Changes to the Lenders</I>) shall apply.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">An
                                            assignment will only be effective on:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">A
                                            transfer will only be effective if the procedure set out in Clause 29.5 (<I>Procedure for
                                            transfer</I>) is complied with.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">If:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">a
                                            Lender assigns or transfers any of its rights or obligations under the Finance Documents
                                            or changes its Facility Office; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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>),</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication
of the Facility.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assignment
                                            or transfer fee</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation
                                            of responsibility of Existing Lenders</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Unless
                                            expressly agreed to the contrary, an Existing Lender makes no representation or warranty
                                            and assumes no responsibility to a New Lender for:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">the
                                            legality, validity, effectiveness, adequacy or enforceability of the Transaction Documents,
                                            the Transaction Security or any other documents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            financial condition of any Transaction Obligor;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            performance and observance by any Transaction Obligor of its obligations under the Transaction
                                            Documents or any other documents; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            accuracy of any statements (whether written or oral) made in or in connection with any Transaction
                                            Document or any other document, and any representations or warranties implied by law are
                                            excluded.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            New Lender confirms to the Existing Lender and the other Finance Parties and the Secured
                                            Parties that it:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">will
                                            continue to make its own independent appraisal of the creditworthiness of each Transaction
                                            Obligor and its related entities throughout the Security Period.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Nothing
                                            in any Finance Document obliges an Existing Lender to:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Procedure
                                            for transfer</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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) 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) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Subject
                                            to Clause 29.9 (<I>Pro rata interest settlement</I>), on the Transfer Date:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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;</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            New Lender shall become a Party as a &quot;Lender&quot;.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Procedure
                                            for assignment</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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) 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) 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Subject
                                            to Clause 29.9 (<I>Pro rata interest settlement</I>), on the Transfer Date:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            New Lender shall become a Party as a &quot;Lender&quot; and will be bound by obligations
                                            equivalent to the Relevant Obligations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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>).</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copy
                                            of Transfer Certificate or Assignment Agreement to Borrowers</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
                                            over Lenders' rights</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            charge, assignment or other Security to secure obligations to a federal reserve or central
                                            bank; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">except
that no such charge, assignment or Security shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
                                            rata interest settlement</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">when
                                            the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing
                                            Lender; and</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
                                            to the Transaction Obligors</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assignment
                                            or transfer by Transaction Obligors</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Transaction Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Release
                                            of security</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            a disposal of any asset subject to security created by a Security Document is made in the
                                            following circumstances:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">the
                                            disposal is permitted by the terms of any Finance Document;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            Majority Lenders agree to the disposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            disposal is being effected by enforcement of a Security Document,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Security Agent may release the asset(s) 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).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
                                            Subordinated Creditors</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 may request that any person becomes a Subordinated Creditor, with the prior approval
                                            of the Facility Agent, by delivering to the Facility Agent:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">a
                                            duly executed Subordination Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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
                                            duly executed Subordinated Debt Security; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">A
                                            person referred to in paragraph (a) 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) above.<BR STYLE="clear: both"></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

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

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10<BR>
<BR>
The Finance Parties</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Facility Agent</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment
                                            of the Facility Agent</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            of the Lenders and the Hedge Counterparties appoints the Facility Agent to act as its agent
                                            under and in connection with the Finance Documents.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Instructions</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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 shall:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></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">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:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">all
                                            Lenders if the relevant Finance Document stipulates the matter is an all Lender decision;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">in
                                            all other cases, the Majority Lenders; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">not
                                            be liable for any act (or omission) if it acts (or refrains from acting) in accordance with
                                            sub-paragraph (i) 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).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Paragraph
                                            (a) above shall not apply:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">where
                                            a contrary indication appears in a Finance Document;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">where
                                            a Finance Document requires the Facility Agent to act in a specified manner or to take a
                                            specified action;</FONT></TD></TR></TABLE>


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

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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) 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duties
                                            of the Facility Agent</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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's duties under the Finance Documents are solely mechanical and administrative
                                            in nature.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Subject
                                            to paragraph (c) 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 Borrowers</I>),
                                            paragraph (b) above shall not apply to any Transfer Certificate or any Assignment Agreement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            fiduciary duties</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Nothing
                                            in any Finance Document constitutes the Facility Agent as a trustee or fiduciary of any other
                                            person.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
                                            of receipts</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
                                            with the Group</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights
                                            and discretions</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">rely
                                            on any representation, communication, notice or document believed by it to be genuine, correct
                                            and appropriately authorised;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">assume
                                            that:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">unless
                                            it has received notice of revocation, that those instructions have not been revoked; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">rely
                                            on a certificate from any person:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">as
                                            to any matter of fact or circumstance which might reasonably be expected to be within the
                                            knowledge of that person; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">to
                                            the effect that such person approves of any particular dealing, transaction, step, action
                                            or thing,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.</FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Facility Agent may assume (unless it has received notice to the contrary in its capacity
                                            as agent for the Finance Parties) that:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">no
                                            Default has occurred (unless it has actual knowledge of a Default arising under Clause 28.2
                                            (<I>Non-payment</I>));</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">any
                                            right, power, authority or discretion vested in any Party or any group of Finance Parties
                                            has not been exercised; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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 relevant Utilisation Request) is made
                                            on behalf of and with the consent and knowledge of all the Transaction Obligors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Facility Agent may engage and pay for the advice or services of any lawyers, accountants,
                                            tax advisers, surveyors or other professional advisers or experts.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Without
                                            prejudice to the generality of paragraph (c) above or paragraph (e) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">The
                                            Facility Agent may act in relation to the Finance Documents and the Security Property through
                                            its officers, employees and agents and shall not:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">be
                                            liable for any error of judgment made by any such person; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unless
such error or such loss was directly caused by the Facility Agent's gross negligence or wilful misconduct.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>


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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsibility
                                            for documentation</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Facility Agent is not responsible nor liable for:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            duty to monitor</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Facility Agent shall not be bound to enquire:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">whether
                                            or not any Default has occurred;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">as
                                            to the performance, default or any breach by any Transaction Obligor of its obligations under
                                            any Transaction Document; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">whether
                                            any other event specified in any Transaction Document has occurred.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusion
                                            of liability</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Without
                                            limiting paragraph (b) below (and without prejudice to paragraph (e) 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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            damages, costs or losses to any person, any diminution in value, or any other liability whatsoever
                                            arising as a result of:</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 37pt"><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">any
                                            Benchmark Replacement implemented pursuant to &#8206;Clause 45.4 (<I>Benchmark Replacement
                                            setting</I>); or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
selection and implementation of any Conforming Changes,</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(v)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>(vi)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">without
                                            prejudice to the generality of paragraphs (i) to (iv) above, any damages, costs or losses
                                            to any person, any diminution in value or any liability whatsoever arising as a result of:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">any
                                            act, event or circumstance not reasonably within its control; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            general risks of investment in, or the holding of assets in, any jurisdiction,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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) subject to Clause 1.5 (<I>Third
                                            party rights</I>) and the provisions of the Third Parties Act.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Nothing
                                            in this Agreement shall oblige the Facility Agent to carry out:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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
                                            &quot;know your customer&quot; or other checks in relation to any person; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">any
                                            check on the extent to which any transaction contemplated by this Agreement might be unlawful
                                            for any Finance Party,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

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


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lenders'
                                            indemnity to the Facility Agent</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Subject
                                            to paragraph (c) below, the Borrowers shall immediately on demand reimburse any Lender for
                                            any payment that Lender makes to the Facility Agent pursuant to paragraph (a) above.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Paragraph
                                            (b) 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resignation
                                            of the Facility Agent</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 resign and appoint one of its Affiliates as successor by giving notice
                                            to the other Finance Parties and the Borrowers.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph
                                            (b) above within 20 days after notice of resignation was given, the retiring Facility Agent
                                            may appoint a successor Facility Agent.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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) 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>)
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">The
                                            Facility Agent's resignation notice shall only take effect upon the appointment of a successor.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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) 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>) 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. 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance
                                            with paragraph (b) above. In this event, the Facility Agent shall resign in accordance with
                                            paragraph (b) above.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidentiality</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Notwithstanding
                                            any other provision of any Finance Document to the contrary, the Facility Agent is not obliged
                                            to disclose to any other person (i) any confidential information or (ii) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relationship
                                            with the other Finance Parties</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">entitled
                                            to or liable for any payment due under any Finance Document on that day; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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) of paragraph (a) 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
                                            appraisal by the Finance Parties</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            financial condition, status and nature of each member of the Group;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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;</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.16</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facility
                                            Agent's management time</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.17</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deduction
                                            from amounts payable by the Facility Agent</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.18</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reliance
                                            and engagement letters</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.19</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full
                                            freedom to enter into transactions</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prejudice to Clause 31.6 (<I>Business with the Group</I>) or any other provision of a Finance Document and notwithstanding any rule of
law or equity to the contrary, the Facility Agent shall be absolutely entitled:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">to
                                            deal in and enter into and arrange transactions relating to:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></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
                                            securities issued or to be issued by any Transaction Obligor or any other person; or</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">any
                                            options or other derivatives in connection with such securities; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; 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), (c) and (d) 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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Security Agent</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            to Clause 32.37 <I>(Swiss security agreement matters)</I> the 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parallel
                                            Debt (<FONT STYLE="color: red"><STRIKE>Covenant </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">covenant
                                            </FONT>to pay the Security Agent)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            Parallel Debt of an Obligor:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></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">shall
                                            become due and payable at the same time as its Corresponding Debt;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">is
                                            independent and separate from, and without prejudice to, its Corresponding Debt.</FONT></TD></TR></TABLE>


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

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<TD STYLE="width: 0"></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">For
                                            purposes of this Clause 32.2 (<I>Parallel Debt (Covenant to pay the Security Agent)</I>),
                                            the Security Agent:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">is
                                            the independent and separate creditor of each Parallel Debt;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">The
                                            Parallel Debt of an Obligor shall be:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">decreased
                                            to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or
                                            discharged; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">increased
                                            to the extent that its Corresponding Debt has increased, 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,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
each case provided that the Parallel Debt of an Obligor shall never exceed its Corresponding Debt.</FONT></P>

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<TD STYLE="width: 0"></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">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>).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">This
                                            Clause 32.2 (<I>Parallel Debt (Covenant to pay the Security Agent)</I>) shall apply, with
                                            any necessary modifications, to each Finance Document.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enforcement
                                            through Security Agent only</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Instructions</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Security Agent shall:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">all
                                            Lenders (or the Facility Agent on their behalf) if the relevant Finance Document stipulates
                                            the matter is an all Lender decision; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">in
                                            all other cases, the Majority Lenders (or the Facility Agent on their behalf); and</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">not
                                            be liable for any act (or omission) if it acts (or refrains from acting) in accordance with
                                            sub-paragraph (i) 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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Paragraph
                                            (a) above shall not apply:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">where
                                            a contrary indication appears in a Finance Document;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">where
                                            a Finance Document requires the Security Agent to act in a specified manner or to take a
                                            specified action;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            respect of the exercise of the Security Agent's discretion to exercise a right, power or
                                            authority under any of:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">Clause
                                            32.28 (<I>Application of receipts</I>);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">Clause
                                            32.29 (<I>Permitted Deductions</I>); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">Clause
                                            32.30 (<I>Prospective liabilities</I>).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">In
                                            exercising any discretion to exercise a right, power or authority under the Finance Documents
                                            where either:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">it
                                            has not received any instructions as to the exercise of that discretion; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            exercise of that discretion is subject to sub-paragraph (iv) of paragraph (d) above,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Security Agent shall do so having regard to the interests of all the Secured Parties.</FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duties
                                            of the Security Agent</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Security Agent's duties under the Finance Documents are solely mechanical and administrative
                                            in nature.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            fiduciary duties</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Nothing
                                            in any Finance Document constitutes the Security Agent as an agent, trustee or fiduciary
                                            of any Transaction Obligor.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
                                            with the Group</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights
                                            and discretions</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Security Agent may:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">rely
                                            on any representation, communication, notice or document believed by it to be genuine, correct
                                            and appropriately authorised;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">assume
                                            that:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">unless
                                            it has received notice of revocation, that those instructions have not been revoked;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">rely
                                            on a certificate from any person:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">as
                                            to any matter of fact or circumstance which might reasonably be expected to be within the
                                            knowledge of that person; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">to
                                            the effect that such person approves of any particular dealing, transaction, step, action
                                            or thing,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Security Agent may assume (unless it has received notice to the contrary in its capacity
                                            as security agent for the Secured Parties) that:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">no
                                            Default has occurred;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">any
                                            right, power, authority or discretion vested in any Party or any group of Finance Parties
                                            has not been exercised; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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 relevant Utilisation Request) is made
                                            on behalf of and with the consent and knowledge of all the Transaction Obligors.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Without
                                            prejudice to the generality of paragraph (c) above or paragraph (f) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">The
                                            Security Agent may act in relation to the Finance Documents and the Security Property through
                                            its officers, employees and agents and shall not:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">be
                                            liable for any error of judgment made by any such person; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unless
such error or such loss was directly caused by the Security Agent's gross negligence or wilful misconduct.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsibility
                                            for documentation</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the Security Agent, any Receiver or Delegate is responsible or liable for:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            duty to monitor</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Security Agent shall not be bound to enquire:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">whether
                                            or not any Default has occurred;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">as
                                            to the performance, default or any breach by any Transaction Obligor of its obligations under
                                            any Transaction Document; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">whether
                                            any other event specified in any Transaction Document has occurred.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusion
                                            of liability</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Without
                                            limiting paragraph (b) 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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">without
                                            prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs or losses
                                            to any person, any diminution in value or any liability whatsoever arising as a result of:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">any
                                            act, event or circumstance not reasonably within its control; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            general risks of investment in, or the holding of assets in, any jurisdiction,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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) subject to Clause 1.5 (<I>Third party rights</I>) and the provisions of the Third Parties
                                            Act.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Nothing
                                            in this Agreement shall oblige the Security Agent to carry out:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></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
                                            &quot;know your customer&quot; or other checks in relation to any person; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">any
                                            check on the extent to which any transaction contemplated by this Agreement might be unlawful
                                            for any Finance Party,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lenders'
                                            indemnity to the Security Agent</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Subject
                                            to paragraph (c) below, the Borrowers shall immediately on demand reimburse any Lender for
                                            any payment that Lender makes to the Security Agent pursuant to paragraph (a) above.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Paragraph
                                            (b) 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.</FONT></TD></TR></TABLE>


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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resignation
                                            of the Security Agent</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Security Agent may resign and appoint one of its Affiliates as successor by giving notice
                                            to the other Finance Parties and the Borrowers.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph
                                            (b) above within 20 days after notice of resignation was given, the retiring Security Agent
                                            may appoint a successor Security Agent.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">The
                                            Security Agent's resignation notice shall only take effect upon:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">the
                                            appointment of a successor; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            transfer, by way of a document expressed as a deed, of all the Security Property to that
                                            successor.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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) of Clause 32.25 (<I>Winding up of trust</I>)
                                            and paragraph (d) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">The
                                            Majority Lenders may, by notice to the Security Agent, require it to resign in accordance
                                            with paragraph (b) above. In this event, the Security Agent shall resign in accordance with
                                            paragraph (b) above.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidentiality</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Notwithstanding
                                            any other provision of any Finance Document to the contrary, the Security Agent is not obliged
                                            to disclose to any other person (i) any confidential information or (ii) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
                                            appraisal by the Finance Parties</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            financial condition, status and nature of each member of the Group;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.16</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
                                            Agent's management time</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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>).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Without
                                            prejudice to paragraph (a) above, in the event of:</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">a
                                            Default;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            Security Agent and the Borrowers agreeing that it is otherwise appropriate in the circumstances,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) below.</FONT></P>

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<TD STYLE="width: 0"></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
                                            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) 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.17</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reliance
                                            and engagement letters</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.18</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            responsibility to perfect Transaction Security</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Security Agent shall not be liable for any failure to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">require
                                            any further assurance in relation to any Finance Document.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.19</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance
                                            by Security Agent</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Security Agent shall not be obliged:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">to
                                            insure any of the Security Assets;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">to
                                            require any other person to maintain any insurance; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">to
                                            verify any obligation to arrange or maintain insurance contained in any Finance Document,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.20</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodians
                                            and nominees</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.21</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delegation
                                            by the Security Agent</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.22</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
                                            Security Agents</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">if
                                            it considers that appointment to be in the interests of the Secured Parties; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">for
                                            the purposes of conforming to any legal requirement, restriction or condition which the Security
                                            Agent deems to be relevant; or</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">for
                                            obtaining or enforcing any judgment in any jurisdiction,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
the Security Agent shall give prior notice to the Borrowers and the Finance Parties of that appointment.</FONT></P>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.23</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptance
                                            of title</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.24</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Releases</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.25</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Winding
                                            up of trust</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Security Agent, with the approval of the Facility Agent determines that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">all
                                            of the Secured Liabilities and all other obligations secured by the Security Documents have
                                            been fully and finally discharged; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">then</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.26</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers
                                            supplemental to Trustee Acts</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.27</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disapplication
                                            of Trustee Acts</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
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) the Trustee Acts 1925 and 2000 and (ii) 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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.28</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
                                            of receipts</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; 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>)), in the following order of
priority:</FONT></P>

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<TD STYLE="width: 0"></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))) or any Receiver
                                            or Delegate;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">the
                                            balance, if any, in payment or distribution to the relevant Transaction Obligor.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.29</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permitted
                                            Deductions</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Security Agent may, in its discretion:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.30</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospective
                                            liabilities</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) 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:</FONT></P>

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<TD STYLE="width: 0"></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">any
                                            sum to the Security Agent, any Receiver or any Delegate; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            part of the Secured Liabilities,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
the Security Agent or, in the case of paragraph (b) only, the Facility Agent, reasonably considers, in each case, might become due or
owing at any time in the future.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.31</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
                                            of proceeds</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) 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>).</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.32</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency
                                            conversion</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.33</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Good
                                            discharge</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Security Agent is under no obligation to make the payments to the Facility Agent under paragraph
                                            (a) above in the same currency as that in which the obligations and liabilities owing to
                                            the relevant Finance Party are denominated.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.34</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
                                            received by Obligors</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.35</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
                                            and consideration</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>).</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.36</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full
                                            freedom to enter into transactions</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prejudice to Clause 32.7 (<I>Business with the Group</I>) or any other provision of a Finance Document and notwithstanding any rule of
law or equity to the contrary, the Security Agent shall be absolutely entitled:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">to
                                            deal in and enter into and arrange transactions relating to:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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
                                            securities issued or to be issued by any Transaction Obligor or any other person; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">any
                                            options or other derivatives in connection with such securities; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 the Borrowers or any person who is a party to, or referred
                                            to in, a Finance Document,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) and (c) 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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.37</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swiss
                                            security agreement matters</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
limiting any other rights of the Security Agent under this Agreement or any other Finance Document:</FONT></P>

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<TD STYLE="width: 0"></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 Agent (i)
                                            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) 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)
                                            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) 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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Security Agent shall hold (i) 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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conduct
                                            of Business by the Finance Parties</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
provision of this Agreement will:</FONT></P>

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<TD STYLE="width: 0"></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">interfere
                                            with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever
                                            manner it thinks fit;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">oblige
                                            any Finance Party to disclose any information relating to its affairs (tax or otherwise)
                                            or any computations in respect of Tax.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sharing
                                            among the Finance Parties</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
                                            to Finance Parties</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

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<TD STYLE="width: 0"></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
                                            Recovering Finance Party shall, within three Business Days, notify details of the receipt
                                            or recovery, to the Facility Agent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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</FONT></TD></TR></TABLE>


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

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<TD STYLE="width: 0"></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
                                            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>).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redistribution
                                            of payments</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recovering
                                            Finance Party's rights</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reversal
                                            of redistribution</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

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<TD STYLE="width: 0"></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
                                            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</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exceptions</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></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">it
                                            notified that other Finance Party of the legal or arbitration proceedings; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.<BR STYLE="clear: both"></FONT></TD></TR></TABLE>


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11</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
Administration</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
                                            Mechanics</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
                                            to the Facility Agent</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
                                            by the Facility Agent</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
                                            to a Transaction Obligor</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clawback
                                            and pre-funding</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">Unless
                                            paragraph (c) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

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<TD STYLE="width: 0"></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
                                            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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">the
                                            Borrowers shall on demand refund it to the Facility Agent; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
                                            of receipts; partial payments</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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"><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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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"><B>secondly</B>,
                                            in or towards payment <I>pro rata</I> of:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">any
                                            accrued interest and fees due but unpaid to the Lenders under this Agreement; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            periodical payments (not being payments as a result of termination or closing out) due but
                                            unpaid to the Hedge Counterparties under the Hedging Agreements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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"><B>thirdly</B>,
                                            in or towards payment <I>pro rata</I> of:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">any
                                            principal due but unpaid to the Lenders under this Agreement; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            payments as a result of termination or closing out due but unpaid to the Hedge Counterparties
                                            under the Hedging Agreements; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>fourthly</B>,
                                            in or towards payment <I>pro rata</I> of any other sum due but unpaid under the Finance Documents.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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) to (iv) of paragraph (a) above.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Paragraphs
                                            (a) and (b) above will override any appropriation made by a Transaction Obligor.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            set-off by Transaction Obligors</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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) above shall not affect the operation of any payment or close-out netting in respect of
                                            any amounts owing under any Hedging Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
                                            Days</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency
                                            of account</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            to paragraphs (b) and (c) below, dollars is the currency of account and payment for any sum
                                            due from a Transaction Obligor under any Finance Document.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            payment in respect of costs, expenses or Taxes shall be made in the currency in which the
                                            costs, expenses or Taxes are incurred.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            amount expressed to be payable in a currency other than dollars shall be paid in that other
                                            currency.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
                                            of currency</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency
                                            Conversion</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disruption
                                            to Payment Systems etc.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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, 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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Facility Agent shall not be obliged to consult with the Borrowers in relation to any changes
                                            mentioned in paragraph (a) 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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Facility Agent may consult with the Finance Parties in relation to any changes mentioned
                                            in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable
                                            to do so in the circumstances;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">the
                                            Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph
                                            (d) above.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set-Off</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bail-In</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            Bail-In Action in relation to any such liability, including (without limitation):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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
                                            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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">a
                                            cancellation of any such liability; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Communications
                                            in writing</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Addresses</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            the case of the Borrowers, that specified in Schedule 1 (<I>The Parties</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">in
                                            the case of the Facility Agent, that specified in Schedule 1 (<I>The Parties</I>); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">in
                                            the case of the Security Agent, that specified in Schedule 1 (<I>The Parties</I>),</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>


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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delivery</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Any
                                            communication or document made or delivered by one person to another under or in connection
                                            with the Finance Documents will only be effective:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">if
                                            by way of fax, when received in legible form; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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
                                            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,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></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">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).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">All
                                            notices from or to a Transaction Obligor shall be sent through the Facility Agent unless
                                            otherwise specified in any Finance Document.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Any
                                            communication or document which becomes effective, in accordance with paragraphs (a) to (d)
                                            above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on
                                            the following day.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notification
                                            of address and fax number</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic
                                            communication</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Any
                                            such electronic communication or delivery as specified in paragraph (a) 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.</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            such electronic communication or document as specified in paragraph (a) 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Any
                                            electronic communication or document which becomes effective, in accordance with paragraph
                                            (c) above, after 5.00 p.m. 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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>).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English
                                            language</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Any
                                            notice given under or in connection with any Finance Document must be in English.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">All
                                            other documents provided under or in connection with any Finance Document must be:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">in
                                            English; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hedging
                                            Agreement</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculations
                                            and Certificates</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificates
                                            and determinations</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Day
                                            count convention</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial
                                            Invalidity</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remedies
                                            and Waivers</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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>).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entire
                                            Agreement</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement
                                            or Discharge Conditional</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrevocable
                                            Payment</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>


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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
                                            and Waivers</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Required
                                            consents</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted
                                            by this Clause 45 (<I>Amendments and Waivers</I>).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Paragraph
                                            (c) of Clause 29.9 (<I>Pro rata interest settlement</I>) shall apply to this Clause 45 (<I>Amendments
                                            and Waivers</I>).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                            Lender matters</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            definition of &quot;Majority Lenders&quot; in Clause 1.1 (<I>Definitions</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">a
                                            postponement to or extension of the date of payment of any amount under the Finance Documents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">a
                                            reduction in the Margin or the amount of any payment of principal, interest, fees or commission
                                            payable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">a
                                            change in currency of payment of any amount under the Finance Documents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">a
                                            change to any Transaction Obligor other than in accordance with Clause 30 (<I>Changes to
                                            the Transaction Obligors</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">any
                                            provision which expressly requires the consent of all the Lenders;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">this
                                            Clause 45 (<I>Amendments and Waivers</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            48 (<I>Governing Law</I>) or Clause 49 (<I>Enforcement</I>);</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(other
                                            than as expressly permitted by the provisions of any Finance Document), the nature or scope
                                            of:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            joint and several liability of the Borrowers under Clause 18 (<I>Joint and Several Liability
                                            of the Borrowers</I>);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            Security Assets; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            manner in which the proceeds of enforcement of the Transaction Security are distributed,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(except
in the case of sub-paragraphs (iii) and (iv) 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</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall
not be made, or given, without the prior consent of all the Lenders.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
                                            exceptions</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 may not
                                            be effected without the consent of that Servicing Party.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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) of Clause
                                            8.5 (<I>Hedging</I>).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark
                                            Replacement setting</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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>Benchmark
                                            Replacement: </I>Notwithstanding anything to the contrary herein or in any other Finance
                                            Document, upon the occurrence of a Benchmark Transition Event, the Facility Agent and the
                                            Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark
                                            Replacement. Any such amendment with respect to a Benchmark Transition Event will become
                                            effective at 5:00 p.m. (New York City time) on the fifth (5<SUP>th</SUP>) Business Day after
                                            the date notice of such Benchmark Replacement is provided to the Lenders and the Borrower
                                            so long as the Facility Agent has not received, by such time, written notice of objection
                                            to such amendment from Lenders comprising the Majority Lenders. No replacement of a Benchmark
                                            with a Benchmark Replacement pursuant to this paragraph will occur prior to the applicable
                                            Benchmark Transition Start Date.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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"><I>Conforming
                                            Changes</I>: In connection with the use or administration of Term SOFR, or the use, administration,
                                            adoption or implementation of a Benchmark Replacement, the Facility Agent will have the right
                                            to make Conforming Changes from time to time and, notwithstanding anything to the contrary
                                            herein or in any other Finance Document, any amendments implementing such Conforming Changes
                                            will become effective without any further action or consent of any other party to this Agreement
                                            or any other Finance Document.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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"><I>Notices;
                                            Standards for Decisions and Determinations</I>: The Facility Agent will promptly notify the
                                            Borrower and the Lenders of (i) the implementation of any Benchmark Replacement and (ii)
                                            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) below. 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 or any selection, will be conclusive and binding
                                            absent manifest error and may be made in its or their sole discretion and without consent
                                            from any other party to this Agreement or any other Finance Document, except, in each case,
                                            as expressly required pursuant to this Clause 45.4 (<I>Benchmark Replacement setting</I>).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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"><I>Unavailability
                                            of Tenor of Benchmark:</I> Notwithstanding anything to the contrary herein or in any other
                                            Finance Document, at any time (including in connection with the implementation of a Benchmark
                                            Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR) and
                                            either (A) 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) the administrator of such Benchmark or the regulatory supervisor
                                            for the administrator of such Benchmark has provided a public statement or publication of
                                            information 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) if a tenor that was removed pursuant to clause
                                            (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark
                                            (including a Benchmark Replacement) or (B) 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 such previously removed tenor.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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"><I>Benchmark
                                            Unavailability Period:</I> 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">The
                                            following terms shall have the following meanings:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><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, (i) if such Benchmark
is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest
period pursuant to this Agreement or (ii) otherwise, any payment period for interest calculated with reference to such Benchmark (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) of this Clause 45.4 (<I>Benchmark
Replacement setting</I>).</FONT></P>

<P STYLE="font: 11pt/11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Benchmark</B>&quot;
means, initially, Term SOFR; <U>provided</U> that if a Benchmark Transition Event has occurred with respect to Term SOFR or the then-current
Benchmark, then &quot;Benchmark&quot; means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced
such prior benchmark rate pursuant to paragraph (a) of this Clause 45.4 (<I>Benchmark Replacement setting</I>).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Benchmark
Replacement&quot;</B> means with respect to any Benchmark Transition Event, the sum of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            alternate benchmark rate that has been selected by the Facility Agent and the Borrower giving
                                            due consideration to (i) any selection or recommendation of a replacement benchmark rate
                                            or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any
                                            evolving or then-prevailing market convention for determining a benchmark rate as a replacement
                                            to the then-current Benchmark for Dollar-denominated syndicated credit facilities; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            related Benchmark Replacement Adjustment;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>provided
</U>that, if such Benchmark Replacement as so determined would be less than zero, such Benchmark Replacement will be deemed to be zero
for the purposes of this Agreement and the other Finance Documents.</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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, (which may be a positive or negative value or
zero) that has been selected by the Facility Agent and the Borrower giving due consideration to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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 by the Relevant Governmental Body; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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 syndicated credit
                                            facilities.</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<B>Benchmark
Replacement Date&quot;</B> means the earliest to occur of the following events with respect to the then-current Benchmark:</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            the case of paragraph (a) or paragraph (b) of the definition of &quot;Benchmark Transition
                                            Event&quot;, the later of (i) the date of the public statement or publication of information
                                            referenced therein and (ii) the date on which the administrator of such Benchmark (or the
                                            published component used in the calculation thereof) permanently or indefinitely ceases to
                                            provide all Available Tenors of such Benchmark (or such component thereof); or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">in
                                            the case of paragraph (c) 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; <U>provided</U> 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) and even if any Available Tenor of such Benchmark (or such component thereof)
                                            continues to be provided on such date.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the avoidance of doubt, the &quot;Benchmark Replacement Date&quot; will be deemed to have occurred in the case of paragraph (a) or paragraph
(b) 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).</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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) announcing that such
                                            administrator has ceased or will cease to provide all Available Tenors of such Benchmark
                                            (or such component thereof), permanently or indefinitely; <U>provided</U> 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></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">a
                                            public statement or publication of information by the regulatory supervisor for the administrator
                                            of such Benchmark (or the published component used in the calculation thereof), the FRB,
                                            the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator
                                            for such Benchmark (or such component), a resolution authority with jurisdiction over the
                                            administrator for such Benchmark (or such component) or a court or an entity with similar
                                            insolvency or resolution authority over the administrator for such Benchmark (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) permanently
                                            or indefinitely; <U>provided</U> 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); or</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Benchmark
Transition Start Date</B>&quot; means, in the case of a Benchmark Transition Event, the earlier of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            applicable Benchmark Replacement Date; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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
                                            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).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Benchmark
Unavailability Period</B>&quot; means, the period (if any):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">beginning
                                            at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark
                                            Replacement has replaced the then-current Benchmark for all purposes hereunder and under
                                            any Finance Document in accordance with this Clause 45.4 (<I>Benchmark Replacement Setting</I>);
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><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">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 this Clause 45.4 (<I>Benchmark
                                            Replacement setting</I>).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Conforming
Changes&quot;</B> means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation
of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of &quot;Base
Rate&quot;, &quot;Business Day&quot;, &quot;U.S. Government Securities Business Day,&quot; or &quot;Interest Period&quot; or any similar
or analogous definition (or the addition of a concept of &quot;interest period&quot;), 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 and other technical, administrative or operational matters) that the Facility Agent decides may be appropriate to
reflect the adoption and implementation of any such rate or to permit the use and 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 determines that no market practice for the administration of any such rate 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).</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 36pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Unadjusted
Benchmark Replacement</B>&quot; means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligor
                                            Intent</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential
                                            Information</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidentiality</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
                                            of Confidential Information</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
Finance Party may disclose:</FONT></P>

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<TD STYLE="width: 0"></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
                                            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) 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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">to
                                            any person:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 70.9pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">appointed
                                            by any Finance Party or by a person to whom sub-paragraph (i) or (ii) of paragraph (b) 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) of Clause 31.14 (<I>Relationship with the other Finance Parties</I>));</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) or (ii) of paragraph (b)
                                            above;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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 of any relevant stock exchange or pursuant to any applicable law or regulation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">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>);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">who
                                            is a Party, a member of the Group or any related entity of a Transaction Obligor;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
                                            the consent of the Parent Guarantor;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
each case, such Confidential Information as that Finance Party shall consider appropriate if:</FONT></P>

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<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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
                                            relation to sub-paragraphs (i), (ii) and (iii) of paragraph (b) 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;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">in
                                            relation to sub-paragraph (iv) of paragraph (b) 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;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><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">in
                                            relation to sub-paragraphs (v), (vi) and (vii) of paragraph (b) 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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 106.3pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            any person appointed by that Finance Party or by a person to whom sub-paragraph (i) or (ii)
                                            of paragraph (b) 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) 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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DAC6</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 II A 1 of Annex IV of Directive 2011/16/EU.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
                                            to numbering service providers</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">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:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></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">names
                                            of Transaction Obligors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">country
                                            of domicile of Transaction Obligors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">place
                                            of incorporation of Transaction Obligors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">date
                                            of this Agreement;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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
                                            48 (<I>Governing Law</I>);</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">the
                                            name of the Facility Agent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">date
                                            of each amendment and restatement of this Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">amount
                                            of Total Commitments;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">currency
                                            of the Facility;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">type
                                            of Facility;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ranking
                                            of Facility;</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination
                                            Date for Facility;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            to any of the information previously supplied pursuant to sub-paragraphs (i) to (xii) above;
                                            and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
                                            other information agreed between such Finance Party and the Borrowers,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
enable such numbering service provider to provide its usual syndicated loan numbering identification services.</FONT></P>

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<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Each
                                            Obligor represents, on behalf of itself and the other Transaction Obligors, that none of
                                            the information set out in sub-paragraphs (i) to (xiv) of paragraph (a) above is, nor will
                                            at any time be, unpublished price-sensitive information.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entire
                                            agreement</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inside
                                            information</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notification
                                            of disclosure</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrowers:</FONT></P>

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<TD STYLE="width: 0"></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">of
                                            the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph
                                            (v) of paragraph (b) 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</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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
                                            becoming aware that Confidential Information has been disclosed in breach of this Clause
                                            46 (<I>Confidential Information</I>).</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing
                                            obligations</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            date on which such Finance Party otherwise ceases to be a Finance Party.</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
12</FONT></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
Governing Law and Enforcement</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
                                            Law</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enforcement</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jurisdiction</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></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">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;).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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 49.1 (<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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
                                            of process</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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">Without
                                            prejudice to any other mode of service allowed under any relevant law, each Obligor (other
                                            than an Obligor incorporated in England and Wales):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></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">irrevocably
                                            appoints Saville &amp; Co at their registered office for the time being, presently at <FONT STYLE="color: windowtext">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</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><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">agrees
                                            that failure by a process agent to notify the relevant Obligor of the process will not invalidate
                                            the proceedings concerned.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patriot
                                            Act Notice</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>This
Agreement has been entered into and amended and restated on the dates stated at the beginning of this Agreement.</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
1</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
<BR>
The Parties</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part
A<BR>
<BR>
The Obligors</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Borrower</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Place
    of Incorporation</B></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
    number (or equivalent, if any)</B></FONT></TD>
    <TD STYLE="width: 38%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><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">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEVOCEAN
    MARITIME LTD.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24361</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;Tel:</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;Fax:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DOMINA
    MARITIME LTD.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40259</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DULAC
    MARITIME S.A.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40253</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTFUL
    SHIPHOLDING S.A.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46405</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>

<TR STYLE="vertical-align: top; background-color: #FFE1EB">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><STRIKE>LONGEVITY
    MARITIME LIMITED</STRIKE></B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>Malta</STRIKE></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>C
    53023</STRIKE></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; width: 38%"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>c/o
                                            Globus Shipmanagement Corp.</STRIKE></FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>128
    Vouliagmenis Avenue</STRIKE></FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>166
    74 Glyfada</STRIKE></FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Greece</STRIKE></FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Tel:
    </STRIKE></FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Fax:
    </STRIKE></FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>e-mail:
    </STRIKE></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><B>SERENA
    MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">105757</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107759</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9EEFF">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><B>ARGO
    MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">107764</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9EEFF">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><B>TALISMAN
    MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">105756</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Parent Guarantor</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Place
    of Incorporation</B></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
    number (or equivalent, if any)</B></FONT></TD>
    <TD STYLE="width: 38%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><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">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GLOBUS
    MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44376</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Hedge<BR>
    Guarantor</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Place
    of Incorporation</B></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
    number (or equivalent, if any)</B></FONT></TD>
    <TD STYLE="width: 38%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><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">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEVOCEAN
    MARITIME LTD.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24361</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DOMINA
    MARITIME LTD.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40259</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DULAC
    MARITIME S.A.</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40253</FONT></TD>
    <TD STYLE="text-align: right; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTFUL
    SHIPHOLDING S.A.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46405</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FFE1EB">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><STRIKE>LONGEVITY
    MARITIME LIMITED</STRIKE></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>Malta</STRIKE></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>C
    53023</STRIKE></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>c/o
                                            Globus Shipmanagement Corp.</STRIKE></FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>128
    Vouliagmenis Avenue</STRIKE></FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>166
    74 Glyfada</STRIKE></FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Greece</STRIKE></FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Tel: </STRIKE></FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Fax: </STRIKE></FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>e-mail:</STRIKE></FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE></STRIKE></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><B>SERENA
    MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">105757</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>

<TR STYLE="vertical-align: top; background-color: #D9EEFF">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><B>SALAMINIA
    MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Marshall
    Islands</FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">107759</FONT></TD>
    <TD STYLE="text-align: right; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>

<TR STYLE="vertical-align: top; background-color: #D9EEFF">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><B>ARGO
    MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Marshall
    Islands</FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">107764</FONT></TD>
    <TD STYLE="text-align: right; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: blue; text-align: right"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B><STRIKE>SALAMINIA
    </STRIKE></B></FONT><B><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">TALISMAN
    </FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MARITIME LIMITED</FONT></B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>107759</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">105756</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
                                            Globus Shipmanagement Corp.</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128
    Vouliagmenis Avenue</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166
    74 Glyfada</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail: </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part
B</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
The Original Lenders</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Original Lender </B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Commitment</B></FONT></TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><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">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><B>CIT
    Bank, a division of </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First-Citizens Bank &amp;
    Trust Company</FONT></B></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$34,250,000
                                            (in respect of the Original Tranches)</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$18,000,000
    (in respect of Tranche G)</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; color: blue; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,000,000
    (in respect of Tranche H and Tranche I)</FONT></P></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11
                                            West 42nd Street<BR>
                                            New York<BR>
                                            New York 10036<BR>
                                            USA</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
    CIT Maritime Finance</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total:
</B>$<FONT STYLE="color: red"><STRIKE>52,250,000</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">77,250,000</FONT></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
HEDGE COUNTERPARTIES</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Hedge Counterparty</B></FONT></TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><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">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><B>CIT
    Bank, a division of </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First-Citizens Bank &amp;
    Trust Company</FONT></B></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11
                                            West 42nd Street<BR>
                                            New York<BR>
                                            New York 10036<BR>
                                            USA</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;Email:</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
    CIT Maritime Finance</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part
C<BR>
<BR>
The Servicing Parties</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Facility Agent</B></FONT></TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><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">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><B>CIT
    Bank, a division of </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First-Citizens Bank &amp;
    Trust Company</FONT></B></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11
                                            West 42nd Street<BR>
                                            New York<BR>
                                            New York 10036<BR>
                                            USA</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
    CIT Maritime Finance</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Security Agent</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><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">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>First-Citizens
    Bank &amp; Trust Company</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11
                                            West 42nd Street<BR>
                                            New York<BR>
                                            New York 10036<BR>
                                            USA</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
    </FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
    CIT Maritime Finance</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
2</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
Conditions Precedent</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[OMITTED]</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;<BR STYLE="clear: both">
</B></FONT></P>


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<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
3<BR>
<BR>
Utilisation Request</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[OMITTED]</FONT></P>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
4<BR>
<BR>
Form of Transfer Certificate</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[OMITTED]</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
5</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
<BR>
Form of Assignment Agreement</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[OMITTED]</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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6</FONT></P>

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<BR>
Form of Compliance Certificate</FONT></P>

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7</FONT></P>

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Dry Docking and Special Reserves Table</FONT></P>

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[OMITTED]</FONT></P>

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8</FONT></P>

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Form of DCSR Certificate</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR></FONT></P>

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9</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
<BR>
Details of the Ships</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 7%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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; width: 7%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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; width: 6%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 6%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GRT</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 8%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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; width: 22%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Devocean
    Maritime Ltd.<BR>
    <BR>
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9464168</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,261</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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: 8pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NS*
                                            (Bulk Carrrier-Type A) (PrimeShip-Direct Assessment &amp; Fatique Assessment)(ESP)(IWS) MNS*</FONT></P>
    <P STYLE="font: 8pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domina
    Maritime Ltd.<BR>
    <BR>
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9463748</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,929</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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: 8pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NS(CSR,
                                            BC-A, BC-XII, GRAB 20, PSPC-WBT)(ESP)(IWS)(PSCM)&nbsp; MNS, Strengthened for heavy cargo
                                            loading where hold nos. 2 &amp; 4 may be empty, CHG, MPP, LSA, RCF, M0, AFS, BWM, UMS</FONT></P>
    <P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dulac
    Maritima S.A.<BR>
    <BR>
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9463750</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,929</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DNV
    GL</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: 8pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
                                            A5 Bulk carrier (BC(A) BWM CSR DBC DG ESP Grab(20 t) Holds (2, 4) may be empty IW</FONT></P>
    <P STYLE="font: 8pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X
    MC AUT</FONT></P>
    <P STYLE="font: 8pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 8pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Artful
                                            Shipholding S.A.<BR>
                                            <BR></FONT></P>
    <P STYLE="font: 8pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9294111</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,485</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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: 8pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NS
                                            (Bulk Carrier) (ESP)(PSCM)</FONT></P>
    <P STYLE="font: 8pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MNS</FONT></P>
    <P STYLE="font: 8pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus
    Shipmanagement Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #FFE1EB">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>m.v.
    &quot;SUN GLOBE&quot;</STRIKE></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>Longevity
    Maritime Limited</STRIKE></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>9340506</STRIKE></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>Bulk
    Carrier</STRIKE></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>32,387</STRIKE></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>Malta</STRIKE></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>Bureau
    Veritas</STRIKE></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>I
    X HULL X MACH Bulk carrier BC-A (holds 2-4 may be empty N) ESP<BR>
    Unrestricted navigation X AUT-UMS, MON-SHAFT</STRIKE></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>Globus
    Shipmanagement Corp.</STRIKE></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>Globus
    Shipmanagement Corp.</STRIKE></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 8%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 8%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 7%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 6%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 6%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 7%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 25%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Serena
    Maritime Limited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9723629</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bulk
    Carrier</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44,069</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NS(CSR,
                                            BC-A, BC-XII, GRAB 20, PSPC-WBT)(ESP)(IWS)(PSCM)</FONT></P>
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MNS
    Strengthened for heavy cargo loading</FONT></P>
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
    hold nos. 2,4 &amp; 6 may be empty</FONT></P>
    <P STYLE="font: 8pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHG,
    MPP, LSA, RCF, M0, AFS, BWM</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><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: Black 1pt solid; width: 8%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">m.v.
    &quot;ORION GLOBE&quot;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 8%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salaminia
    Maritime Limited</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 7%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9634854</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 6%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bulk
    Carrier</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 6%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="color: red"><STRIKE>&#9679;</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">&#151;</FONT>]</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 7%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>[&#9679;</STRIKE></FONT><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">[&#151;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 25%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<FONT STYLE="color: red"><STRIKE>&#9679;</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">&#151;</FONT>]</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus
    Shipmanagement Corp.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus
    Shipmanagement Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9EEFF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">m.v.
    &quot;DIAMOND GLOBE&quot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Argo
    Maritime Limited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">9828857</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Bulk
    Carrier</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">[&#151;]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Marshall
    Islands</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">[&#151;]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">[&#151;]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Globus
    Shipmanagement Corp.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Globus
    Shipmanagement Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9EEFF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">m.v.
    &quot;POWER GLOBE&quot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Talisman
    Maritime Limited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">9479319</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Bulk
    Carrier</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">[&#151;]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Marshall
    Islands</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">[&#151;]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">[&#151;]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Globus
    Shipmanagement Corp.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; line-height: 12pt"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">Globus
    Shipmanagement Corp.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
10</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
<BR>
Timetables</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[OMITTED]</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>


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<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution
Pages<BR>
<BR></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BORROWERS</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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-size: 10pt"><B>DEVOCEAN MARITIME LTD.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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-size: 10pt"><B>DOMINA MARITIME LTD.</B></FONT><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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-size: 10pt"><B>DULAC MARITIME S.A.&#9;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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-size: 10pt"><B>ARTFUL SHIPHOLDING S.A.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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; color: Red"><B><STRIKE>LONGEVITY
    MARITIME LIMITED&#9;&#9;</STRIKE></B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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; color: Green"><STRIKE>in
    the presence of:</STRIKE></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt; color: Green"><STRIKE>Witness' signature:</STRIKE></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt; color: Green"><STRIKE>Witness' name:</STRIKE></FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt; color: Green"><STRIKE>Witness' address:</STRIKE></FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Green"><B><STRIKE>SIGNED
                                by</STRIKE></B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt; color: Green"><STRIKE>duly authorized</STRIKE></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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; color: Green"><STRIKE>for
    and on behalf of</STRIKE></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"></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="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; color: green; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-size: 10pt"><B>SIGNED by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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="text-align: justify"><FONT STYLE="font-size: 10pt">&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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Green">in
    the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Green">Witness'
signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Green"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Green">Witness'
name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Green"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Green">Witness'
address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Green">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="text-align: justify; width: 40%"><FONT STYLE="font-size: 10pt"><B>SIGNED by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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="text-align: justify"><FONT STYLE="font-size: 10pt">&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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Green">in
    the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Green">Witness'
signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Green"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Green">Witness'
name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Green"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Green">Witness'
address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Green">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Green"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt; color: Green">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Green">)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Green">duly
    authorised&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Green">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Green">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Green">for
    and on behalf of&#9;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"></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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><B>ARGO
    MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">in
    the presence of:&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">Witness'
signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">Witness'
name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">Witness'
address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Green">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">duly
    authorised&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">for
    and on behalf of&#9;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"></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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">TALISMAN
    MARITIME LIMITED</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the presence of:&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Green">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; color: blue; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PARENT
GUARANTOR</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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-size: 10pt"><B>GLOBUS MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HEDGE
GUARANTORS</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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-size: 10pt"><B>DEVOCEAN MARITIME LTD.</B></FONT><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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 STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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 STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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-size: 10pt"><B>ARTFUL SHIPHOLDING S.A.</B></FONT><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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; color: Red"><B><STRIKE>LONGEVITY
    MARITIME LIMITED</STRIKE></B></FONT><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Red">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red">)&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; color: Red"><STRIKE>in
    the presence of:</STRIKE></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Red">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red">)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: Red">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Red">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Red">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><STRIKE>Witness' signature:</STRIKE></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Red">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><STRIKE>Witness' name:</STRIKE></FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Red">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><STRIKE>Witness' address:</STRIKE></FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Red">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt; color: Red">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B><STRIKE>SIGNED
    by</STRIKE></B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt; color: Red">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red">)</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; color: Red"><STRIKE>duly
    authorised</STRIKE></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Red">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Red">&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; color: Red"><STRIKE>for
    and on behalf of</STRIKE></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red">)</FONT><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-size: 10pt"><B>SERENA MARITIME LIMITED</B></FONT><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; color: red; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; color: red; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; color: red; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; color: red; margin: 0; text-align: justify"></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-size: 10pt"><B>SIGNED by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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="text-align: justify"><FONT STYLE="font-size: 10pt">&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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">in
    the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">Witness'
signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">Witness'
name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">Witness'
address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">duly
    authorised&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">for
    and on behalf of&#9;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><B>ARGO
    MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">in
    the presence of:&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">Witness'
signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">Witness'
name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">Witness'
address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; color: blue; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">duly
    authorised&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">for
    and on behalf of&#9;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"></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="text-decoration: underline double; font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><B>TALISMAN
    MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Blue">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="text-decoration: double; font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the presence of:&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><STRIKE>)</STRIKE></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="text-decoration: double; font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: Green">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; color: blue; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ORIGINAL
LENDERS</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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-size: 10pt"><B>First - Citizens Bank &amp;Trust Company</B></FONT><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HEDGE
COUNTERPARTIES</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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-size: 10pt"><B>First - Citizens Bank &amp;Trust Company</B></FONT><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FACILITY AGENT</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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-size: 10pt"><B>First - Citizens Bank &amp;Trust Company</B></FONT><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><P STYLE="margin-top: 0; margin-bottom: 0"></P>
    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITY AGENT</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNED
                                by</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 45%"><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-size: 10pt">duly authorized</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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"></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-size: 10pt"><B>First - Citizens Bank &amp;Trust Company</B></FONT><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' signature:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' name:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">Witness' address:</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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<TYPE>EX-4.21
<SEQUENCE>5
<FILENAME>exhibit421.htm
<DESCRIPTION>EXHIBIT 4.21
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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Exhibit
4.21</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">SHIPSALE
CONTRACT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>FOR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION
AND SALE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>OF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>One
(1) 64,000 DWT TYPE BULK CARRIER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>(HULL
NO. S-K192)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>AMONG</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>OLYMPIA
SHIPHOLDING S.A.,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>GIANT
LINE INC.,S.A.,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>AND</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>NIHON
SHIPYARD CO., LTD.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>18th
August 2023</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT>&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDEX&#9;</B></FONT></P>

<P STYLE="font: bold 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Century; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; vertical-align: top; text-align: left; width: 83%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PAGE</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PREAMBLE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    I &ndash; JOINT AND SEVERAL GUARANTEE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Joint and Several Guarantee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    II - DESCRIPTION AND CLASS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Description</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Classification, Rules
    and Regulations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.Principal Particulars
    and Dimensions of VESSEL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.Guaranteed Trial Speed</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.Guaranteed Fuel Oil Consumption</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.Guaranteed Deadweight</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.Registration</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.Subcontracting</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    III - CONTRACT PRICE AND TERMS OF PAYMENT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Contract Price</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Currency</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.Terms of Payment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.Method of Payment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.Payment under Dispute</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.Prepayment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACTICLE
    IV - ADJUSTMENT OF CONTRACT PRICE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Delivery</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Speed</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.Fuel Consumption</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.Deadweight</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.Effect of Rescission</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.Cumulative Effect</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.Duty to Mitigate</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century; width: 83%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 17%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACTICLE
    V - APPROVAL OF PLANS AND DRAWINGS AND INSPECTION DURING CONSTRUCTION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Approval of Plans and
    Drawings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Appointment of Supervising
    Company&rsquo;s Supervisor</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.Inspection by Supervisor</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.BUYER&rsquo;s Representative</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    VI - MODIFICATIONS</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Modifications of Specifications</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Change in Class, etc.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.Substitution of Materials</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    VII &ndash; TRIALS</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Notice</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Weather Condition</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.How Conducted</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.Method of Acceptance or
    Rejection</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.Effect of Acceptance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.Disposition of Surplus
    Consumable Stores</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.Familiarization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    VIII - DELIVERY</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Time and Place</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.When and How Effected</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.Documents to be Delivered
    to BUYER</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.Tender of VESSEL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.Title and Risk</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.Removal of VESSEL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    IX - DELAYS AND EXTENSION OF TIME FOR DELIVERY &#65288;FORCE MAJEURE&#65289;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Causes of Delay</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Notice of Delay</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.Definition of Permissible
    Delay</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.Right to Rescind for Excessive
    Delay</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
</TABLE>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century; width: 83%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 17%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    X - WARRANTY OF QUALITY</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Guarantee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Notice of Default</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.Remedy of Defects</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.Extent of SELLERS&rsquo;
    Responsibility</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XI - RESCISSION BY BUYER</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Notice</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Refund by SELLERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.Discharge of Obligations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XII - BUYER&rsquo;S DEFAULT</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Definition of Default</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Interest of Default</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.Effect of Default</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.Sale of VESSEL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XIII - INSURANCE</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Extent of Insurance Coverage</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Application of Recovered
    Amount</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.Termination of SELLERS&rsquo;
    Undertaking to Insure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XIV - DISPUTES AND ARBITRATION</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Proceedings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Notice of Award</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.Expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.Entry in Court</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.Alteration of Delivery
    Date</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XV - RIGHT OF ASSIGNMENT</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XVI - TAXES AND DUTIES</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Taxes and Duties in Japan</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Taxes and Duties outside
    Japan&nbsp;</FONT></TD>
    <TD STYLE="text-align: right">4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
</TABLE>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century; width: 83%"></TD>
    <TD STYLE="text-align: right; width: 17%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XVII - PATENTS, TRADEMARKS, COPYRIGHTS, ETC.</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Patents, Trademarks and
    Copyrights</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.General Plans, Specifications
    and Working Drawings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XVIII - BUYER&rsquo;S SUPPLIES</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Responsibility of BUYER</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Responsibility of SELLERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XIX - NOTICE</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Address</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Language</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XX - EFFECTIVE DATE OF CONTRACT</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XXI - INTERPRETATION</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.Laws Applicable</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.Discrepancies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.Entire Agreement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.Confidentiality</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 12pt Century">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">END OF CONTRACT</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Century; margin: 0; letter-spacing: -0.55pt; text-align: justify"></P>

<P STYLE="font: 12pt Century; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0 0.65pt 0 21.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0 0.65pt 0 21.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0 0.65pt 0 21.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0 0.65pt 0 21.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin-top: 0; margin-right: 0.65pt; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
CONTRACT (the &ldquo;Contract&rdquo;), made this&#12288;18<SUP>th</SUP> day of August, 2023 by and among Olympia Shipholding S.A.&#12288;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., 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>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>WITNESSETH:</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin-top: 0; margin-right: 0.65pt; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
IMABARI SHIPBUILDING CO., LTD., a corporation organized and existing under the laws of Japan, having its principal office at 4-52, 1-chome,
Koura-Cho, 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 July, 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) 64,000 DWT TYPE BULK CARRIER more fully described in Article II hereof (hereinafter called
the &ldquo;VESSEL&rdquo;), and the SELLER 1 has agreed to purchase the VESSEL.</FONT></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin: 0 0.65pt 0 21.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Book Antiqua, Times, Serif; margin-top: 0; margin-right: 0.65pt; margin-bottom: 0; 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
I &ndash; JOINT AND SEVERAL GUARANTEE</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Joint
                                            and Several Guarantee:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">The
SELLERS shall each be jointly and severally liable for the performance and all other warranties and obligations of each other and any
obligation expressed to be that of both under this Contract.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

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of Article)</FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
II - DESCRIPTION AND CLASS</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Description:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
VESSEL shall have the BUILDER&rsquo;s Hull No. S-K192 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: 0; text-align: justify; text-indent: 1cm"><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: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 32.7pt"><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: 11pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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, such Shipyard to be part
of <I>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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Classification,
                                            Rules and Regulations:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
VESSEL, including its machinery, equipment and out-fittings shall be designed and constructed in accordance with the rules (the edition
and amendments thereto being in force as of the date of the Shipbuilding Contract) of NIPPON KAIJI KYOKAI (hereinafter called &ldquo;NK&rdquo;)
and under special survey of AMERICAN BUREAU OF SHIPPING (hereinafter 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: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABS
Class Notations: +A1, Bulk Carrier, BC-A (holds 2 and 4 may be empty), ESP, (E), +ACCU, +AMS, CPS, CSR, CRC(SC, SP), ENVIRO(I), GRAB
[20], IHM, NOx-Tier III, RW, UWILD</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 0; text-align: justify; text-indent: 1cm"><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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 0; text-align: justify; text-indent: 1cm"><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: 0; text-align: justify; text-indent: 1cm"><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: 0; text-align: justify; text-indent: 1cm"><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: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Principal
                                            Particulars and Dimensions of VESSEL:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length
(over all)&#9;:&#9;about 199.9&#9;m</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length
(between perpendiculars)&#9;:&#9;195.00 m</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breadth,
moulded&#9;:&#9;32.24m</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depth,
moulded&#9;:&#9;19.30 m</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed
loaded draft, moulded&#9;:&#9;11.30 m</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scantling
draft, moulded&#9;:&#9;13.52 m</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deadweight
at assigned loaded draft&#9;:&#9;63,450 MT</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
Tonnage (by I.C.T.M.1969)&#9;:&#9;about 36,500</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Main
Engine (Japanese make)&#9;:&#9;MAN B&amp;W 6S50ME-C9.7-HPSCR1set</FONT></P>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum
rating&#9;:&#9;6,670 kW x 95.0 min<SUP>-1</SUP></FONT></P>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Normal
rating&#9;:&#9;5,670 kW x 90.0 min<SUP>-1</SUP> (85.0% MCR)</FONT></P>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Flag&#9;:
MARSHALL ISLANDS</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Guaranteed
                                            Trial Speed:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Guaranteed
                                            Fuel Oil Consumption:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 28.3pt">&nbsp;</P>

<P STYLE="font: 12pt Century; margin: 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: 12pt Century; margin: 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Guaranteed
                                            Deadweight:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 28.3pt">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 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 63,450metric 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>7.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Registration:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>8.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Subcontracting:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 18pt">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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. (End of
Article)</FONT></P>

<P STYLE="margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 18pt"></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 16.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
III - CONTRACT PRICE AND TERM OF PAYMENT</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Contract
                                            Price:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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 Six hundred thousand (US$37,600,000.-), 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
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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 33.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Currency:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 33.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Terms
                                            of Payment:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15.2pt"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.55pt">1st
                                            Installment</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:
                                            The sum of United States Dollars Three Million Seven Hundred Sixty Thousand (US$3,760,000.-)
                                            shall be paid upon signing of this Contract.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2nd
                                            Installment: The sum of United States Dollars Three Million Seven Hundred Sixty Thousand
                                            (USD3,760,000.-) shall be paid by 18<SUP>th</SUP> August, 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3rd
                                            Installment: The sum of United States Dollars Three Million Seven Hundred Sixty Thousand
                                            (US$3,760,000.-) shall be paid by 30<SUP>th</SUP> September 2025.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 34.4pt; font-family: Book Antiqua, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="margin: 0 0 0 34.4pt; font-family: Book Antiqua, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 20.25pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(d)</FONT></P></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">4th
                                            Installment: The sum of United States Dollars Three Million Seven Hundred Sixty Thousand
                                            (US$3,760,000.-) shall be paid upon launching of the VESSEL.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5th
                                            Installment: The sum of United States Dollars Twenty Two million, Five Hundred and Sixty
                                            Thousand (US$22,560,000.-), 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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Method
                                            of Payment:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.55pt">1st
                                            Installment</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:
                                            Within three (3) Banking Days after signing of this Contract, the BUYER shall remit the amount
                                            of this Installment by telegraphic transfer to <FONT STYLE="letter-spacing: -0.55pt">Mizuho
                                            Bank, 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. &#9;with remarks of &ldquo;Hull
                                            No. S-K192&rdquo;.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2nd
                                            Installment: On or before 18<SUP>th</SUP> August 2024, 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. S-K192&rdquo;.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3rd
                                            <FONT STYLE="letter-spacing: 0pt">Installment: On or before 30<SUP>th</SUP> September 2025,
                                            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. S-K192&rdquo;.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">4th
                                            Installment: Within three (3) 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. S-K192&rdquo;.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 32.15pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">The
SELLERS shall give a notice of 7 days to the BUYER regarding the expected date of Launching of the VESSEL.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5th
                                            <FONT STYLE="letter-spacing: -0.55pt">Installment: At least two (2) 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 </FONT>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 VIII hereof and (as required) by a representative of BUYER&rsquo;s
                                            financing bank and copy of &ldquo;PROTOCOL
OF DELIVERY AND ACCEPTANCE&rdquo; of the VESSEL executed between the BUILDER and the SELLERS.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.55pt">Definition
                                            of Banking Days</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:
                                            For the purpose of this Contract &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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Payment
                                            under Dispute</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 27.25pt">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 27.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B></B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Prepayment:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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 notices addressed to SELLERS.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
IV - ADJUSTMENT OF CONTRACT PRICE</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Delivery</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><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
                                            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
                                            VIII hereof (ending as of twelve o&rsquo;clock midnight of the thirtieth (30th) day of delay).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><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 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$5,076-
                                            for each day of delay thereafter.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: 0cm"><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$609,120-.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><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">But,
                                            if the delay in delivery of the VESSEL should continue for period of one hundred and fifty
                                            (150) days 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 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 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 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 12pt Century; margin: 0 0 0 35.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><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">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 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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 40.85pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 40.85pt; text-align: justify; text-indent: 0cm"></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 40.85pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 40.85pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Speed:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">The
                                            Contract Price shall not be affected or changed by reason of the actual speed, as determined
                                            by the trial run, being </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">not
                                            more <FONT STYLE="letter-spacing: 0pt">than three-tenths (3/10) of one (1) knot below the
                                            guaranteed speed of the VESSEL.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">However,
                                            exceeding such deficiency of three-tenths (3/10) of one (1) 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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 45.6pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">More
than three-tenths (3/10) and not more than four-tenths (4/10) of a knot a total sum of US$50,760.-</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 45.6pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">More
than four-tenths (4/10) and not more than five-tenths (5/10) of a knot a total sum of US$101,520.-</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 45.6pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">More
than five-tenths (5/10) and not more than six-tenths (6/10) of a knot a total sum of US$152,280.-</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 45.6pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">More
than six-tenths (6/10) and not more than seven-tenths (7/10) of a knot a total sum of US$203,040.-</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 45.6pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">More
than seven-tenths (7/10) and not more than eight-tenths (8/10) of a knot a total sum of US$253,800.-</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 45.6pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">More
than eight-tenths (8/10) and not more than nine-tenths (9/10) of a knot a total sum of US$304,560.-</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 45.6pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">More
than nine-tenths (9/10) and not more than one (1) knot a total sum of US$355,320.-</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(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; letter-spacing: 0pt">If
                                            the deficiency in actual speed of the VESSEL upon trial run is more than one (1) full knot
                                            below the Guaranteed Trial Speed of the VESSEL, then the BUYER may, at its option, reject
                                            the VESSEL and </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">terminate,
                                            cancel or <FONT STYLE="letter-spacing: 0pt">rescind this Contract in accordance with the
                                            provisions of Article XI hereof, or may accept the VESSEL at a reduction in the Contract
                                            Price as above provided for one (1) full knot only, that is, at a total reduction of US$355,320.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 12pt Century; margin: 0 0 0 42.25pt; letter-spacing: -0.55pt; text-align: justify"></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 42.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 42.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 42.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 42.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Fuel
                                            Oil Consumption:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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$37,600.-
                                            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 ten percent (10%) over
                                            the Guaranteed Fuel Oil Consumption of the VESSEL.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">If
                                            such actual fuel consumption exceeds ten percent (10%) 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 XI hereof, or may accept the VESSEL at a reduction
                                            in the Contract Price as above specified for ten percent (10%) only, that is, at a total
                                            reduction of US$188,000.-.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Deadweight:
                                            </B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12.65pt"></TD><TD STYLE="width: 22.8pt"><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
                                            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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12.65pt"></TD><TD STYLE="width: 22.8pt"><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">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$592 for each metric ton
                                            of such deficiency.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12.65pt"></TD><TD STYLE="width: 22.8pt"><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">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 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provisions
of Article 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$751,840.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 12pt Century; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Century; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Century; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Century; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 20.9pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Effect
                                            of Rescission:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><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: 12pt/14.4pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; letter-spacing: 0.35pt"><B><I>6.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt"><B><I>Cumulative
                                            Effect</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 44.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt">The
liquidated damages specified in each separate paragraph within this Article are independent of each other and payment of one shall not
be exclusive of the payment of another.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; letter-spacing: 0.35pt"><B><I>7.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt"><B><I>Duty
                                            to Mitigate</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Century; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the provisions of this Article, the <FONT STYLE="letter-spacing: 0pt">SELLERS</FONT> 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 <FONT STYLE="letter-spacing: 0pt">VESSEL</FONT> to the BUYER. It is hereby understood and agreed by the <FONT STYLE="letter-spacing: 0pt">SELLERS
</FONT>that the <FONT STYLE="letter-spacing: 0pt">SELLERS</FONT> will seek to deliver the <FONT STYLE="letter-spacing: 0pt">VESSEL</FONT>
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.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 18pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
V - APPROVAL OF PLANS AND DRAWINGS</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>AND
INSPECTION DURING CONSTRUCTION</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">The
inspection, supervision and approval of plans and drawings during the construction of the VESSEL <I>and </I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">her
hull, machinery, engines, fittings and accessories</FONT></I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
<FONT STYLE="letter-spacing: 0pt">shall be carried out by a Japanese <I>company providing newbuilding</I> supervising services (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></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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. </FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Approval
                                            of Plans and Drawings:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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="margin: 0 0 0 35.45pt; font-family: Book Antiqua, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Appointment
                                            of Supervising Company&rsquo;s Supervisor&#12288;:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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) </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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 33.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Inspection
                                            by Supervisor&#12288;:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 33.45pt"><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 duty to attend such tests and inspections of the VESSEL, its machinery and equipment.&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 33.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 33.45pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 33.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Century; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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) of the BUILDER and/or the qualified inspector(s) 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 </I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
Society<FONT STYLE="letter-spacing: 0pt">.</FONT></FONT></I></P>

<P STYLE="font: 12pt Century; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 24pt"><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></FONT></I></P>

<P STYLE="font: 12pt Century; margin: 0; letter-spacing: -0.55pt; 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: 12pt Century; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 7.2pt 0 0; text-align: justify"><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: 12pt Book Antiqua, Times, Serif; margin: 0 7.2pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 7.2pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I></I></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 7.2pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 7.2pt 0 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>BUYER&rsquo;s
                                            Representative:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BUYER may appoint their one (1) &ldquo;Observer&rdquo; who can visit the Shipyard maximum consecutive two (2) days for three (3) times
in total during construction of the Vessel for observation purpose only. The BUYER shall inform at least seven (7) days prior to the
SELLERS that the BUYER send the Observer to the Shipyard.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
VI - MODIFICATIONS</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Modifications
                                            of Specifications:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLERS&rsquo;
<FONT STYLE="letter-spacing: 0pt">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></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Change
                                            in Class, etc.:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">In
the event that, after the date of this Contract, any requirements as to class, or as to rules 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.75pt"></TD><TD STYLE="width: 23.7pt"><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
                                            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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.75pt"></TD><TD STYLE="width: 23.7pt"><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
                                            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="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin: 0 0 0 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.75pt"></TD><TD STYLE="width: 23.7pt"><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">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 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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B></B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><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 for
modifications or changes to the Specifications.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Substitution
                                            of Materials:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
VII - TRIAL</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Notice:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Century; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 10.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Weather
                                            Condition:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Century; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B></B></FONT></P>
                                                     <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></P></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>How
                                            conducted:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.05pt"></TD><TD STYLE="width: 21.25pt"><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">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.05pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 10.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Method
                                            of Acceptance or Rejection:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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) 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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) 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: 12pt Century; margin: 0 0 0 39.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Century; margin: 0 0 0 39.25pt; letter-spacing: -0.55pt; text-align: justify"></P>

<P STYLE="font: 12pt Century; margin: 0 0 0 39.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Century; margin: 0 0 0 39.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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) or (b), the BUYER shall be deemed to
                                            have accepted the VESSEL.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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 XIV hereof<I>.&#12288;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            BUYERS shall be notified of the Classification Society&rsquo;s judgment and will have two
                                            (2) working days to either accept or reject, advising Sellers on reasons of rejection.&quot;</FONT></I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 18pt"><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; letter-spacing: 0pt">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 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
                                            its own account <FONT STYLE="letter-spacing: 0pt">such minor or insubstantial items as soon
                                            as practicable after the delivery of the VESSEL. </FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Effect
                                            of Acceptance: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 33.45pt"><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 VIII hereof.&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Disposition
                                            of surplus Consumable stores: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 33.45pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 33.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Familiarization:
                                            </B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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
                                            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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
VIII &ndash; DELIVERY</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Time
                                            and Place:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 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 1<SUP>st</SUP> July 2026 and not later than 30<SUP>th</SUP> September 2026, 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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Provided
that each of the SELLERS and the BUYER shall have fulfilled all of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">its
<FONT STYLE="letter-spacing: 0pt">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></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Upon
delivery and acceptance of the VESSEL, the SELLERS shall deliver to the BUYER the following documents</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(all
in English language)<FONT STYLE="letter-spacing: 0pt">, which shall accompany the PROTOCOL OF DELIVERY AND ACCEPTANCE:</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD><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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL
                                            OF STORES OF CONSUMABLE NATURE referred to under paragraph 3 (b) and paragraph 6 of Article
                                            VII hereof, including the original purchase prices thereof.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD><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</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><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: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER;</FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></P></TD><TD><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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD><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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMERCIAL
                                            INVOICE</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BILL
                                            OF SALE duly notarized</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD><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="margin: 0 0 0 35.45pt; font-family: Book Antiqua, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 25.1pt; 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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tender
                                            of VESSEL:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
                                            and Risk:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Removal
                                            of VESSEL: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 1cm"><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) days after delivery and acceptance thereof is&#12288;effected. If the BUYER shall not remove the VESSEL
from the premises of the Shipyard within the aforesaid three (3) 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) days after the delivery
and acceptance thereof.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
IX - DELAYS AND EXTENSION OF</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>TIME
FOR DELIVERY (FORCE MAJEURE)</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Causes
                                            of Delay:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Notice
                                            of Delay: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
ten (10) 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) 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) 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.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Definition
                                            of Permissible Delay:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 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 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 IV hereof.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 31.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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 XI hereof.
The SELLERS may, at any time after the accumulated time of the aforementioned delays justifying </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">termination,
cancelation or <FONT STYLE="letter-spacing: 0pt">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 </FONT>termination, cancelation or <FONT STYLE="letter-spacing: 0pt">rescission
upon the same terms as hereinabove provided.</FONT></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
X - WARRANTY OF QUALITY</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guarantee:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Subject
to the provisions hereinafter set forth, the SELLERS <I>and as a condition for the BUYER taking delivery of the VESSEL</I> hereby guarantee
and shall cause the BUILDER 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 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt"><I>defective
and/or poor construction, whether or not such defects and/or physical damage affect the seaworthiness or the class of the Vessel</I></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is expressly agreed and warranted by the SELLERS that it 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 the first dock.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
                                            of Defects:</B></FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; text-indent: 1cm; margin: 0; font-family: Book Antiqua, Times, Serif"><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="margin: 0; text-indent: 1cm; font-family: Book Antiqua, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Remedy
                                            of Defects:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.65pt"></TD><TD STYLE="width: 23.8pt"><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
                                            SELLERS hereby undertake and warrant that they 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.65pt"></TD><TD STYLE="width: 23.8pt"><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">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) 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="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.65pt"></TD><TD STYLE="width: 23.8pt"><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">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.65pt"></TD><TD STYLE="width: 23.8pt"><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">Any
                                            dispute under this Article shall be referred arbitration in accordance with the provisions
                                            of Article X IV hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Extent
                                            of SELLERS&rsquo; Responsibility:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 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
                                            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 or due to repairs or other works done to the VESSEL to remedy such defects.
                                            </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></P></TD><TD STYLE="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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 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
                                            guarantee contained as hereinabove in this Article 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><I>(d)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><I>The
                                            BUYER shall be entitled on or after delivery and acceptance of the Vessel to assign its rights
                                            under this Article 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="margin: 0; font-family: Book Antiqua, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XI - RESCISSION BY BUYER</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Refund
                                            by SELLERS:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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 XIV hereof.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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 IX hereof, then in such event the SELLERS shall not be required to pay
any interest.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discharge
                                            of Obligations:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right">&nbsp;</P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XII - BUYER&rsquo;S DEFAULT</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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>

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<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">If
                                            the BUYER fails to pay any of the First and Fourth Installment to the SELLERS within three
                                            (3) Banking Days after such Installment becomes due and payable under the provisions of Article
                                            III hereof; or</FONT></TD></TR></TABLE>

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<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">If
                                            the Buyer fails to pay the Second and Third Installment to the SELLERS within two (2) Banking
                                            Days after such Installment becomes due and payable under the provisions of Article III hereof;
                                            or </FONT></TD></TR></TABLE>

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<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">If
                                            the BUYER fails to <I>pay</I> the Fifth Installment, at least three (3) 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. S-K192&rdquo;; or </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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 VIII hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><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) (b) and (c) 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)
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: 14pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effect
                                            of Default:</B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 35.4pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B></B></FONT></P>

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<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sale
                                            of VESSEL:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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
                                            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>

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<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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>

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<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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>

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<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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>

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<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21pt; letter-spacing: -0.55pt; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21pt; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21pt; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XIII &ndash; INSURANCE </B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Extent
                                            of Insurance Coverage:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Application
                                            of Recovered Amount:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.3pt"></TD><TD STYLE="width: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial
                                            Loss:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 35.4pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.3pt"></TD><TD STYLE="width: 21pt"><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">Total
                                            Loss:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 35.3pt; letter-spacing: -0.55pt; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.65pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</FONT></TD><TD><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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.65pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</FONT></TD><TD><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="margin: 0 0 0 42.55pt; font-family: Book Antiqua, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the parties hereto fail to reach such agreement within two (2) 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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 49.5pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 49.5pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 49.5pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 49.5pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Termination
                                            of SELLERS&rsquo; Obligation to Insure:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XIV - DISPUTE AND ARBITRATION</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Proceedings:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 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, Inc. (hereinafter called the &ldquo;JSE&rdquo;) in accordance with the provisions
of the Rules of Maritime Arbitration of the JSE, except as hereinafter otherwise specifically provided.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 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) 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
three (3) 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 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) arbitrators, as the case may be, shall be final and binding
upon the parties hereto. If the majority of the three (3) 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 32.4pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Notice
                                            of Award: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 9.15pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Expenses:
                                            </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.75pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Entry
                                            in Court: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Alteration
                                            of Delivery Date: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XV - RIGHT OF ASSIGNMENT</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B></B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: left; text-indent: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: left; text-indent: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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 successors or the legitimate assigns of either of parties
hereto.</FONT></P>
<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: left; text-indent: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right; text-indent: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right; text-indent: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XVI - TAXES AND DUTIES</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XVII - PATENTS, TRADEMARKS, COPYRIGHTS, ETC.</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XVIII - BUYER&rsquo;S SUPPLIES</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Responsibility
                                            of BUYER:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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
                                            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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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">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 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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
                                            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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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">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="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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">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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 41.2pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 41.2pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 41.2pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 41.2pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Responsibility
                                            of SELLERS:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0 216pt 0 21.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 29.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 30.05pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 30.05pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 30.05pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 30.05pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XIX - NOTICE</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 30.05pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 30.05pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">To
the BUYER:</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">OLYMPIA
SHIPHOLDING S.A.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">c/o
GLOBUS SHIPMANAGEMENT CORP.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">128
Vouliagmenis Avenue</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">16674
Glyfada, GREECE</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Tel:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Fax:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Email:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">To
the SELLER 1:</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">GIANT
LINE INC., S.A.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">c/o
No. 1-4-52, Koura-cho, Imabari-city, Ehime-Pref., Japan</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Tel:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Fax:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Email:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">To
the SELLER 2:</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NIHON
SHIPYARD CO., LTD.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1-5-1,
Yuraku-cho, Chiyoda-ku, Tokyo Prefecture, Japan</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Tel:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Fax:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Email:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Language:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 54.7pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 54.7pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 54.7pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 54.7pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XX - EFFECTIVE DATE OF CONTRACT</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 32.15pt; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 32.15pt; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XXI - INTERPRETATION</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 32.15pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Laws
                                            Applicable:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><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 and part thereof shall be governed by
the laws of Japan.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discrepancies:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entire
                                            Agreement:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Confidentiality:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 21.3pt"><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 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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 26.65pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 26.65pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Century; margin: 0 0 0 32.15pt; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 29.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Century; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Two
(2) original Contract copies are to be made, and possessed by the&#12288;Buyer and Seller 1.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B></B></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUYER:
    OLYMPIA SHIPHOLDING S.A.</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Athansios Feidakis</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;Athanasios Feidakis</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    &#8239;&#8239;Vice President/Director</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLER
    1: GIANT LINE INC., S.A.</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;Hidemi Kameda</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-in-fact</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLER
    2: NIHON SHIPYARD CO., LTD.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Hidemi Kameda</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hidemi Kameda</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-in-fact</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;&nbsp;</B></FONT></P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.22
<SEQUENCE>6
<FILENAME>exhibit422.htm
<DESCRIPTION>EXHIBIT 4.22
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>


<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Exhibit
4.22</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">SHIPSALE
CONTRACT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>FOR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION
AND SALE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>OF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>One
(1) 64,000 DWT TYPE BULK CARRIER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>(HULL
NO. S-3012)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B></B></FONT><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>AMONG</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>THALIA
SHIPHOLDING S.A.,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>GIANT
LINE INC.,S.A.,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>AND</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>NIHON
SHIPYARD CO., LTD.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>18th
August 2023</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>INDEX</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PAGE</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify; width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PREAMBLE</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    I &ndash; JOINT AND SEVERAL GUARANTEE</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
    &#8239;Joint and Several Guarantee</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    II - DESCRIPTION AND CLASS</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Description</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Classification,
    Rules and Regulations</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;Principal
    Particulars and Dimensions of VESSEL</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;Guaranteed
    Trial Speed</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;Guaranteed
    Fuel Oil Consumption</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;Guaranteed
    Deadweight</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&#8239;&#8239;Registration</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&#8239;&#8239;Subcontracting</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    III - CONTRACT PRICE AND TERMS OF PAYMENT</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Contract
    Price</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Currency</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;Terms
    of Payment</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;Method
    of Payment</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;Payment
    under Dispute</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;Prepayment</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACTICLE
    IV - ADJUSTMENT OF CONTRACT PRICE</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Delivery</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Speed</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;Fuel
    Consumption</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;Deadweight</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;Effect
    of Rescission</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;Cumulative
    Effect</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&#8239;&#8239;Duty
    to Mitigate</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
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  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify; width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACTICLE
    V - APPROVAL OF PLANS AND DRAWINGS&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AND
    INSPECTION DURING CONSTRUCTION</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Approval
    of Plans and Drawings</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Appointment
    of Supervising Company&rsquo;s Supervisor</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;Inspection
    by Supervisor</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;BUYER&rsquo;s
    Representative</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    VI - MODIFICATIONS</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Modifications
    of Specifications</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Change
    in Class, etc.</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;Substitution
    of Materials</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    VII &ndash; TRIALS</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Notice</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Weather
    Condition</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;How
    Conducted</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;Method
    of Acceptance or Rejection</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;Effect
    of Acceptance</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;Disposition
    of Surplus Consumable Stores</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&#8239;&#8239;Familiarization</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    VIII - DELIVERY</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Time
    and Place</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;When
    and How Effected</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;Documents
    to be Delivered to BUYER</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;Tender
    of VESSEL</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;Title
    and Risk</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;Removal
    of VESSEL</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    IX - DELAYS AND EXTENSION OF TIME FOR&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DELIVERY
    &#65288;FORCE MAJEURE&#65289;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Causes
    of Delay</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Notice
    of Delay</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;Definition
    of Permissible Delay</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;Right
    to Rescind for Excessive Delay</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
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  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify; width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    X - WARRANTY OF QUALITY</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Guarantee</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Notice
    of Default</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;Remedy
    of Defects</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;Extent
    of SELLERS&rsquo; Responsibility</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XI - RESCISSION BY BUYER</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Notice</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Refund
    by SELLERS</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;Discharge
    of Obligations</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XII - BUYER&rsquo;S DEFAULT</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Definition
    of Default</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Interest
    of Default</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;Effect
    of Default</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;Sale
    of VESSEL</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XIII - INSURANCE</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Extent
    of Insurance Coverage</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Application
    of Recovered Amount</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;Termination
    of SELLERS&rsquo; Undertaking to Insure</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XIV - DISPUTES AND ARBITRATION</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Proceedings</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Notice
    of Award</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;Expenses</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;Entry
    in Court</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;Alteration
    of Delivery Date</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XV - RIGHT OF ASSIGNMENT</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XVI - TAXES AND DUTIES</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Taxes
    and Duties in Japan</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Taxes
    and Duties outside Japan</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
</TABLE>

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  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify; width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XVII - PATENTS, TRADEMARKS, COPYRIGHTS, ETC.</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Patents,
    Trademarks and Copyrights</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;General
    Plans, Specifications and Working Drawings</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XVIII - BUYER&rsquo;S SUPPLIES</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Responsibility
    of BUYER</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Responsibility
    of SELLERS</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XIX - NOTICE</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Address</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Language</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XX - EFFECTIVE DATE OF CONTRACT</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; font-weight: bold; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    XXI - INTERPRETATION</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;Laws
    Applicable</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;Discrepancies</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;Entire
    Agreement</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;Confidentiality</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">END OF CONTRACT</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 12pt Century; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
CONTRACT (the &ldquo;Contract&rdquo;), made this&#12288;18<SUP>th</SUP> day of August, 2023 by and among Thalia Shipholding S.A.&#12288;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., 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: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
IMABARI SHIPBUILDING CO., LTD., a corporation organized and existing under the laws of Japan, having its principal office at 4-52, 1-chome,
Koura-Cho, 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 July, 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) 64,000 DWT TYPE BULK CARRIER more fully described in Article II hereof (hereinafter called
the &ldquo;VESSEL&rdquo;), and the SELLER 1 has agreed to purchase the VESSEL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.65pt 0 21.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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>

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I &ndash; JOINT AND SEVERAL GUARANTEE</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Joint
                                            and Several Guarantee:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">The
SELLERS shall each be jointly and severally liable for the performance and all other warranties and obligations of each other and any
obligation expressed to be that of both under this Contract.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
II - DESCRIPTION AND CLASS</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Description:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
VESSEL shall have the BUILDER&rsquo;s Hull No. S-3012 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 0pt"><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: 11pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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, such Shipyard to be part
of <I>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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Classification,
                                            Rules and Regulations:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
VESSEL, including its machinery, equipment and out-fittings shall be designed and constructed in accordance with the rules (the edition
and amendments thereto being in force as of the date of the Shipbuilding Contract) of NIPPON KAIJI KYOKAI (hereinafter called &ldquo;NK&rdquo;)
and under special survey of AMERICAN BUREAU OF SHIPPING (hereinafter 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: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABS
Class Notations: +A1, Bulk Carrier, BC-A (holds 2 and 4 may be empty), ESP, (E), +ACCU, +AMS, CPS, CSR, CRC(SC, SP), ENVIRO(I), GRAB
[20], IHM, NOx-Tier III, RW, UWILD</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/18pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Principal
                                            Particulars and Dimensions of VESSEL:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length
(over all)&#9;:&#9;about 199.9&#9;m</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length
(between perpendiculars)&#9;:&#9;195.00 m</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breadth,
moulded&#9;:&#9;32.24m</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depth,
moulded&#9;:&#9;19.30 m</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed
loaded draft, moulded&#9;:&#9;11.30 m</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scantling
draft, moulded&#9;:&#9;13.52 m</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deadweight
at assigned loaded draft&#9;:&#9;63,450 MT</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
Tonnage (by I.C.T.M.1969)&#9;:&#9;about 36,500</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Main
Engine (Japanese make)&#9;:&#9;MAN B&amp;W 6S50ME-C9.7-HPSCR1set</FONT></P>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum
rating&#9;:&#9;6,670 kW x 95.0 min<SUP>-1</SUP></FONT></P>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Normal
rating&#9;:&#9;5,670 kW x 90.0 min<SUP>-1</SUP> (85.0% MCR)</FONT></P>

<P STYLE="font: 12pt Century; margin: 0; text-align: justify; text-indent: 14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Flag&#9;:
MARSHALL ISLANDS</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Guaranteed
                                            Trial Speed:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Guaranteed
                                            Fuel Oil Consumption:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Guaranteed
                                            Deadweight:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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 63,450metric 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>7.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Registration:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>8.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Subcontracting:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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 <FONT STYLE="letter-spacing: 0pt">SELLERS
</FONT>shall remain fully and solely responsible for the work done by such subcontractors and the quality and performance and any part
of the <FONT STYLE="letter-spacing: 0pt">VESSEL</FONT> and the construction work subcontracted in accordance with this Contract and/or
the Specifications.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 16.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="letter-spacing: 0pt">(End of Article)</FONT></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
III - CONTRACT PRICE AND TERM OF PAYMENT</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Contract
                                            Price:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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 Six hundred thousand (US$37,600,000.-), 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
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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 33.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Currency:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 33.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Terms
                                            of Payment:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15.2pt"></TD><TD STYLE="width: 20.25pt"><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; letter-spacing: -0.55pt">1st
                                            Installment</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:
                                            The sum of United States Dollars Three Million Seven Hundred Sixty Thousand (US$3,760,000.-)
                                            shall be paid upon signing of this Contract.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 20.25pt"><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">2nd
                                            Installment: The sum of United States Dollars Three Million Seven Hundred Sixty Thousand
                                            (USD3,760,000.-) shall be paid by 18<SUP>th</SUP> August, 2024.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 20.25pt"><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">3rd
                                            Installment: The sum of United States Dollars Three Million Seven Hundred Sixty Thousand
                                            (US$3,760,000.-) shall be paid by 28<SUP>th</SUP> November, 2025.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 34.4pt; font-family: Book Antiqua, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 20.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">4th
                                            Installment: The sum of United States Dollars Three Million Seven Hundred Sixty Thousand
                                            (US$3,760,000.-) shall be paid upon launching of the VESSEL.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 20.25pt"><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">5th
                                            Installment: The sum of United States Dollars Twenty Two million, Five Hundred and Sixty
                                            Thousand (US$22,560,000.-), 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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Method
                                            of Payment:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><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; letter-spacing: -0.55pt">1st
                                            Installment</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:
                                            Within three (3) Banking Days after signing of this Contract, the BUYER shall remit the amount
                                            of this Installment by telegraphic transfer to <FONT STYLE="letter-spacing: -0.55pt">Mizuho
                                            Bank, 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. &#9;with remarks of &ldquo;Hull
                                            No. S-3012&rdquo;.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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">2nd
                                            Installment: On or before 18<SUP>th</SUP> August 2024, 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. S-3012&rdquo;.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3rd
                                            <FONT STYLE="letter-spacing: 0pt">Installment: On or before 28<SUP>th </SUP>November 2025,
                                            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. S-3012&rdquo;.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">4th
                                            Installment: Within three (3) 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. S-3012&rdquo;.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 32.15pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">The
SELLERS shall give a notice of 7 days to the BUYER regarding the expected date of Launching of the VESSEL.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 18pt"><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">5th
                                            <FONT STYLE="letter-spacing: -0.55pt">Installment: At least two (2) 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 </FONT>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 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="margin: 0 0 0 32.15pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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; letter-spacing: -0.55pt">Definition
                                            of Banking Days</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:
                                            For the purpose of this Contract &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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Payment
                                            under Dispute</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Prepayment:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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 notices addressed to SELLERS.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
IV - ADJUSTMENT OF CONTRACT PRICE</B></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Delivery</B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><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
                                            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
                                            VIII hereof (ending as of twelve o&rsquo;clock midnight of the thirtieth (30th) day of delay).</FONT></TD></TR></TABLE>

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<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><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 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$5,076-
                                            for each day of delay thereafter.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: 0cm"><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$609,120-.</FONT></P>

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<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><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">But,
                                            if the delay in delivery of the VESSEL should continue for period of one hundred and fifty
                                            (150) days 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 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 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: 12pt Century; margin: 0 0 0 35.4pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><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">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 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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 40.85pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 40.85pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 40.85pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Speed:</B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">The
                                            Contract Price shall not be affected or changed by reason of the actual speed, as determined
                                            by the trial run, being </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">not
                                            more <FONT STYLE="letter-spacing: 0pt">than three-tenths (3/10) of one (1) knot below the
                                            guaranteed speed of the VESSEL.</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">However,
                                            exceeding such deficiency of three-tenths (3/10) of one (1) 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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 45.6pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">More
than three-tenths (3/10) and not more than four-tenths (4/10) of a knot a total sum of US$50,760.-</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 45.6pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">More
than four-tenths (4/10) and not more than five-tenths (5/10) of a knot a total sum of US$101,520.-</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 45.6pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">More
than five-tenths (5/10) and not more than six-tenths (6/10) of a knot a total sum of US$152,280.-</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 45.6pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">More
than six-tenths (6/10) and not more than seven-tenths (7/10) of a knot a total sum of US$203,040.-</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 45.6pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">More
than seven-tenths (7/10) and not more than eight-tenths (8/10) of a knot a total sum of US$253,800.-</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 45.6pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">More
than eight-tenths (8/10) and not more than nine-tenths (9/10) of a knot a total sum of US$304,560.-</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 45.6pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">More
than nine-tenths (9/10) and not more than one (1) knot a total sum of US$355,320.-</FONT></P>

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<TD STYLE="width: 21pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">If
                                            the deficiency in actual speed of the VESSEL upon trial run is more than one (1) full knot
                                            below the Guaranteed Trial Speed of the VESSEL, then the BUYER may, at its option, reject
                                            the VESSEL and </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">terminate,
                                            cancel or <FONT STYLE="letter-spacing: 0pt">rescind this Contract in accordance with the
                                            provisions of</FONT> Article XI hereof, or may accept the VESSEL at a reduction in the Contract
                                            Price as above provided for <FONT STYLE="letter-spacing: 0pt">one (1) full knot only, that
                                            is, at a total reduction of US$355,320.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Century; margin: 0 0 0 42.25pt; letter-spacing: -0.55pt; text-align: justify"></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 42.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 42.25pt; letter-spacing: -0.55pt; text-align: justify"></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 42.25pt; letter-spacing: -0.55pt; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Fuel
                                            Oil Consumption:</B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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>

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<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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$37,600.-
                                            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 ten percent (10%) over
                                            the Guaranteed Fuel Oil Consumption of the VESSEL.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">If
                                            such actual fuel consumption exceeds ten percent (10%) 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 XI hereof, or may accept the VESSEL at a reduction
                                            in the Contract Price as above specified for ten percent (10%) only, that is, at a total
                                            reduction of US$188,000.-.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Deadweight:
                                            </B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 12.65pt"></TD><TD STYLE="width: 22.8pt"><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
                                            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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12.65pt"></TD><TD STYLE="width: 22.8pt"><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">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$592 for each metric ton
                                            of such deficiency.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12.65pt"></TD><TD STYLE="width: 22.8pt"><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">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 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$751,840.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Century; margin: 0 0 0 35.45pt; text-align: justify"></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 20.9pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 20.9pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B></B></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 20.9pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -12.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Effect
                                            of Rescission:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt/14.4pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; letter-spacing: 0.35pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt"><B>Cumulative
                                            Effect</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt">The
liquidated damages specified in each separate paragraph within this Article are independent of each other and payment of one shall not
be exclusive of the payment of another.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; letter-spacing: 0.35pt"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt"><B>Duty
                                            to Mitigate</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the provisions of this Article, the <FONT STYLE="letter-spacing: 0pt">SELLERS</FONT> 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 <FONT STYLE="letter-spacing: 0pt">VESSEL</FONT> to the BUYER. It is hereby understood and agreed by the <FONT STYLE="letter-spacing: 0pt">SELLERS
</FONT>that the <FONT STYLE="letter-spacing: 0pt">SELLERS</FONT> will seek to deliver the <FONT STYLE="letter-spacing: 0pt">VESSEL</FONT>
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.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 18pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
V - APPROVAL OF PLANS AND DRAWINGS</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>AND
INSPECTION DURING CONSTRUCTION</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">The
inspection, supervision and approval of plans and drawings during the construction of the VESSEL <I>and </I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">her
hull, machinery, engines, fittings and accessories</FONT></I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
<FONT STYLE="letter-spacing: 0pt">shall be carried out by a Japanese <I>company providing newbuilding</I> supervising services (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></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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. </FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Approval
                                            of Plans and Drawings:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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="margin: 0 0 0 35.45pt; font-family: Book Antiqua, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Appointment
                                            of Supervising Company&rsquo;s Supervisor&#12288;:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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) </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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 33.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Inspection
                                            by Supervisor&#12288;:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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 duty to attend such tests and
inspections of the VESSEL, its machinery and equipment.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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) of the BUILDER and/or the qualified inspector(s) 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 </I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
Society<FONT STYLE="letter-spacing: 0pt">.</FONT></FONT></I></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></FONT></I></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 7.2pt 0 0; text-align: justify"><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: 12pt Book Antiqua, Times, Serif; margin: 0 7.2pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 7.2pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I></I></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 7.2pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 7.2pt 0 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>BUYER&rsquo;s
                                            Representative:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BUYER may appoint their one (1) &ldquo;Observer&rdquo; who can visit the Shipyard maximum consecutive two (2) days for three (3) times
in total during construction of the Vessel for observation purpose only. The BUYER shall inform at least seven (7) days prior to the
SELLERS that the BUYER send the Observer to the Shipyard.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
VI - MODIFICATIONS</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Modifications
                                            of Specifications:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLERS&rsquo;
<FONT STYLE="letter-spacing: 0pt">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></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Change
                                            in Class, etc.:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">In
the event that, after the date of this Contract, any requirements as to class, or as to rules 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.75pt"></TD><TD STYLE="width: 23.7pt"><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
                                            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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.75pt"></TD><TD STYLE="width: 23.7pt"><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
                                            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="margin: 0 0 0 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.75pt"></TD><TD STYLE="width: 23.7pt"><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">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 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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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 for
modifications or changes to the Specifications.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Substitution
                                            of Materials:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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>

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of Article)</FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
VII - TRIAL</B></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Notice:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Century; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 10.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Weather
                                            Condition:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>How
                                            conducted:</B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 25.05pt"></TD><TD STYLE="width: 21.25pt"><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">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>

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<TD STYLE="width: 21.05pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 10.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Method
                                            of Acceptance or Rejection:</B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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) 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>

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<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">thereof
by facsimile confirmed in writing. The BUYER shall, within two (2) 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: 12pt Century; margin: 0 0 0 39.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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>

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<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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) or (b), the BUYER shall be deemed to
                                            have accepted the VESSEL.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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 XIV hereof<I>.&#12288;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            BUYERS shall be notified of the Classification Society&rsquo;s judgment and will have two
                                            (2) working days to either accept or reject, advising Sellers on reasons of rejection.&quot;</FONT></I></TD></TR></TABLE>

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<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 18pt"><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; letter-spacing: 0pt">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 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
                                            its own account <FONT STYLE="letter-spacing: 0pt">such minor or insubstantial items as soon
                                            as practicable after the delivery of the VESSEL. </FONT></FONT></TD></TR></TABLE>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Effect
                                            of Acceptance: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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 VIII hereof.&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Disposition
                                            of surplus Consumable stores: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 33.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Familiarization:
                                            </B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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
                                            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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
VIII &ndash; DELIVERY</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Time
                                            and Place:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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 1<SUP>st</SUP> September 2026 and not later than 30<SUP>th </SUP>November 2026, 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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Provided
that each of the SELLERS and the BUYER shall have fulfilled all of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">its
<FONT STYLE="letter-spacing: 0pt">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></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Upon
delivery and acceptance of the VESSEL, the SELLERS shall deliver to the BUYER the following documents</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(all
in English language)<FONT STYLE="letter-spacing: 0pt">, which shall accompany the PROTOCOL OF DELIVERY AND ACCEPTANCE:</FONT></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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">PROTOCOL
                                            OF STORES OF CONSUMABLE NATURE referred to under paragraph 3 (b) and paragraph 6 of Article
                                            VII hereof, including the original purchase prices thereof.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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">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. All the certificates shall be delivered in one (1)
                                                                                                                                                   original to the VESSEL and two (2) copies to the BUYER;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD><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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMERCIAL
                                            INVOICE</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BILL
                                            OF SALE duly notarized</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD><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="margin: 0 0 0 35.45pt; font-family: Book Antiqua, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tender
                                            of VESSEL:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
                                            and Risk:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Removal
                                            of VESSEL: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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) days after delivery and acceptance thereof is&#12288;effected. If the BUYER shall not remove the VESSEL
from the premises of the Shipyard within the aforesaid three (3) 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) days after the delivery
and acceptance thereof.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
IX - DELAYS AND EXTENSION OF</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>TIME
FOR DELIVERY (FORCE MAJEURE)</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Causes
                                            of Delay:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Notice
                                            of Delay: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
ten (10) 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) 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) 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.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Definition
                                            of Permissible Delay:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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 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 IV hereof.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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 XI hereof.
The SELLERS may, at any time after the accumulated time of the aforementioned delays justifying </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">termination,
cancelation or <FONT STYLE="letter-spacing: 0pt">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 </FONT>termination, cancelation or <FONT STYLE="letter-spacing: 0pt">rescission
upon the same terms as hereinabove provided.</FONT></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
X - WARRANTY OF QUALITY</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guarantee:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Subject
to the provisions hereinafter set forth, the SELLERS <I>and as a condition for the BUYER taking delivery of the VESSEL</I> hereby guarantee
and shall cause the BUILDER 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 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt"><I>defective
and/or poor construction, whether or not such defects and/or physical damage affect the seaworthiness or the class of the Vessel</I></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is expressly agreed and warranted by the SELLERS that it 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 the first dock.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
                                            of Defects:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Remedy
                                            of Defects:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.65pt"></TD><TD STYLE="width: 23.8pt"><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
                                            SELLERS hereby undertake and warrant that they 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.65pt"></TD><TD STYLE="width: 23.8pt"><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">However,
                                            if it is impractical to bring the VESSEL to the Shipyard, the BUYER may cause the necessary
                                            repairs or replacements to be made </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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) 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="margin: 0 0 0 35.45pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.65pt"></TD><TD STYLE="width: 23.8pt"><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">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.65pt"></TD><TD STYLE="width: 23.8pt"><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">Any
                                            dispute under this Article shall be referred arbitration in accordance with the provisions
                                            of Article X IV hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Extent
                                            of SELLERS&rsquo; Responsibility:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 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
                                            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 or due to repairs or other works done to the VESSEL to remedy such defects.
                                            </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 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
                                            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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 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
                                            guarantee contained as hereinabove in this Article 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><I>(d)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><I>The
                                            BUYER shall be entitled on or after delivery and acceptance of the Vessel to assign its rights
                                            under this Article 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="margin: 0; font-family: Book Antiqua, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XI - RESCISSION BY BUYER</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Refund
                                            by SELLERS:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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 XIV hereof.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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 IX hereof, then in such event the SELLERS shall not be required to pay
any interest.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discharge
                                            of Obligations:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Century; margin: 0; text-align: right; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Century; margin: 0; text-align: right; text-indent: 1cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XII - BUYER&rsquo;S DEFAULT</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">If
                                            the BUYER fails to pay any of the First and Fourth Installment to the SELLERS within three
                                            (3) Banking Days after such Installment becomes due and payable under the provisions of Article
                                            III hereof; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">If
                                            the Buyer fails to pay the Second and Third Installment to the SELLERS within two (2) Banking
                                            Days after such Installment becomes due and payable under the provisions of Article III hereof;
                                            or </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">If
                                            the BUYER fails to <I>pay</I> the Fifth Installment, at least three (3) 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. S-K192&rdquo;; or </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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 VIII hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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) (b) and (c) 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)
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: 14pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effect
                                            of Default:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 35.4pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.15pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sale
                                            of VESSEL:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21pt; letter-spacing: -0.55pt; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21pt; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21pt; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XIII &ndash; INSURANCE </B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Extent
                                            of Insurance Coverage:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Application
                                            of Recovered Amount:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.3pt"></TD><TD STYLE="width: 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial
                                            Loss:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 35.4pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.3pt"></TD><TD STYLE="width: 21pt"><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">Total
                                            Loss:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; letter-spacing: -0.55pt; 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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 35.3pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.65pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</FONT></TD><TD><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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.65pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the parties hereto fail to reach such agreement within two (2) 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 49.5pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Termination
                                            of SELLERS&rsquo; Obligation to Insure:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 21.25pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XIV - DISPUTE AND ARBITRATION</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Proceedings:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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, Inc. (hereinafter called the &ldquo;JSE&rdquo;) in accordance with the provisions
of the Rules of Maritime Arbitration of the JSE, except as hereinafter otherwise specifically provided.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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) 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
three (3) 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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) arbitrators, as the case may be, shall be final and binding
upon the parties hereto. If the majority of the three (3) 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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 32.4pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Notice
                                            of Award: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 9.15pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Expenses:
                                            </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.75pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Entry
                                            in Court: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Alteration
                                            of Delivery Date: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XV - RIGHT OF ASSIGNMENT</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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 successors or the legitimate assigns of either of
parties hereto.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right; text-indent: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: right; text-indent: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XVI - TAXES AND DUTIES</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XVII - PATENTS, TRADEMARKS, COPYRIGHTS, ETC.</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 33.45pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XVIII - BUYER&rsquo;S SUPPLIES</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Responsibility
                                            of BUYER:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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
                                            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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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">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 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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
                                            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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><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">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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 41.2pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 41.2pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 41.2pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 41.2pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Responsibility
                                            of SELLERS:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">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: 12pt Book Antiqua, Times, Serif; margin: 0 216pt 0 21.25pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.35pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 30.05pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 30.05pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 30.05pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 30.05pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XIX - NOTICE</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 30.05pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 30.05pt; letter-spacing: -0.55pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">To
the BUYER:</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">THALIA
SHIPHOLDING S.A.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">c/o
GLOBUS SHIPMANAGEMENT CORP.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">128
Vouliagmenis Avenue</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">16674
Glyfada, GREECE</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Tel:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Fax:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Email:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">To
the SELLER 1:</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">GIANT
LINE INC., S.A.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">c/o
No. 1-4-52, Koura-cho, Imabari-city, Ehime-Pref., Japan</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Tel:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Fax:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Email:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">To
the SELLER 2:</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NIHON
SHIPYARD CO., LTD.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 19.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1-5-1,
Yuraku-cho, Chiyoda-ku, Tokyo Prefecture, Japan</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Tel:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Fax:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Email:
</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Language:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 54.7pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 54.7pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 54.7pt; letter-spacing: -0.55pt; text-align: right; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 54.7pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 54.7pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XX - EFFECTIVE DATE OF CONTRACT</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 54.7pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 54.7pt; letter-spacing: -0.55pt; text-align: center; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 7.1pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 32.15pt; letter-spacing: -0.55pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 32.15pt; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>ARTICLE
XXI - INTERPRETATION</B></FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 32.15pt; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Laws
                                            Applicable:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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 and part thereof shall be governed by
the laws of Japan.</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; letter-spacing: -0.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discrepancies:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entire
                                            Agreement:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Century; letter-spacing: -0.55pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt"><B>Confidentiality:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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 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: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 26.65pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">(End
of Article)</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0 0 0 26.65pt; letter-spacing: -0.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Century; margin: 0 0 0 32.15pt; letter-spacing: -0.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><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>

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<P STYLE="font: 12pt Book Antiqua, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0pt">Two
(2) original Contract copies are to be made, and possessed by the&#12288;Buyer and Seller 1.</FONT></P>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify; width: 20%">BUYER: THALIA SHIPHOLDING S.A.</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 80%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 0.5pt solid; vertical-align: middle; text-align: justify">/s/ Athanasios Feidakis</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="text-align: justify">&#8239;&#8239;Athanasios Feidakis</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">&#8239;&#8239;Vice President/Director</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">SELLER 1: GIANT LINE INC., S.A.</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 0.5pt solid; vertical-align: middle; text-align: justify">/s/ Hidemi
    Kameda</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="text-align: justify">&#8239;&#8239;Hidemi Kameda</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">&#8239;&#8239;Attorney-in-fact</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">SELLER 2: NIHON SHIPYARD CO., LTD.</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 0.5pt solid; vertical-align: middle; text-align: justify">/s/ Hidemi Kameda</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="text-align: justify">&#8239;&#8239;Hidemi Kameda</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify"> &#8239;&#8239;Attorney-in-fact</TD></TR>
  </TABLE>
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<TYPE>EX-4.23
<SEQUENCE>7
<FILENAME>exhibit423.htm
<DESCRIPTION>EXHIBIT 4.23
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.55pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.55pt; text-align: right"><B>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
4.23</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.55pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 12.55pt"><IMG SRC="image_002.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 0.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;<FONT STYLE="letter-spacing: -0.1pt">Shipbroker</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Place
                                            and <FONT STYLE="letter-spacing: -0.2pt">date</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Greece,
    23 February <FONT STYLE="letter-spacing: -0.2pt">2024</FONT></B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owners/Place
                                            of business (Cl. <FONT STYLE="letter-spacing: -0.25pt">1)</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SK
    Shipholding <FONT STYLE="letter-spacing: -0.2pt">S.A.</FONT></B></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 7.05pt 0 21.15pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Edificio
    Comosa, Avenidas Samuel Lewis y Manuel M. Ycaza, and Post office Box Number 4150, Panama City, Republic of Panama, fully guaranteed
    by Shinken Bussan Co., Ltd.</B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bareboat
                                            Charterers/Place of business (Cl. <FONT STYLE="letter-spacing: -0.25pt">1)</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Daxos
    Maritime Limited</B></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of
    Majuro, Marshall <FONT STYLE="letter-spacing: -0.1pt">Islands</FONT></B></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fully
    guaranteed by Globus Maritime Limited</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessel&rsquo;s
                                            name, call sign and flag (Cl. 1 and <FONT STYLE="letter-spacing: -0.25pt">3)</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 246.95pt 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MV
    &quot;GLBS MIGHT&quot;</B></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 289.5pt 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>V7A6481</B></FONT></P>
    <P STYLE="font: 10pt/11.2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Marshall
    <FONT STYLE="letter-spacing: -0.1pt">Islands</FONT></B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type
                                            of <FONT STYLE="letter-spacing: -0.1pt">Vessel</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ultramax
    Bulk <FONT STYLE="letter-spacing: -0.1pt">Carrier</FONT></B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt">7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.1pt">GT/NT</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GT
    ABT 36800 / NT ABT 21100</B></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt">8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When/Where
                                            <FONT STYLE="letter-spacing: -0.2pt">built</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year:
    <FONT STYLE="letter-spacing: -0.2pt">2024</FONT></B></FONT></P>
    <P STYLE="font: 10pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 5.55pt 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Yard:
    NANTONG COSCO KHI SHIP ENGINEERING CO., <FONT STYLE="letter-spacing: -0.2pt">LTD.</FONT></B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid"><P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 36.25pt 0 21.8pt; text-indent: -18.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.3pt">9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
                                            DWT (abt.) in metric tons on summer <FONT STYLE="letter-spacing: -0.1pt">freeboard</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B>ABT
    64205 </B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.
                                            Classification Society (Cl. <FONT STYLE="letter-spacing: -0.25pt">3)</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ABS</B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid"><P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.8pt; text-indent: -18.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.
                                            Date of <FONT STYLE="color: #2E97D3"><STRIKE>last</STRIKE></FONT> <FONT STYLE="color: #B5082E"><U>next
                                            </U></FONT>special survey by the Vessel&rsquo;s classification society</FONT></P>
    <P STYLE="font: 10pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>On
    delivery date of the Vessel from the shipyard and upon certificates issuance</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.65pt; text-indent: -18.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12
                                            Further particulars of Vessel (also indicate minimum number of months&rsquo; validity of
                                            class certificates agreed acc. to Cl. 3)</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>N/A</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; width: 53%; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.
                                            Port or Place of delivery (Cl. <FONT STYLE="letter-spacing: -0.25pt">3)</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    per Clause 32 (b) <FONT STYLE="letter-spacing: -0.1pt">hereof</FONT></B></FONT></P></TD>
    <TD STYLE="border-right: Black 0.5pt solid; width: 26%; border-bottom: Black 0.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 21.6pt; text-indent: -18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.
    Time for delivery (Cl. 4) <B>As per Clause 32 (b) <FONT STYLE="letter-spacing: -0.1pt">hereof</FONT></B></FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; width: 21%; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 1.4pt 0 21.8pt; text-indent: -18.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.
                                            Cancelling date (Cl. <FONT STYLE="letter-spacing: -0.3pt">5)</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>N/A</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.
                                            Port or Place of redelivery (Cl. <FONT STYLE="letter-spacing: -0.25pt">15)</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    per Clauses 42 and 50</B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 36.25pt; padding-left: 21.6pt; text-indent: -18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 107%">17.
    No. of months' validity of trading and class certificates upon redelivery (Cl. 15) <B>Minimum three (3) months</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.
                                            Running days&rsquo; notice if other than stated in Cl. <FONT STYLE="letter-spacing: -0.5pt">4</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>N/A</B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid"><P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.
                                            Frequency of dry-docking (Cl. <FONT STYLE="letter-spacing: -0.1pt">10(g))</FONT></FONT></P>
    <P STYLE="font: 10pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    per Classification Society and flag state <FONT STYLE="letter-spacing: -0.1pt">requirements</FONT></B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.
                                            Trading limits (Cl. <FONT STYLE="letter-spacing: -0.25pt">6)</FONT></FONT></P>
    <P STYLE="text-align: justify; font: 10pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading
    range: Worldwide within International Navigational Conditions with the Charterers' option to break same paying extra insurances,
    but always in accordance with Clauses 13 and 40.</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.
                                            Charter period (Cl. <FONT STYLE="letter-spacing: -0.25pt">2)</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    per Clause 34 <FONT STYLE="letter-spacing: -0.1pt">hereof</FONT></B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.
                                            Charter hire (Cl. <FONT STYLE="letter-spacing: -0.25pt">11)</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    per Clause 35 <FONT STYLE="letter-spacing: -0.1pt">hereof</FONT></B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.
                                            New class and other safety requirements (state percentage of Vessel's insurance value acc.
                                            to Box 29)(Cl. <FONT STYLE="letter-spacing: -0.1pt">10(a)(ii))</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>N/A</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 5.55pt 0 21.65pt; text-indent: -18.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.
                                            Rate of interest payable acc. to Cl. 11 (f) and, if applicable, acc. to PART IV</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    per Clause 35 and 36</B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.
                                            Currency and method of payment (Cl. <FONT STYLE="letter-spacing: -0.25pt">11)</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>United
    States Dollars payable monthly in <FONT STYLE="letter-spacing: -0.1pt">advance.</FONT></B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 8pt Calibri, Helvetica, Sans-Serif; margin: 3.4pt 0 0 5.7pt">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; text-indent: 0pt; margin: 3.4pt 0 0 5.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copyright
&copy; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <B>BIMCO SmartCon
</B>document will constitute an infringement of BIMCO&rsquo;s copyright. Explanatory notes are available from BIMCO at www.bimco.org.</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 3.4pt 0 0 5.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 0.5pt solid; width: 53%"><P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 5.55pt 0 21.65pt; text-indent: -18.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.
                                            Place of payment; also state beneficiary and bank account (Cl. 11)</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    per Clause 36 (a) <FONT STYLE="letter-spacing: -0.1pt">hereof</FONT></B></FONT></P></TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: justify; width: 47%; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 0 21.8pt; text-indent: -18.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.
                                            Bank guarantee/bond (sum and place) (Cl. 24) <FONT STYLE="letter-spacing: -0.1pt">(optional)</FONT></FONT></P>
    <P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>N/A</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 5.55pt 0 21.65pt; text-indent: -18.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.
                                            Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) applies state date of Financial
                                            Instrument and name of Mortgagee(s)/Place of business) (Cl. 12)</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    per Clause 44 <FONT STYLE="letter-spacing: -0.1pt">hereof</FONT></B></FONT></P></TD>
    <TD STYLE="border-right: Black 0.5pt solid; text-align: justify; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 0 21.8pt; text-indent: -18.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.
                                            Insurance (hull and machinery and war risks) (state value acc. to Cl. 13(f) or, if applicable,
                                            acc. to Cl. 14(k)) (also state if Cl. 14 applies)</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    per Clause 40 <FONT STYLE="letter-spacing: -0.1pt">hereof</FONT></B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.65pt; text-indent: -18.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.
                                            Additional insurance cover, if any, for Owners&rsquo; account limited to (Cl. 13(b) or, if
                                            applicable, Cl. 14(g))</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    per Clause 40(c) <FONT STYLE="letter-spacing: -0.1pt">hereof</FONT></B></FONT></P></TD>
    <TD STYLE="border-right: Black 0.5pt solid; text-align: justify; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 0 21.8pt; text-indent: -18.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.
                                            Additional insurance cover, if any, for Charterers&rsquo; account limited to (Cl. 13(b) or,
                                            if applicable, Cl. <FONT STYLE="letter-spacing: -0.1pt">14(g))</FONT></FONT></P>
    <P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    per Clause 40(c) <FONT STYLE="letter-spacing: -0.1pt">(ii) hereof</FONT></B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.65pt; text-indent: -18.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.
                                            Latent defects (only to be filled in if period other than stated in Cl. 3)</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>N/A</B></FONT></P></TD>
    <TD STYLE="border-right: Black 0.5pt solid; text-align: justify; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 4.4pt 0 21.8pt; text-indent: -18.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.
                                            Brokerage commission and to whom payable (Cl. <FONT STYLE="letter-spacing: -0.2pt">27)</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 4.4pt 0 21.8pt; text-indent: -0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.2pt"><B>N/A</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 5.55pt 0 21.65pt; text-indent: -18.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.
                                            Grace period (state number of clear banking days) (Cl. <FONT STYLE="letter-spacing: -0.2pt">28)</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    per Clause 41 <FONT STYLE="letter-spacing: -0.1pt">hereof</FONT></B></FONT></P></TD>
    <TD STYLE="border-right: Black 0.5pt solid; text-align: justify; border-bottom: Black 0.5pt solid"><P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.8pt; text-indent: -18.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.
                                            Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed Place of Arbitration must
                                            be stated (Cl. <FONT STYLE="letter-spacing: -0.2pt">30)</FONT></FONT></P>
    <P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)
    English law, London <FONT STYLE="letter-spacing: -0.1pt">arbitration</FONT></B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36.
                                            War cancellation (indicate countries agreed) (Cl. <FONT STYLE="letter-spacing: -0.1pt">26(f))</FONT></FONT></P>
    <P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>the
    United States of America; Russia; the United Kingdom; France; and the People&rsquo;s Republic of China; Greece; Japan</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; text-align: justify; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.65pt; text-indent: -18.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37.
                                            Newbuilding Vessel (indicate with &ldquo;yes&rdquo; or &ldquo;no&rdquo; whether PART III
                                            applies) (optional)</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>No</B></FONT></P></TD>
    <TD STYLE="border-right: Black 0.5pt solid; text-align: justify; border-bottom: Black 0.5pt solid"><P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.8pt; text-indent: -18.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38.
                                            Name and place of Builders (only to be filled in if PART III applies)</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>N/A</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.65pt; text-indent: -18.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39.
                                            Vessel&rsquo;s Yard Building No. (only to be filled in if PART III <FONT STYLE="letter-spacing: -0.1pt">applies)</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>N/A</B></FONT></P></TD>
    <TD STYLE="border-right: Black 0.5pt solid; text-align: justify; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 4.4pt 0 21.8pt; text-indent: -18.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40.
                                            Date of Building Contract (only to be filled in if PART III applies)</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>N/A</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.5pt; text-indent: -18.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">41.&nbsp;&nbsp;&nbsp;
                                            </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidated
                                            damages and costs shall accrue to (state party acc. to Cl. <FONT STYLE="letter-spacing: -0.25pt">1)</FONT></FONT></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 30.6pt; text-indent: -9.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">a)&nbsp;
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>N/A</B></FONT></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 31.1pt; text-indent: -10.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">b)&nbsp;
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>N/A</B></FONT></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 30.05pt; text-indent: -9.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">c)&nbsp;
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>N/A</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.65pt; text-indent: -18.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.
                                            Hire/Purchase agreement (indicate with &ldquo;yes&rdquo; or &ldquo;no&rdquo; whether PART
                                            IV applies) (optional)</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>No</B></FONT></P></TD>
    <TD STYLE="border-right: Black 0.5pt solid; text-align: justify; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 0 21.65pt; text-indent: -18.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43.
                                            Bareboat Charter Registry (indicate with &ldquo;yes&rdquo; or &ldquo;no&rdquo; whether PART
                                            V applies) (optional)</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Yes,
    in the Charterers' <FONT STYLE="letter-spacing: -0.1pt">option</FONT></B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 5.55pt 0 21.65pt; text-indent: -18.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44.
                                            Flag and Country of the Bareboat Charter Registry (only to be filled in if PART V applies)</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>N/A</B></FONT></P></TD>
    <TD STYLE="border-right: Black 0.5pt solid; text-align: justify; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 0 21.8pt; text-indent: -18.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.
                                            Country of the Underlying Registry (only to be filled in if PART V applies)</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>N/A</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.
                                            Number of additional clauses covering special provisions, if <FONT STYLE="letter-spacing: -0.1pt">agreed</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Clauses
    32 to 57 and Annex 1, 2, 3 and 4</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.3pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 6.2pt 0 5.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PREAMBLE
- It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include
PART I and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent
of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form
part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further
agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART III and/or
PART IV and/or PART V to the extent of such conflict but no further.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR>
    <TD><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature
        <FONT STYLE="letter-spacing: -0.1pt">(Charterers)</FONT></FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">/s/
    Angelos Michas</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Angelos
    Michas, Attorney-in-fact</FONT></P></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR>
    <TD><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature
        <FONT STYLE="letter-spacing: -0.1pt">(Owners)</FONT></FONT></P>
    <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">/s/
    Hiroyuki Sawakoshi</FONT></P>
    <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">SK
    SHIPHOLDING S.A., Mr. Hiroyuki Sawakoshi, Presidend</FONT></P></TD></TR>
  </TABLE>
<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 8pt Calibri, Helvetica, Sans-Serif; margin: 3.4pt 0 0 5.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copyright
&copy; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <B>BIMCO SmartCon
</B>document will constitute an infringement of BIMCO&rsquo;s copyright. Explanatory notes are available from BIMCO at www.bimco.org.</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 3.4pt 0 0 5.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Definitions</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/197% Calibri, Helvetica, Sans-Serif; margin: 0.05pt 124.65pt 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Charter, the following terms shall have the meanings hereby assigned to them: &ldquo;The Owners&rdquo; shall mean the party identified
in Box 3.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;The
Charterers&rdquo; shall mean the party identified in Box <FONT STYLE="letter-spacing: -0.25pt">4.</FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;The
Vessel&rdquo; shall mean the vessel named in Box 5 and with particulars as stated in Boxes 6 to <FONT STYLE="letter-spacing: -0.25pt">12.</FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 33.7pt 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Financial
Instrument&rdquo; means the mortgage, deed of covenant or other such financial security instrument <FONT STYLE="color: #2E97D3"><STRIKE>as
annexed to this Charter and</STRIKE></FONT> stated in Box 28.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 33.7pt 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 33.7pt 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&quot;Leasing
Document&quot; mean this Agreement, the MOA, any guarantee executed pursuant to the terms of this Agreement, any assignment of insurances
and any quiet enjoyment letter.</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 33.7pt 0 34.05pt; color: #C00000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 33.7pt 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;The
Builder&rdquo; shall mean NANTONG COSCO KHI SHIP ENGINEERING CO., LTD.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 33.7pt 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 33.7pt 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Building
Contract&rdquo; shall mean a ship building contract dated 13 May 2022 together with any and all addenda and/or supplements and/or amendments
thereto entered into between the Charterers as the buyer and the Builder as the builder.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charter
                                            <FONT STYLE="letter-spacing: -0.1pt">Period</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 33.7pt 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration of the hire detailed in Box 22, the Owners have agreed to let and the Charterers have agreed to hire the Vessel for the
period stated in <FONT STYLE="color: #2E97D3"><STRIKE>Box 21</STRIKE></FONT><FONT STYLE="color: #B5082E"><U>Clause 34</U></FONT> (&ldquo;The
Charter Period&rdquo;).</FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delivery
                                            </B><FONT STYLE="color: #B5082E"><U>See Clause <FONT STYLE="letter-spacing: -0.25pt">32</FONT></U></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 0 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(not
applicable when Part III applies, as indicated in Box <FONT STYLE="letter-spacing: -0.25pt">37)</FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
                                            Owners shall before and at the time of delivery exercise due diligence to make the Vessel
                                            seaworthy and in every respect ready in hull, machinery and equipment for service under this
                                            Charter.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 33.75pt 0 34pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
Vessel shall be delivered by the Owners and taken over by the Charterers at the port or place indicated in Box 13 in such ready safe
berth as the Charterers may direct.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            The Vessel shall be properly documented on delivery in accordance with the laws of the flag
                                            state indicated in</STRIKE> Box 5 and the requirements of the classification society stated
                                            in Box 10. The Vessel upon delivery shall have her survey cycles up to date and trading and
                                            class certificates valid for at least the number of months agreed in Box <FONT STYLE="letter-spacing: -0.2pt"><STRIKE>12.</STRIKE></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            The delivery of the Vessel by the Owners and the taking over of the Vessel by the Charterers
                                            shall constitute a</STRIKE> full performance by the Owners of all the Owners&rsquo; obligations
                                            under this Clause 3, and thereafter the Charterers shall not be entitled to make or assert
                                            any claim against the Owners on account of any conditions, representations or warranties
                                            expressed or implied with respect to the Vessel but the Owners shall be liable for the cost
                                            of but not the time for repairs or renewals occasioned by latent defects in the Vessel, her
                                            machinery or appurtenances, existing at the time of delivery under this Charter, provided
                                            such defects have manifested <STRIKE>themselves within twelve (12) months after delivery
                                            unless otherwise provided in Box 32.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>4.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Time
                                            for Delivery</B> <FONT STYLE="color: #B5082E"><U>See Clause <FONT STYLE="letter-spacing: -0.25pt">32</FONT></U></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(not
applicable when Part III applies, as indicated in Box <FONT STYLE="letter-spacing: -0.25pt">37)</FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 33.7pt 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Vessel shall not be delivered before the date indicated in Box 14 without the Charterers&rsquo; consent and the <STRIKE>Owners shall
exercise due diligence to deliver the Vessel not later than the date indicated in Box 15.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.55pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise agreed in Box 18, the Owners shall give the Charterers not less than thirty (30) running days&rsquo; preliminary and not less
than fourteen (14) running days&rsquo; definite notice of the date on which the Vessel is expected to be ready for delivery. The Owners
shall keep the Charterers closely advised of possible changes in <STRIKE>the Vessel&rsquo;s position.</STRIKE></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.55pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE></STRIKE></FONT></P>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Cancelling</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(not
applicable when Part III applies, as indicated in Box <FONT STYLE="letter-spacing: -0.25pt">37)</FONT></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 13pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 8pt Calibri, Helvetica, Sans-Serif; margin: 3.4pt 0 0 5.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copyright
&copy; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this <B>BIMCO <FONT STYLE="letter-spacing: -0.1pt">SmartCon
</FONT></B>document will constitute an infringement of BIMCO&rsquo;s copyright. Explanatory notes are available from BIMCO at <FONT STYLE="letter-spacing: -0.1pt">www.bimco.org.</FONT></FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 3.4pt 0 0 5.7pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            Should the Vessel not be delivered latest by the cancelling date indicated in Box 15, the
                                            Charterers shall have the</STRIKE> option of cancelling this Charter by giving the Owners
                                            notice of cancellation within thirty-six (36) running hours <STRIKE>after the cancelling
                                            date stated in Box 15, failing which this Charter shall remain in full force and effect.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            If it appears that the Vessel will be delayed beyond the cancelling date, the Owners may,
                                            as soon as they are in</STRIKE> a position to state with reasonable certainty the day on
                                            which the Vessel should be ready, give notice thereof to the Charterers asking whether they
                                            will exercise their option of cancelling, and the option must then be declared within one
                                            hundred and sixty-eight (168) running hours of the receipt by the Charterers of such notice
                                            or within thirty-six (36) running hours after the cancelling date, whichever is the earlier.
                                            If the Charterers do not then exercise their option of cancelling, the seventh day after
                                            the readiness date stated in the Owners&rsquo; notice shall be <STRIKE>substituted for the
                                            cancelling date indicated in Box 15 for the purpose of this Clause 5.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(c)</FONT></TD><TD STYLE="padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Cancellation
                                            under this Clause 5 shall be without prejudice to any claim the Charterers may otherwise
                                            have on the Owners under this Charter.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
                                            <FONT STYLE="letter-spacing: -0.1pt">Restrictions</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.65pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Vessel shall be employed in lawful trades for the carriage of suitable lawful merchandise within the trading limits indicated in Box
20.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charterers undertake not to employ the Vessel or suffer the Vessel to be employed otherwise than in conformity with the terms of the
contracts of insurance (including any warranties expressed or implied therein) without first obtaining the consent of the insurers to
such employment and complying with such requirements as to extra premium or otherwise as the insurers may prescribe.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charterers also undertake not to employ the Vessel <FONT STYLE="color: #2E97D3"><STRIKE>or suffer her employment</STRIKE></FONT> in any
trade or business which is forbidden by the law of any country to which the Vessel may sail <B><I>and/or any country to which the Vessel
may sail, and/or <FONT STYLE="color: #B5082E">United States of America</FONT> and/or <FONT STYLE="color: #B5082E">European Union</FONT>
and/or <FONT STYLE="color: #B5082E">United Kingdom</FONT> and/or Japan <FONT STYLE="color: #B5082E">and/or the United Nations</FONT>
sanctions, and/or International Regulations which the Vessel shall be subject to</I></B> or is otherwise illicit or in carrying illicit
or prohibited goods or in any manner whatsoever which may render her liable to condemnation, destruction, seizure or confiscation.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any other provisions contained in this Charter it is agreed that nuclear fuels or radioactive products or waste are specifically excluded
from the cargo permitted to be loaded or carried under this Charter. This exclusion does not apply to radio-isotopes used or intended
to be used for any industrial, commercial, agricultural, medical or scientific purposes provided the Owners&rsquo; prior approval has
been obtained to loading thereof. <FONT STYLE="color: #B5082E"><U>The Charterers shall not expose the Vessel in breach of any regulation
imposing trade and economic sanctions or</U> prohibition imposed by the authorities of the United States of America, European Union,
United Kingdom, Japan or the United Nations. Similarly, the Owners shall not expose the Charterers to any regulation imposing trade and
economic sanction or prohibition imposed by the authorities of the United States of America, European Union, United Kingdom, Japan or
the United Nations.</FONT></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">7.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Surveys
                                            on Delivery and <FONT STYLE="letter-spacing: -0.1pt">Redelivery</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(not
applicable when Part III applies, as indicated in Box <FONT STYLE="letter-spacing: -0.25pt">37)</FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Owners and Charterers shall each appoint surveyors for the purpose of determining and agreeing in writing the condition of the Vessel
at the time of delivery and redelivery hereunder. The Owners shall bear all expenses of the On-hire Survey including loss of time, if
any, and the Charterers shall bear all expenses of the Off-hire <STRIKE>Survey including loss of time, if any, at the daily equivalent
to the rate of hire or pro rata thereof.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">8.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Inspection</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify; color: #B5082E"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Also
see Clause 39</U>.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #B5082E"><U>Subject
to Clause 39, t</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">he Owners shall have the right <FONT STYLE="color: #2E97D3"><STRIKE>at
any time</STRIKE></FONT> after giving reasonable notice to the Charterers to inspect or survey the Vessel or instruct a duly authorised
<FONT STYLE="color: #B5082E; letter-spacing: -0.35pt"><U>and competent</U></FONT> surveyor to carry out such survey on their behalf <FONT STYLE="color: #B5082E"><U>provided
it does not interfere with the operation of the Vessel and/or crew</U></FONT><FONT STYLE="color: #2E97D3">:</FONT></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.55pt 0 34.05pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3; letter-spacing: -0.05pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to ascertain the condition of the Vessel and satisfy
themselves that the Vessel is being properly repaired and maintained. The costs and fees for such inspection or survey shall be paid
by the Owners <FONT STYLE="color: #2E97D3"><STRIKE>unless the Vessel is found to require repairs or maintenance in order to achieve the
condition so provided;</STRIKE></FONT>&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.55pt 0 34.05pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.55pt 0 34.05pt; text-align: justify"></P>

<P STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.55pt 0 34.05pt; text-indent: 0cm; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in dry-dock if the Charterers have not dry-docked Her
in accordance with Clause 10(g). The costs and <STRIKE>fees for such inspection or survey shall be paid by the Charterers; and</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.55pt 0 34.05pt; text-align: justify; text-indent: 0cm; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for any other commercial reason they consider necessary
(provided it does not unduly interfere with the commercial operation of the Vessel). The costs and fees for such inspection and survey
shall be paid by the <FONT STYLE="letter-spacing: -0.1pt"><STRIKE>Owners.</STRIKE></FONT></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 33.7pt 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
time used in respect of inspection, survey or repairs shall be for the Charterers&rsquo; account and form part of the <STRIKE>Charter
Period.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.6pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charterers shall also permit the Owners to inspect the Vessel&rsquo;s log books whenever <FONT STYLE="color: #B5082E"><U>reasonably </U></FONT>requested
and shall whenever required by the Owners furnish them with full information regarding any casualties or other accidents or damage to
the Vessel.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>9.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Inventories,
                                            Oil and Stores</B> <FONT STYLE="color: #B5082E"><U>See Clause <FONT STYLE="letter-spacing: -0.25pt">54</FONT></U></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.5pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
complete inventory of the Vessel&rsquo;s entire equipment, outfit including spare parts, appliances and of all consumable stores on board
the Vessel shall be made by the Charterers in conjunction with the Owners on delivery and again on redelivery of the Vessel. The Charterers
and the Owners, respectively, shall at the time of delivery and redelivery take over and pay for all bunkers, lubricating oil, unbroached
provisions, paints, ropes and other consumable stores (excluding spare parts) in the said Vessel at the then current market prices at
the ports of delivery and redelivery, respectively. The Charterers shall ensure that all spare parts listed in the <STRIKE>inventory
and used during the Charter Period are replaced at their expense prior to redelivery of the Vessel.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">10.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance
                                            and <FONT STYLE="letter-spacing: -0.1pt">Operation</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
                                            Maintenance and Repairs - During the Charter Period the Vessel shall be in the full possession
                                            and at the absolute disposal for all purposes of the Charterers and under their complete
                                            control in every respect. The Charterers shall maintain the Vessel, her machinery, boilers,
                                            appurtenances and spare parts in a good state of repair, in efficient operating condition
                                            and in accordance with good commercial maintenance practice and, except as provided for in
                                            Clause 14(l), if applicable, at their own expense they shall at all times keep the Vessel&rsquo;s
                                            Class fully up to date with the Classification Society indicated in Box 10 and maintain all
                                            other necessary certificates in force at all times.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 34.45pt 0 34.05pt; text-align: justify; text-indent: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3; letter-spacing: -0.05pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red">New Class and Other Safety Requirements
- In the event of any improvement, structural changes or new equipment becoming necessary for the continued operation of the Vessel by
reason of new class requirements or by compulsory legislation</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3"><STRIKE>costing
(excluding the Charterers&rsquo; loss of time) more than the percentage stated in Box 23, or if Box 23 is left blank, 5 per cent of the
Vessel&rsquo;s insurance value as stated in Box 29, then the extent, if any, to which the rate of hire shall be varied and the ratio
in which</STRIKE> the cost of compliance shall be <STRIKE>shared between the parties concerned in order to achieve a reasonable distribution
thereof as between the Owners and the Charterers having regard, inter alia, to the length of the period remaining under this Charter
shall, in the absence of agreement, be referred to the dispute resolution method agreed in Clause 30</STRIKE></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
the Charterers&rsquo; account. Notwithstanding the foregoing, Charterers are allowed to make improvements and install equipment to the
Vessel, provided cost of same to be for Charterers&rsquo; account<FONT STYLE="color: #2E97D3">.</FONT></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.6pt 0 34.05pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(iii)&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Security - The Charterers shall maintain financial
security or responsibility in respect of third party liabilities as required by any government, including federal, state or municipal
or other division or authority thereof, to enable the Vessel, without penalty or charge, lawfully to enter, remain at, or leave any port,
place, territorial or contiguous waters of any country, state or municipality in performance of this Charter without any delay. This
obligation shall apply whether or not such requirements have been lawfully imposed by such government or division or authority thereof.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charterers shall make and maintain all arrangements by bond or otherwise as may be necessary to satisfy such requirements at the Charterers&rsquo;
sole expense and the Charterers shall indemnify the Owners against all consequences whatsoever (including loss of time) for any failure
or inability to do so.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 33.45pt 0 35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operation
of the Vessel - The Charterers shall at their own expense and by their own procurement man, victual, navigate, operate, supply, fuel
and, whenever required, repair the Vessel during the Charter Period and they shall pay all charges and expenses of every kind and
nature whatsoever incidental to their use and operation of the Vessel under this Charter, including annual flag state fees and any
foreign general municipality and/or state taxes. The Master, officers and crew of the Vessel shall be the servants of the Charterers <FONT STYLE="color: #2E97D3"><STRIKE>for
all purposes whatsoever, even if for any reason appointed by the <FONT STYLE="letter-spacing: -0.1pt">Owners.</FONT></STRIKE></FONT></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 33.45pt 0 35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="color: #2E97D3"><STRIKE><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></STRIKE></FONT></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 33.45pt 0 35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 33.45pt 0 35.4pt"></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 33.7pt 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charterers
shall comply with the regulations regarding officers and crew in force in the country of the Vessel&rsquo;s flag or any other applicable
law.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Charterers shall keep the Owners <FONT STYLE="color: #2E97D3"><STRIKE>and the mortgagee(s)
                                            </STRIKE></FONT>advised of <FONT STYLE="color: #2E97D3"><STRIKE>the intended employment,
                                            </STRIKE></FONT>planned dry- docking and major repairs of the Vessel, as reasonably required.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3">Flag
                                            and Name of Vessel &ndash; During the Charter Period, the Charterers shall have the liberty
                                            to paint the Vessel in their own colours, install and display their funnel insignia and fly
                                            their own house flag. The Charterers shall also have the liberty, with the Owners&rsquo;
                                            consent, which shall not be unreasonably withheld, to change the flag and/or the name of
                                            the Vessel during the Charter Period. Painting and re-painting, instalment and re-instalment,
                                            <STRIKE>registration and re-registration, if required by the Owners, shall be at the Charterers&rsquo;
                                            expense and time.</STRIKE></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #B5082E"><U>See
                                            Clauses 37 and 43</U></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3">Changes
                                            to the Vessel &ndash; Subject to Clause 10(a)(ii), the Charterers shall make no structural
                                            changes in the Vessel or changes in the machinery, boilers, appurtenances or spare parts
                                            thereof without in each instance first securing the Owners&rsquo; approval thereof. If the
                                            Owners so agree, the Charterers shall, if the Owners so require, restore the <STRIKE>Vessel
                                            to its former condition before the termination of this Charter.</STRIKE></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #B5082E"><U>See
                                            Clause 38</U></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(e)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
                                            of the Vessel&rsquo;s Outfit, Equipment and Appliances - The Charterers shall have the use
                                            of all outfit, equipment, and appliances on board the Vessel at the time of delivery, provided
                                            the same or their substantial equivalent shall be returned to the Owners on redelivery<FONT STYLE="color: #B5082E"><U>,
                                            if such is required under the Charter,</U></FONT> in <FONT STYLE="color: #B5082E"><U>substantially
                                            </U></FONT>the same <FONT STYLE="color: #2E97D3"><STRIKE>good order and</STRIKE></FONT> condition
                                            as when received, ordinary wear and tear excepted. The Charterers shall from time to time
                                            during the Charter Period replace such items of equipment as shall be so damaged or worn
                                            as to be unfit for use. The Charterers are to procure that all repairs to or replacement
                                            of any damaged, worn or lost parts or equipment be effected in such manner (both as regards
                                            workmanship and quality of materials) as not to diminish the value of the Vessel. <FONT STYLE="color: #B5082E"><U>The
                                            Charterers have the right to fit additional equipment at their expense and risk.</U></FONT>
                                            <FONT STYLE="color: #2E97D3"><STRIKE>The Charterers have the right to fit additional equipment
                                            at their expense and risk but the Charterers shall remove such equipment at the end of the
                                            period if requested by the Owners.</STRIKE></FONT> Any equipment including radio equipment
                                            on hire on the Vessel at time of delivery shall be kept and maintained by the Charterers
                                            and the Charterers shall assume the obligations and liabilities <FONT STYLE="color: #C00000"><U>in
                                            respect thereof</U></FONT><FONT STYLE="color: #2E97D3"><STRIKE>of the Owners under any lease
                                            contracts in connection therewith and shall reimburse the Owners for all expenses incurred
                                            in connection therewith, also for any new equipment required in order to comply with radio
                                            regulations</STRIKE></FONT>.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(f)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Periodical
                                            Dry-Docking - The Charterers shall dry-dock the Vessel and clean and paint her underwater
                                            parts whenever the same may be necessary<FONT STYLE="color: #2E97D3"><STRIKE>, but not less
                                            than once during the period stated in Box 19 or, if Box 19 has</STRIKE> been left blank,
                                            every sixty (60) calendar months after delivery or such other period as may be required by
                                            the <STRIKE>Classification Society or flag state</STRIKE></FONT>.</FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>11.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Hire
                                            </B><FONT STYLE="color: #B5082E; letter-spacing: -0.1pt"><U>Also </U></FONT></FONT><U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #B5082E">see
                                            Clauses 35 and <FONT STYLE="letter-spacing: -0.25pt">36</FONT></FONT></U></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.7pt"></TD><TD STYLE="width: 23.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD STYLE="padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
                                            Charterers shall pay hire due to the Owners punctually in accordance with the terms of this
                                            Charter in respect of which time shall be of the essence.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            The Charterers shall pay to the Owners for the hire of the Vessel a lump sum in the amount
                                            indicated in Box 22</STRIKE> which shall be payable not later than every thirty (30) running
                                            days in advance, the first lump sum being payable on the date and hour of the Vessel&rsquo;s
                                            delivery to the Charterers. Hire shall be paid continuously throughout the <STRIKE>Charter
                                            Period.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Payment
                                            of hire shall be made in cash without discount in the currency and in the manner indicated
                                            in Box 25 and at the place mentioned in Box 26.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            Final payment of hire, if for a period of less than thirty (30) running days, shall be calculated
                                            proportionally</STRIKE> according to the number of days and hours remaining before redelivery
                                            and advance payment to be effected <FONT STYLE="letter-spacing: -0.1pt"><STRIKE>accordingly.</STRIKE></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(e)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            Should the Vessel be lost or missing, hire shall cease from the date and time when she was
                                            lost or last heard of.</STRIKE></FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.55pt 0 34.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.55pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
date upon which the Vessel is to be treated as lost or missing shall be ten (10) days after the Vessel was last reported or when the
Vessel is posted as missing by Lloyd&rsquo;s, whichever occurs first. Any hire paid in advance to</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 0 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>be
adjusted <FONT STYLE="letter-spacing: -0.1pt">accordingly.</FONT></STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(f)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            Any delay in payment of hire shall entitle the Owners to interest at the rate per annum as
                                            agreed in Box 24. If</STRIKE> Box 24 has not been filled in, the three months Interbank offered
                                            rate in London (LIBOR or its successor) for the currency stated in Box 25, as quoted by the
                                            British Bankers&rsquo; Association (BBA) on the date when the hire fell due, <STRIKE>increased
                                            by 2 per cent, shall apply.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(g)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            Payment of interest due under sub-clause 11(f) shall be made within seven (7) running days
                                            of the date of the</STRIKE> Owners&rsquo; invoice specifying the amount payable or, in the
                                            absence of an invoice, at the time of the next hire <STRIKE>payment date.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>12.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mortgage
                                            </B><FONT STYLE="color: #B5082E"><U>See Clause <FONT STYLE="letter-spacing: -0.25pt">44</FONT></U></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(only
to apply if Box 28 has been appropriately filled <FONT STYLE="letter-spacing: -0.25pt">in)</FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(a)
                               </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.5pt">*</FONT></TD><TD STYLE="padding-right: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Owners warrant that they have not effected any mortgage(s) of the Vessel and that they shall
                                            not effect any <STRIKE>mortgage(s) without the prior consent of the Charterers, which shall
                                            not be unreasonably withheld.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 11.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)
                              </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.5pt"><STRIKE>*</STRIKE></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
                                            Vessel chartered under this Charter is financed by a mortgage according to the Financial
                                            <FONT STYLE="letter-spacing: -0.1pt">Instrument.</FONT></STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.45pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charterers undertake to comply, and provide such information and documents to enable the Owners to comply, with all such instructions
or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in the Financial
Instrument or as may be directed from time to time during the currency of the Charter by the mortgagee(s) in conformity with the Financial
Instrument. The Charterers confirm that, for this purpose, they have acquainted themselves with all relevant terms, conditions and provisions
of the Financial Instrument and agree to acknowledge this in writing in any form that may be <FONT STYLE="letter-spacing: -0.1pt">required
by the mortgagee(s). The Owners warrant that they have not effected any mortgage(s) other than stated </FONT>in Box 28 and that they
shall not agree to any amendment of the mortgage(s) referred to in Box 28 or effect any <STRIKE>other mortgage(s) without the prior consent
of the Charterers, which shall not be unreasonably withheld.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>*(Optional,
Clauses 12(a) and 12(b) are alternatives; indicate alternative agreed in Box <FONT STYLE="letter-spacing: -0.2pt">28).</FONT></STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>13.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Insurance
                                            and Repairs</B> <FONT STYLE="color: #B5082E; letter-spacing: -0.15pt"><U>Also </U></FONT></FONT><U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #B5082E">see
                                            Clause <FONT STYLE="letter-spacing: -0.25pt">40</FONT></FONT></U></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #B5082E"><U>Subject
                                            to and without prejudice to the provisions of Clause 40, d</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3"><STRIKE>D</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">uring
                                            the Charter Period the Vessel shall be kept insured by the Charterers at their expense against
                                            hull and machinery, war and Protection and Indemnity risks (and any risks against which it
                                            is compulsory to insure for the operation of the Vessel, including maintaining financial
                                            security in accordance with sub-clause 10(a)(iii)) <FONT STYLE="color: #C00000"><U>in such
                                            form as the Owners shall in writing approve, which approval shall not be unreasonably withheld</U></FONT>.
                                            Such insurances shall be arranged by the Charterers to protect the interests of both the
                                            Owners and the Charterers <FONT STYLE="color: #C00000"><U>and the mortgagee(s</U></FONT>)(if
                                            any), and the Charterers shall be at liberty to protect under such insurances the interests
                                            of any managers they may appoint. Insurance policies shall cover the Owners and the Charterers
                                            according to their respective interests.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3">Subject
to the provisions of the Financial Instrument, if any, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #C00000">and
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3">the approval of the Owners and the insurers,
the Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the insurers of all costs in connection
with such repairs as well as insured charges, expenses and liabilities to the <STRIKE>extent of coverage under the insurances herein
provided for.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.55pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charterers also to remain responsible for and to effect repairs and settlement of costs and expenses incurred thereby in respect of all
other repairs not covered by the insurances and/or not exceeding any possible franchise(s) or deductibles provided for in the insurances.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 34.65pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
time used for repairs under the provisions of sub-clause 13(a) <FONT STYLE="color: #2E97D3"><STRIKE>and for repairs of latent defects
according to Clause 3(c) above</STRIKE></FONT>, <FONT STYLE="color: #C00000"><U>including any deviation,</U></FONT> shall be for the
Charterers&rsquo; account.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                                                                                                                                                           the conditions of the above insurances permit additional insurance to be placed by the parties, such cover shall be limited to the
                                                                                                                                                                           amount for each party set out in Box 30 and Box 31, respectively. The Owners or the Charterers as the case may be shall immediately
                                                                                                                                                                           furnish the other party with particulars of any additional insurance effected, including copies of any cover notes or policies and
                                                                                                                                                                           the written consent of the insurers of any such required insurance in any case where the consent of such insurers is necessary.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 0 0 34.05pt"></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Charterers shall upon the request of the Owners, provide information and promptly execute
                                            such documents as may be <FONT STYLE="color: #B5082E"><U>reasonably </U></FONT>required to
                                            enable the Owners to comply with the insurance provisions of the Financial Instrument. <FONT STYLE="color: #B5082E"><U>Cost
                                            and time, if any, for Owners' account.</U></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.7pt"></TD><TD STYLE="width: 23.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3; letter-spacing: -0.05pt">(d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3"><STRIKE>&#8203;
                                            Subject to the provisions of the Financial Instrument, if any, should the Vessel become an
                                            actual, constructive,</STRIKE> compromised or agreed total loss under the insurances required
                                            under sub-clause 13(a), all insurance payments for such loss shall be paid to the Owners
                                            who shall distribute the moneys between the Owners and the Charterers according to their
                                            respective interests. The Charterers undertake to notify the Owners and the mortgagee(s),
                                            if any, of any occurrences in consequence of which the Vessel is likely to become a total
                                            loss as defined in this <STRIKE>Clause.</STRIKE></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #B5082E"><U>See
                                            Clause 40</U></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(e)</FONT></TD><TD STYLE="padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Owners shall upon the request of the Charterers, promptly execute such documents as may be
                                            required to enable the Charterers to abandon the Vessel to insurers and claim a constructive
                                            total loss.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3; letter-spacing: -0.05pt">(f)</FONT></TD><TD STYLE="padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3"><STRIKE>For
                                            the purpose of insurance coverage against hull and machinery and war risks under the provisions
                                            of sub- clause 13(a), the value of the Vessel is the sum indicated in Box 29.</STRIKE></FONT>
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #B5082E"><U>See
                                            Clause 40</U></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">14.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance,
                                            Repairs and <FONT STYLE="letter-spacing: -0.1pt">Classification</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 33.7pt 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Optional,
only to apply if expressly agreed and stated in Box 29, in which event Clause 13 shall be considered <FONT STYLE="letter-spacing: -0.1pt"><STRIKE>deleted).</STRIKE></FONT></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            During the Charter Period the Vessel shall be kept insured by the Owners at their expense
                                            against hull and</STRIKE> machinery and war risks under the form of policy or policies attached
                                            hereto. The Owners and/or insurers shall not have any right of recovery or subrogation against
                                            the Charterers on account of loss of or any damage to the Vessel or her machinery or appurtenances
                                            covered by such insurance, or on account of payments made to discharge claims against or
                                            liabilities of the Vessel or the Owners covered by such insurance. Insurance policies <STRIKE>shall
                                            cover the Owners and the Charterers according to their respective interests.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            During the Charter Period the Vessel shall be kept insured by the Charterers at their expense
                                            against Protection</STRIKE> and Indemnity risks (and any risks against which it is compulsory
                                            to insure for the operation of the Vessel, including maintaining financial security in accordance
                                            with sub-clause 10(a)(iii)) in such form as the Owners shall <STRIKE>in writing approve which
                                            approval shall not be unreasonably withheld.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event that any act or negligence of the Charterers shall vitiate any of the insurance
                                            herein provided, the Charterers shall pay to the Owners all losses and indemnify the Owners
                                            against all claims and demands which <STRIKE>would otherwise have been covered by such insurance.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            The Charterers shall, subject to the approval of the Owners or Owners&rsquo; Underwriters,
                                            effect all insured repairs,</STRIKE> and the Charterers shall undertake settlement of all
                                            miscellaneous expenses in connection with such repairs as well as all insured charges, expenses
                                            and liabilities, to the extent of coverage under the insurances provided for <STRIKE>under
                                            the provisions of sub-clause 14(a).</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 0 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charterers to be secured reimbursement through the Owners&rsquo; Underwriters for such expenditures upon <STRIKE>presentation of accounts.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(e)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            The Charterers to remain responsible for and to effect repairs and settlement of costs and
                                            expenses incurred</STRIKE> thereby in respect of all other repairs not covered by the insurances
                                            and/or not exceeding any possible <STRIKE>franchise(s) or deductibles provided for in the
                                            insurances.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(f)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            All time used for repairs under the provisions of sub-clauses 14(d) and 14(e) and for repairs
                                            of latent defects</STRIKE> according to Clause 3 above, including any deviation, shall be
                                            for the Charterers&rsquo; account and shall form part of <STRIKE>the Charter Period.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 33.7pt 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Owners shall not be responsible for any expenses as are incident to the use and operation of the Vessel for <STRIKE>such time as may
be required to make such repairs.</STRIKE></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 33.7pt 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&nbsp;</STRIKE></FONT></P>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3; letter-spacing: -0.05pt">(g)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3"><STRIKE>&#8203;
If the conditions of the above insurances permit additional insurance to be placed by the parties such cover shall</STRIKE> be limited
to the amount for each party set out in Box 30 and Box 31, respectively. The Owners or the Charterers as the case may be shall immediately
furnish the other party with particulars of any additional insurance effected, including copies of any cover notes or policies and the
written consent of the insurers of any such required <STRIKE>insurance in any case where the consent of such insurers is necessary.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3; letter-spacing: -0.05pt">(h)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            <FONT STYLE="color: #2E97D3"><STRIKE>&#8203; Should the Vessel become an actual, constructive,
                                            compromised or agreed total loss under the insurances</STRIKE> required under sub-clause
                                            14(a), all insurance payments for such loss shall be paid to the Owners, who shall <STRIKE>distribute
                                            the moneys between themselves and the Charterers according to their respective interests.</STRIKE></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(i)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>If
                                            the Vessel becomes an actual, constructive, compromised or agreed total loss under the insurances
                                            arranged by the Owners in accordance with sub-clause 14(a), this Charter shall terminate
                                            as of the date of such loss.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(j)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
                                            Charterers shall upon the request of the Owners, promptly execute such documents as may be
                                            required to enable the Owners to abandon the Vessel to the insurers and claim a constructive
                                            total loss.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(k)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>For
                                            the purpose of insurance coverage against hull and machinery and war risks under the provisions
                                            of sub- clause 14(a), the value of the Vessel is the sum indicated in Box 29.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(l)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            Notwithstanding anything contained in sub-clause 10(a), it is agreed that under the provisions
                                            of Clause 14, if</STRIKE> applicable, the Owners shall keep the Vessel&rsquo;s Class fully
                                            up to date with the Classification Society indicated in <STRIKE>Box 10 and maintain all other
                                            necessary certificates in force at all times.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>15.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redelivery
                                            </B><FONT STYLE="color: #B5082E"><U>See Clauses 42 and <FONT STYLE="letter-spacing: -0.25pt">50</FONT></U></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.5pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the expiration of the Charter Period the Vessel shall be redelivered by the Charterers to the Owners at a safe and ice-free port or place
as indicated in Box 16, in such ready safe berth as the Owners may direct. The Charterers shall give the Owners not less than thirty
(30) running days&rsquo; preliminary notice of expected date, range of ports of redelivery or port or place of redelivery and not less
than fourteen (14) running days&rsquo; definite notice <STRIKE>of expected date and port or place of redelivery.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Any
changes thereafter in the Vessel&rsquo;s position shall be notified immediately to the <FONT STYLE="letter-spacing: -0.1pt">Owners.</FONT></STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.5pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charterers warrant that they will not permit the Vessel to commence a voyage (including any preceding ballast voyage) which cannot reasonably
be expected to be completed in time to allow redelivery of the Vessel within the Charter Period. Notwithstanding the above, should the
Charterers fail to redeliver the Vessel within the Charter Period, the Charterers shall pay the daily equivalent to the rate of hire
stated in Box 22 plus 10 per cent or to the market rate, whichever is the higher, for the number of days by which the Charter Period
is <STRIKE>exceeded. All other terms, conditions and provisions of this Charter shall continue to apply.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.55pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of Clause 10, the Vessel shall be redelivered to the Owners in the same or as good structure, state, condition and
class as that in which she was delivered, fair wear and tear not affecting class <FONT STYLE="letter-spacing: -0.1pt"><STRIKE>excepted.</STRIKE></FONT></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 33.7pt 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Vessel upon redelivery shall have her survey cycles up to date and trading and class certificates valid for at <STRIKE>least the number
of months agreed in Box 17.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>16.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-Lien</B></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.55pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charterers will not suffer, nor permit to be continued, any lien or encumbrance <FONT STYLE="color: #B5082E"><U>(other than any Permitted
Encumbrance)</U></FONT> incurred by them or their agents, which might have priority over the title and interest of the Owners in the
Vessel. <FONT STYLE="color: #B5082E"><U>The Charterers further agree to fasten to the Vessel in a conspicuous place and to keep so fastened
during the Charter Period a notice reading as follows:</U></FONT></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.4pt 0 34.05pt; text-align: justify; color: #B5082E"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&ldquo;This
Vessel is the property of (name of Owners). It is under charter to (name of Charterers) and by the terms of the Charter Party neither
the Charterers nor the Master have any right, power or authority to create, incur or permit to be imposed on the Vessel any lien whatsoever.&rdquo;</U></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.4pt 0 34.05pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.4pt 0 34.05pt; text-align: justify; color: #B5082E"></P>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.4pt 0 34.05pt; text-align: justify; color: #B5082E"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.4pt 0 34.05pt; text-align: justify; color: #B5082E"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Permitted
Encumbrance&rdquo; means:</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.4pt 0 34.05pt; text-align: justify; color: #B5082E"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
encumbrance created or to be created in accordance with a Leasing Document;</U></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.4pt 0 34.05pt; text-align: justify; color: #B5082E"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
liens incurred in the ordinary course of trading and/or operating the Vessel and not more than thirty (30) days overdue unless the Charterers
are contesting the claim giving rise to such lien in good faith by appropriate steps;</U></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.4pt 0 34.05pt; text-align: justify; color: #B5082E"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liens
for unpaid crews' wages and salvage and liens incurred in the ordinary course of trading the Vessel up to an aggregate amount at any
time not exceeding US$1,000,000;</U></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.4pt 0 34.05pt; text-align: justify; color: #B5082E"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
encumbrance arising by operation of law in respect of taxes which are not overdue for payment or taxes which are overdue for payment
but which are being contested in good faith by appropriate steps and in respect of which adequate reserves have been made;</U></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.4pt 0 34.05pt; text-align: justify; color: #B5082E"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liens
for master's disbursements incurred in the ordinary course of trading;</U></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.4pt 0 34.05pt; text-align: justify; color: #B5082E"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
encumbrance created or to be created by the Owners in favour of the Mortgagee in accordance with the relevant Financial Instrument subject
to and in accordance with the terms of this Charter (including but not limited subject to the provisions of a Quiet Enjoyment Letter);
and</U></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.4pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #B5082E"><U>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
encumbrance which has the prior written approval of the Owners</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red">.</FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">17.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Indemnity</FONT></TD></TR></TABLE>

<P STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Charterers shall indemnify the Owners against any loss, damage or expense incurred by the
                                            Owners arising out of or in relation to the operation of the Vessel by the Charterers, and
                                            against any lien of whatsoever nature arising out of an event occurring during the Charter
                                            Period. If the Vessel be arrested or otherwise detained by reason of claims or liens arising
                                            out of her operation hereunder by the Charterers, the Charterers shall at their own expense
                                            take all <FONT STYLE="color: #2E97D3"><STRIKE>reasonable</STRIKE></FONT> <FONT STYLE="color: #B5082E"><U>necessary
                                            </U></FONT>steps to secure that within <FONT STYLE="color: #2E97D3"><STRIKE>a reasonable
                                            time</STRIKE></FONT> <FONT STYLE="color: #B5082E"><U>the time frame set out in Clause 41(b)(5)
                                            </U></FONT>the Vessel is released, including the provision of bail.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all consequences or liabilities arising
from the Master, officers or agents signing Bills of Lading or other <FONT STYLE="letter-spacing: -0.1pt">documents.</FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the Vessel be arrested or otherwise detained by reason of a claim or claims against the Owners,
                                            the Owners shall at their own expense take all <FONT STYLE="color: #2E97D3"><STRIKE>reasonable
                                            </STRIKE></FONT><FONT STYLE="color: #B5082E"><U>necessary </U></FONT>steps to <FONT STYLE="color: #B5082E"><U>promptly
                                            and as soon as possible but no later than 30 days after such arrest or detention </U></FONT>secure
                                            that <FONT STYLE="color: #2E97D3"><STRIKE>within a reasonable time </STRIKE></FONT>the Vessel
                                            is released, including the provision of bail.</FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.6pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
such circumstances the Owners shall indemnify the Charterers against any loss, damage or expense incurred by the Charterers (including
hire paid under this Charter) as a direct consequence of such arrest or detention.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">18.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.2pt">Lien</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Owners to have a lien upon all cargoes, sub-hires and sub-freights belonging or due to the Charterers or any sub-charterers and any Bill
of Lading freight for all claims under this Charter, and the Charterers to have a lien on the Vessel for all moneys paid in advance and
not earned.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">19.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Salvage</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.5pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
salvage and towage performed by the Vessel shall be for the Charterers&rsquo; benefit and the cost of repairing damage occasioned thereby
shall be borne by the Charterers.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">20.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wreck
                                            <FONT STYLE="letter-spacing: -0.1pt">Removal</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.5pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of the Vessel becoming a wreck or obstruction to navigation the Charterers shall indemnify the Owners against any sums whatsoever
which the Owners shall become liable to pay and shall pay in consequence of the Vessel becoming a wreck or obstruction to navigation.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">21.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
                                            <FONT STYLE="letter-spacing: -0.1pt">Average</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Owners shall not contribute to General <FONT STYLE="letter-spacing: -0.1pt">Average.</FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">22.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assignment,
                                            Sub-Charter and <FONT STYLE="letter-spacing: -0.2pt">Sale</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Charterers shall not assign this Charter nor sub-charter the Vessel on a bareboat basis except
                                            with the prior consent in writing of the Owners, which shall not be unreasonably withheld,
                                            and subject to such terms and conditions as the Owners shall approve.</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 34.5pt 0 34.05pt; text-align: justify"></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Owners shall not sell the Vessel during the currency of this Charter except with the prior
                                            written consent of the Charterers, which shall not be unreasonably withheld, and subject
                                            to the buyer accepting <FONT STYLE="color: #2E97D3"><STRIKE>an assignment</STRIKE></FONT>
                                            <FONT STYLE="color: #B5082E"><U>novation</U></FONT> of this Charter.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.5pt 0 34.05pt; text-align: justify; text-indent: -0.05pt; color: #B5082E"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Subject
to the terms and conditions set out in Clause 44 and provided that the Charterers receive a Letter of Quiet Enjoyment in the format attached
hereto as Annex 4, the Owners shall have the right to assign the Charter Hire and the Owners&rsquo; benefit and right in the Vessel's
insurances to their financiers for security purposes. All cost and time, if any, to be for the Owners' account.</U></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">23.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contracts
                                            of <FONT STYLE="letter-spacing: -0.1pt">Carriage</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
                                            The Charterers are to procure that all documents issued during the Charter Period evidencing
                                            the terms and conditions agreed in respect of carriage of goods shall contain a paramount
                                            clause incorporating any legislation relating to carrier&rsquo;s liability for cargo compulsorily
                                            applicable in the trade; if no such legislation exists, the documents shall incorporate the
                                            Hague-Visby Rules. The documents shall also contain the New Jason Clause and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 0 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Both-to-Blame Collision <FONT STYLE="letter-spacing: -0.1pt">Clause.</FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>*
                                            The Charterers are to procure that all passenger tickets issued during the Charter Period
                                            for the carriage of</STRIKE> passengers and their luggage under this Charter shall contain
                                            a paramount clause incorporating any legislation relating to carrier&rsquo;s liability for
                                            passengers and their luggage compulsorily applicable in the trade; if no such legislation
                                            exists, the passenger tickets shall incorporate the Athens Convention Relating to the Carriage
                                            of <STRIKE>Passengers and their Luggage by Sea, 1974, and any protocol thereto.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Delete
as <FONT STYLE="letter-spacing: -0.1pt">applicable.</FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">24.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank
                                            <FONT STYLE="letter-spacing: -0.1pt">Guarantee</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Optional,
only to apply if Box 27 filled <FONT STYLE="letter-spacing: -0.25pt">in)</FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.5pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charterers undertake to furnish, before delivery of the Vessel, a first class bank guarantee or bond in the sum and at the place as indicated
in Box 27 as guarantee for full performance of their obligations under this <FONT STYLE="letter-spacing: -0.1pt"><STRIKE>Charter.</STRIKE></FONT></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>25.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Requisition/Acquisition
                                            </B><FONT STYLE="color: #B5082E"><U>Also see Clause <FONT STYLE="letter-spacing: -0.25pt">40
                                            (d)</FONT></U></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event of the Requisition for Hire of the Vessel by any governmental or other competent
                                            authority (hereinafter referred to as &ldquo;Requisition for Hire&rdquo;) irrespective of
                                            the date during the Charter Period when &ldquo;Requisition for Hire&rdquo; may occur and
                                            irrespective of the length thereof and whether or not it be for an indefinite or a limited
                                            period of time, and irrespective of whether it may or will remain in force for the remainder
                                            of the Charter Period, this Charter shall not be deemed thereby or thereupon to be frustrated
                                            or otherwise terminated and the Charterers shall continue to pay the stipulated hire in the
                                            manner provided by this Charter until the time when the Charter would have terminated pursuant
                                            to any of the provisions hereof always provided however that <FONT STYLE="color: #B5082E"><U>if
                                            all hire has been paid by the Charterers hereunder, then</U></FONT> in the event of &ldquo;Requisition
                                            for Hire&rdquo; any Requisition Hire or compensation <FONT STYLE="color: #B5082E"><U>is</U></FONT>
                                            received <FONT STYLE="color: #2E97D3"><STRIKE>or receivable</STRIKE></FONT> by the Owners<FONT STYLE="color: #B5082E"><U>,
                                            then the same</U></FONT> shall be payable to the Charterers during the remainder of the Charter
                                            Period or the period of the &ldquo;Requisition for Hire&rdquo; whichever be the shorter.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event of the Owners being deprived of their ownership in the Vessel by any Compulsory
                                            Acquisition of the Vessel or requisition for title by any governmental or other competent
                                            authority (hereinafter referred to as &ldquo;Compulsory Acquisition&rdquo;), then, irrespective
                                            of the date during the Charter Period when &ldquo;Compulsory Acquisition&rdquo; may occur,
                                            this Charter shall be deemed terminated as of the date of such &ldquo;Compulsory Acquisition&rdquo;.
                                            In such event Charter Hire to be considered as earned and to be paid up to the date and time
                                            of such &ldquo;Compulsory <FONT STYLE="letter-spacing: -0.1pt">Acquisition&rdquo;.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>26.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>War
                                            </B><FONT STYLE="color: #B5082E; letter-spacing: -0.1pt"><U>Also </U></FONT></FONT><U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #B5082E">see
                                            Clause <FONT STYLE="letter-spacing: -0.25pt">53</FONT></FONT></U></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                                                                                                                                                           the purpose of this Clause, the words &ldquo;War Risks&rdquo; shall include any war (whether actual or threatened), act of war,
                                                                                                                                                                           civil war, hostilities, revolution, rebellion, civil commotion, warlike operations, the laying of mines (whether actual or
                                                                                                                                                                           reported), acts of piracy, acts of terrorists, acts of hostility or malicious damage, blockades (whether imposed against all vessels
                                                                                                                                                                           or imposed selectively against vessels of certain flags or ownership, or against certain cargoes or crews or otherwise howsoever),
                                                                                                                                                                           by any person, body, terrorist or political group, or the Government of any state whatsoever, which may be dangerous or are likely
                                                                                                                                                                           to be or to become dangerous to the Vessel, her cargo, crew or other persons on board the Vessel.</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 34.5pt 0 34.05pt; text-align: justify"></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.7pt"></TD><TD STYLE="width: 23.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            The Vessel, unless the written consent of the Owners be first obtained, shall not continue
                                            to or go through any</STRIKE> port, place, area or zone (whether of land or sea), or any
                                            waterway or canal, where it reasonably appears that the Vessel, her cargo, crew or other
                                            persons on board the Vessel, in the reasonable judgement of the Owners, may be, or are likely
                                            to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which
                                            only becomes dangerous, or is likely to be or to become dangerous, after her entry into it,
                                            the Owners shall have <STRIKE>the right to require the Vessel to leave such area.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(c)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                                                                                                                                                           Vessel shall not load contraband cargo, or to pass through any blockade, whether such blockade be imposed on all vessels, or is
                                                                                                                                                                           imposed selectively in any way whatsoever against vessels of certain flags or ownership, or against certain cargoes or crews or
                                                                                                                                                                           otherwise howsoever, or to proceed to an area where she shall be subject, or is likely to be subject to a belligerent&rsquo;s right
                                                                                                                                                                           of search and/ or confiscation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 33.7pt 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.7pt"></TD><TD STYLE="width: 23.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 32pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            If the insurers of the war risks insurance, when Clause 14 is applicable, should require
                                            payment of premiums</STRIKE> and/or calls because, pursuant to the Charterers&rsquo; orders,
                                            the Vessel is within, or is due to enter and remain within, any area or areas which are specified
                                            by such insurers as being subject to additional premiums because of War Risks, then such
                                            premiums and/or calls shall be reimbursed by the Charterers to the Owners at the same time
                                            as <STRIKE>the next payment of hire is due.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(e)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Charterers shall have the <FONT STYLE="letter-spacing: -0.1pt">liberty:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 34.45pt 0 34.05pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(i)&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to comply with all orders, directions, recommendations
or advice as to departure, arrival, routes, sailing in convoy, ports of call, stoppages, destinations, discharge of cargo, delivery,
or in any other way whatsoever, which are given by the Government of the Nation under whose flag the Vessel sails, or any other Government,
body or group whatsoever acting with the power to compel compliance with their orders or directions;</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 34.6pt 0 34.05pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(ii)&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to comply with the orders, directions or recommendations
of any war risks underwriters who have the authority to give the same under the terms of the war risks insurance;</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 34.5pt 0 34.05pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(iii)&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to comply with the terms of any resolution of the Security
Council of the United Nations, any directives of the European Community, the effective orders of any other Supranational body which has
the right to issue and give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey
the orders and directions of those who are charged with their enforcement.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(f)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event of outbreak of war (whether there be a declaration of war or <FONT STYLE="letter-spacing: -0.2pt">not)</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 31.8pt 0 34.05pt; text-indent: 0cm; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
between any two or more of the following countries: the United States of America; Russia; the United Kingdom; <STRIKE>France; and the
People&rsquo;s Republic of China,</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.6pt 0 35.45pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(ii)
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">between any two or more of the countries stated in Box
36, both the Owners and the Charterers shall have the right to cancel this Charter, whereupon the Charterers shall redeliver the Vessel
to the Owners in accordance with Clause 15, if the Vessel has cargo on board after discharge thereof at destination, or if debarred under
this Clause from reaching or entering it at a near, open and safe port as <FONT STYLE="color: #B5082E"><U>reasonably</U></FONT> directed
by the Owners, or if the Vessel has no cargo on board, at the port at which the Vessel then is or if at sea at <FONT STYLE="color: #B5082E; letter-spacing: -0.2pt"><U>destination
provided such destination is an open and safe port or otherwise at </U></FONT>a near, open and safe port as <FONT STYLE="color: #B5082E; letter-spacing: -0.2pt"><U>agreed
between the Owners and the Charterers</U></FONT><FONT STYLE="color: red">. </FONT>In all cases hire shall continue to be paid in accordance
with Clause 11 and except as aforesaid all other provisions of this Charter shall apply until redelivery<FONT STYLE="color: #B5082E"><U>;
however, the Charterers shall be entitled to purchase the Vessel prior to the end of the third anniversary of the delivery of the Vessel
in accordance with Clause 49.</U></FONT></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">27.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Commission</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
Owners to pay a commission at the rate indicated in Box 33 to the Brokers named in Box 33 on any hire paid under the Charter. If no rate
is indicated in Box 33, the commission to be paid by the Owners shall cover the actual expenses of the Brokers and a reasonable fee for
their work.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 33.7pt 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the full hire is not paid owing to breach of the Charter by either of the parties the party liable therefor shall <STRIKE>indemnify the
Brokers against their loss of commission.</STRIKE></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 33.7pt 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&nbsp;</STRIKE></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 33.7pt 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Should
the parties agree to cancel the Charter, the Owners shall indemnify the Brokers against any loss of commission but in such case the commission
shall not exceed the brokerage on one year&rsquo;s hire</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 13 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.55pt 0 34.05pt; text-align: justify"></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">28.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Termination</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charterers&rsquo;
                                            Default <FONT STYLE="color: #B5082E"><U>See Clauses 41 and <FONT STYLE="letter-spacing: -0.25pt">42</FONT></U></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 33.7pt 0 34.05pt; text-indent: 5pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
Owners shall be entitled to withdraw the Vessel from the service of the Charterers and terminate the Charter with immediate effect by
written notice to the Charterers if:</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.45pt 0 34.05pt; text-indent: 0cm; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(i)&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Charterers fail to pay hire in accordance with Clause
11. However, where there is a failure to make punctual payment of hire due to oversight, negligence, errors or omissions on the part
of the Charterers or their bankers,</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.55pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Owners shall give the Charterers written notice of the number of clear banking days stated in Box 34 (as recognised at the agreed place
of payment) in which to rectify the failure, and when so rectified within such <STRIKE>number of days following the Owners&rsquo; notice,
the payment shall stand as regular and punctual.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.5pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
by the Charterers to pay hire within the number of days stated in Box 34 of their receiving the Owners&rsquo; notice as provided herein,
shall entitle the Owners to withdraw the Vessel from the service of the Charterers and <STRIKE>terminate the Charter without further
notice;</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.05pt"></TD><TD STYLE="width: 10.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(ii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;the
                                            Charterers fail to comply with the requirements <FONT STYLE="letter-spacing: -0.25pt">of:</FONT></STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.05pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>(1)</STRIKE></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Clause
                                            6 (Trading <FONT STYLE="letter-spacing: -0.1pt">Restrictions)</FONT></STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.05pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>(2)</STRIKE></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Clause
                                            13(a) (Insurance and <FONT STYLE="letter-spacing: -0.1pt">Repairs)</FONT></STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.5pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provided
that the Owners shall have the option, by written notice to the Charterers, to give the Charterers a specified number of days grace within
which to rectify the failure without prejudice to the Owners&rsquo; right to <STRIKE>withdraw and terminate under this Clause if the
Charterers fail to comply with such notice;</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.5pt 0 34.05pt; text-align: justify; text-indent: 0cm; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(iii)&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Charterers fail to rectify any failure to comply
with the requirements of sub-clause 10(a)(i) (Maintenance and Repairs) as soon as practically possible after the Owners have requested
them in writing so to do and in any <STRIKE>event so that the Vessel&rsquo;s insurance cover is not prejudiced.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owners&rsquo;
                                            <FONT STYLE="letter-spacing: -0.1pt">Default <FONT STYLE="color: #C00000"><U>&ndash; See
                                            also clause 41(b)</U></FONT></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Owners shall by any act or omission be in breach of their obligations under this Charter to the extent that the Charterers are deprived
of the use of the Vessel and such breach continues for a period of fourteen (14) running days after written notice thereof has been given
by the Charterers to the Owners, the Charterers shall be entitled to terminate this Charter with immediate effect by written notice to
the Owners.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(c)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
                                            of Vessel <FONT STYLE="color: #B5082E"><U>See Clause 40 <FONT STYLE="letter-spacing: -0.1pt">(d)/(e)</FONT></U></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.6pt 0 34.05pt; text-align: justify; text-indent: 5pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>This
Charter shall be deemed to be terminated if the Vessel becomes a total loss or is declared as a constructive</STRIKE> or compromised
or arranged total loss. For the purpose of this sub-clause, the Vessel shall not be deemed to be lost unless she has either become an
actual total loss or agreement has been reached with her underwriters in respect of her constructive, compromised or arranged total loss
or if such agreement with her underwriters is <STRIKE>not reached it is adjudged by a competent tribunal that a constructive loss of
the Vessel has occurred.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3"><STRIKE>Either
                                            party shall be entitled to terminate this Charter with immediate effect by written notice
                                            to the other party in the event of an order being made or resolution passed for the winding
                                            up, dissolution, liquidation or bankruptcy of the other party (otherwise than for the purpose
                                            of reconstruction or amalgamation) or if a receiver is appointed, or if it suspends payment,
                                            ceases to carry on business or makes any special arrangement or composition with its creditors.
                                            </STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #B5082E"><U>See
                                            Clause 41</U></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(e)</FONT></TD><TD STYLE="padding-right: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            termination of this Charter shall be without prejudice to all rights accrued due between
                                            the parties prior to the date of termination and to any claim that either party might have.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">29.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Repossession</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.6pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.6pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3"><STRIKE>&nbsp;</STRIKE></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.6pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3"><STRIKE>In
the event of the termination of this Charter in accordance with the applicable provisions of Clause 28,</STRIKE></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #B5082E; letter-spacing: -0.3pt"><U>If
a</U></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.6pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination
Event occurs and is continuing<FONT STYLE="color: #B5082E"><U>, subject to the terms and conditions of Clauses 41 and 42, should </U></FONT>the
Owners <FONT STYLE="color: #2E97D3"><STRIKE>shall</STRIKE></FONT> have the right to repossess the Vessel from the Charterers pursuant
to such Clauses <FONT STYLE="color: #2E97D3"><STRIKE>at her current or next port of call, or at a port or place convenient to them without
hindrance or interference by the Charterers, courts or local authorities</STRIKE></FONT>, p<FONT STYLE="color: #2E97D3"><STRIKE>P</STRIKE></FONT>ending
physical repossession of the Vessel in accordance with this Clause 29, the Charterers shall hold the Vessel as gratuitous bailee only
to the Owners. The Owners shall arrange for an authorised representative to board the Vessel as soon as reasonably practicable following
the termination of the Charter. The Vessel shall be deemed to be repossessed by the Owners from the Charterers upon the boarding of the
Vessel by the Owners&rsquo; representative. All arrangements and expenses relating to the settling of wages, disembarkation and repatriation
of the Charterers&rsquo; Master, officers and crew shall be the sole responsibility of the Charterers.</FONT></P>

<P STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">30.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dispute
                                            <FONT STYLE="letter-spacing: -0.1pt">Resolution</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
                                            This Contract shall be governed by and construed in accordance with English law and any dispute
                                            arising out of or in connection with this Contract shall be referred to arbitration in London
                                            in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment
                                            thereof save to the extent necessary to give effect to the provisions of this Clause.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.7pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the
arbitration proceedings are commenced.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 32pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator <FONT STYLE="color: #C00000"><U>(who
shall be either a full member of the LMAA, or a practising barrister of King's Counsel who is also a member of the Commercial Bar Association,
or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London)</U></FONT> and send notice
of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of
that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and
gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice
that it has done so within the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further
prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of
a sole arbitrator shall be binding on both parties as if he had been appointed by agreement. <FONT STYLE="color: #C00000"><U>If the two
arbitrators so appointed are unable to agree on the appointment of the third arbitrator within seven (7) days after the appointment of
the second arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator
within fourteen (14) days of such request.</U></FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 34.6pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 34.55pt 0 34.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
cases where neither the claim nor any counterclaim exceeds the sum of US$<FONT STYLE="color: #2E97D3"><STRIKE>5</STRIKE></FONT><FONT STYLE="color: #B5082E"><U>10</U></FONT>0,000
(or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current
at the time when the arbitration proceedings are commenced.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.7pt"></TD><TD STYLE="width: 23.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>*
                                            This Contract shall be governed by and construed in accordance with Title 9 of the United
                                            States Code and the</STRIKE> Maritime Law of the United States and any dispute arising out
                                            of or in connection with this Contract shall be referred to three persons at New York, one
                                            to be appointed by each of the parties hereto, and the third by the two so chosen; their
                                            decision or that of any two of them shall be final, and for the purposes of enforcing any
                                            award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings
                                            shall be <STRIKE>conducted in accordance with the rules of the Society of Maritime Arbitrators,
                                            Inc.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.5pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the parties may agree) the arbitration
shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc. current at the
time when the arbitration proceedings are commenced.</FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>(c)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 34.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>*
                                            This Contract shall be governed by and construed in accordance with the laws of the place
                                            mutually agreed by</STRIKE> the parties and any dispute arising out of or in connection with
                                            this Contract shall be referred to arbitration at a <STRIKE>mutually agreed place, subject
                                            to the procedures applicable there.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>(d)</STRIKE></FONT></TD><TD STYLE="padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
                                            (a), (b) or (c) above, the parties may agree at any time to refer to mediation any difference
                                            and/or dispute arising out of or in connection with this Contract.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 33.7pt 0 34.05pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 33.7pt 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the case of a dispute in respect of which arbitration has been commenced under (a), (b) or (c) above, the following shall apply:</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.45pt 0 34.05pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(i)
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Either party may at any time and from time to time elect
to refer the dispute or part of the dispute to mediation by service on the other party of a written notice (the &ldquo;Mediation Notice&rdquo;)
calling on the other party to agree to <FONT STYLE="letter-spacing: -0.1pt">mediation.</FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(ii)&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The other party shall thereupon within 14 calendar days
of receipt of the Mediation Notice confirm that they agree to mediation, in which case the parties shall thereafter agree a mediator
within a further 14 calendar days, failing which on the application of either party a mediator will be appointed promptly by the Arbitration
Tribunal (&ldquo;the Tribunal&rdquo;) or such person as the Tribunal may designate for that purpose. The mediation shall be conducted
in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event of disagreement, as may
be set by the mediator.</FONT></P>

<P STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.65pt 0 34.05pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(iii)&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the other party does not agree to mediate, that fact
may be brought to the attention of the Tribunal and may be taken into account by the Tribunal when allocating the costs of the arbitration
as between the parties.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 34.65pt 0 34.05pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(iv)&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The mediation shall not affect the right of either party
to seek such relief or take such steps as it considers necessary to protect its interest.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 34.6pt 0 34.05pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(v)&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Either party may advise the Tribunal that they have
agreed to mediation. The arbitration procedure shall continue during the conduct of the mediation but the Tribunal may take the mediation
timetable into account when setting the timetable for steps in the arbitration.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 34.6pt 0 34.05pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(vi)&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise agreed or specified in the mediation
terms, each party shall bear its own costs incurred in the mediation and the parties shall share equally the mediator&rsquo;s costs and
expenses.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(vii)&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The mediation process shall be without prejudice and
confidential and no information or documents disclosed during it shall be revealed to the Tribunal except to the extent that they are
disclosable under the law and procedure governing the arbitration.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Note:
The parties should be aware that the mediation process may not necessarily interrupt time <FONT STYLE="letter-spacing: -0.1pt">limits.)</FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>(e)</STRIKE></FONT></TD><TD STYLE="padding-right: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            Box 35 in Part I is not appropriately filled in, sub-clause 30(a) of this Clause shall apply.
                                            Sub-clause 30(d) shall apply in all cases.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 34.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Sub-clauses
30(a), 30(b) and 30(c) are alternatives; indicate alternative agreed in Box <FONT STYLE="letter-spacing: -0.25pt">35.</FONT></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>31.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notices
                                            </B><FONT STYLE="color: #B5082E"><U>See Clause <FONT STYLE="letter-spacing: -0.25pt">52</FONT></U></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD STYLE="padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Any
                                            notice to be given by either party to the other party shall be in writing and may be sent
                                            by fax, telex, registered or recorded mail or by personal service.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
                                            address of the Parties for service of such communication shall be as stated in Boxes 3 and
                                            4 <FONT STYLE="letter-spacing: -0.1pt">respectively.</FONT></STRIKE></FONT></TD></TR></TABLE>


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<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 98.7pt 0 69.9pt; text-align: center; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&nbsp;</STRIKE></FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 98.7pt 0 69.9pt; text-align: center; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&nbsp;</STRIKE></FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 98.7pt 0 69.9pt; text-align: center; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>PROVISIONS
TO APPLY FOR NEWBUILDING VESSELS <FONT STYLE="letter-spacing: -0.2pt">ONLY</FONT></STRIKE></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 98.7pt 0 69.9pt; text-align: center; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(Optional,
only to apply if expressly agreed and stated in Box <FONT STYLE="letter-spacing: -0.25pt">37)</FONT></STRIKE></FONT></P>

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

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>1.</STRIKE></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Specifications
                                            and Building <FONT STYLE="letter-spacing: -0.1pt">Contract</FONT></STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 31.45pt 0 34.05pt; text-indent: -1cm; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
Vessel shall be constructed in accordance with the Building Contract (hereafter called &ldquo;the Building Contract&rdquo;)</STRIKE>
as annexed to this Charter, made between the Builders and the Owners and in accordance with the specifications and plans annexed thereto,
such Building Contract, specifications and plans having been counter-signed as <STRIKE>approved by the Charterers.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.55pt 0 34.05pt; text-indent: -1cm; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRIKE></FONT><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No change shall be made in the Building
Contract or in the specifications or plans of the Vessel as approved by the Charterers as aforesaid, without the Charterers&rsquo; consent.</FONT></STRIKE></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 3pt 34.55pt 0 34.05pt; text-indent: -1cm; color: #2E97D3"><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></STRIKE></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3; letter-spacing: -0.05pt"><STRIKE>(c)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            <FONT STYLE="color: #2E97D3"><STRIKE>&#8203; The Charterers shall have the right to send
                                            their representative to the Builders&rsquo; Yard to inspect the Vessel during </STRIKE>the
                                            course of her construction to satisfy themselves that construction is in accordance with
                                            such approved <STRIKE>specifications and plans as referred to under sub-clause (a) of this
                                            Clause.</STRIKE></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3; letter-spacing: -0.05pt"><STRIKE>(d)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 34.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3"><STRIKE>The
Vessel shall be built in accordance with the Building Contract and shall be of the description set out therein.</STRIKE> Subject to the
provisions of sub-clause 2(c)(ii) hereunder, the Charterers shall be bound to accept the Vessel from the Owners, completed and constructed
in accordance with the Building Contract, on the date of delivery by the Builders. The Charterers undertake that having accepted the
Vessel they will not thereafter raise any claims <STRIKE>against the Owners in respect of the Vessel&rsquo;s performance or specification
or defects, if any.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.5pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nevertheless,
in respect of any repairs, replacements or defects which appear within the first 12 months from delivery by the Builders, the Owners
shall endeavour to compel the Builders to repair, replace or remedy any defects or to recover from the Builders any expenditure incurred
in carrying out such repairs, replacements or <FONT STYLE="letter-spacing: -0.1pt"><STRIKE>remedies.</STRIKE></FONT></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.5pt 0 34.05pt; text-align: justify; color: #2E97D3">H<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">owever,
the Owners&rsquo; liability to the Charterers shall be limited to the extent the Owners have a valid claim against the Builders under
the guarantee clause of the Building Contract (a copy whereof has been supplied to the Charterers). The Charterers shall be bound to
accept such sums as the Owners are reasonably able to recover under this Clause and shall make no further claim on the Owners for the
difference between the amount(s) so recovered and the actual expenditure on repairs, replacement or remedying defects or for any loss
of time <FONT STYLE="letter-spacing: -0.1pt"><STRIKE>incurred.</STRIKE></FONT></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 33.7pt 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
liquidated damages for physical defects or deficiencies shall accrue to the account of the party stated in Box <STRIKE>41(a) or if not
filled in shall be shared equally between the parties.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 15.35pt 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
costs of pursuing a claim or claims against the Builders under this Clause (including any liability to the Builders) shall be borne by
the party stated in Box 41(b) or if not filled in shall be shared equally between the parties.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>2.</STRIKE></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Time
                                            and Place of <FONT STYLE="letter-spacing: -0.1pt">Delivery</FONT></STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3; letter-spacing: -0.05pt"><STRIKE>(a)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 34.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3"><STRIKE>&#8203;
Subject to the Vessel having completed her acceptance trials including trials of cargo equipment in accordance</STRIKE> with the Building
Contract and specifications to the satisfaction of the Charterers, the Owners shall give and the Charterers shall take delivery of the
Vessel afloat when ready for delivery and properly documented at the Builders&rsquo; Yard or some other safe and readily accessible dock,
wharf or place as may be agreed between the parties hereto and the Builders. Under the Building Contract the Builders have estimated
that the Vessel will be ready for delivery to the Owners as therein provided but the delivery date for the purpose of this Charter shall
be the date when the Vessel is in fact ready for delivery by the Builders after completion of trials whether that be before or after
as indicated in the Building Contract. The Charterers shall not be entitled to refuse acceptance of delivery of the Vessel and upon and
after such acceptance, subject to Clause 1(d), the Charterers shall not be entitled to make any claim against the Owners in respect of
any conditions, representations or warranties, <STRIKE>whether express or implied, as to the seaworthiness of the Vessel or in respect
of delay in delivery.</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.65pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2E97D3; letter-spacing: -0.05pt"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 34.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            <FONT STYLE="color: #2E97D3"><STRIKE>&#8203; If for any reason other than a default by the
                                            Owners under the Building Contract, the Builders become entitled</STRIKE> under that Contract
                                            not to deliver the Vessel to the Owners, the Owners shall upon giving to the Charterers written
                                            notice of Builders becoming so entitled, be excused from giving delivery of the Vessel to
                                            the Charterers </FONT></FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 1.55pt 0 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>and
upon receipt of such notice by the Charterers this Charter shall cease to have <FONT STYLE="letter-spacing: -0.1pt">effect.</FONT></STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.6pt 0 34.05pt; text-indent: -1cm; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRIKE></FONT><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If for any reason the Owners become
entitled under the Building Contract to reject the Vessel the Owners shall, before exercising such right of rejection, consult the Charterers
and thereupon</FONT></STRIKE></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 28.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 36.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;
                                            if the Charterers do not wish to take delivery of the Vessel they shall inform the Owners
                                            within seven (7) running days by notice in writing and upon receipt by the Owners of such
                                            notice this Charter shall cease to have effect; or</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 35.7pt 0 62.4pt; text-indent: -1cm; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRIKE></FONT><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the Charterers wish to take delivery
of the Vessel they may by notice in writing within seven (7) running days require the Owners to negotiate with the Builders as to the
terms on which delivery should be taken and/or refrain from exercising their right to rejection and upon receipt of such notice the Owners
shall commence such negotiations and/or take delivery of the Vessel from the Builders and deliver her to the Charterers;</FONT></STRIKE></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 44.9pt 0 62.4pt; text-indent: -1cm; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRIKE></FONT><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in no circumstances shall the Charterers
be entitled to reject the Vessel unless the Owners are able to reject the Vessel from the Builders;</FONT></STRIKE></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 11pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 44.9pt 0 62.4pt; text-indent: -1cm; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRIKE></FONT><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if this Charter terminates under sub-clause
(b) or (c) of this Clause, the Owners shall thereafter not be liable to the Charterers for any claim under or arising out of this Charter
or its termination.</FONT></STRIKE></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 11pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 42.75pt 0 34.05pt; text-indent: -1cm; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRIKE></FONT><STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any liquidated damages for delay in
delivery under the Building Contract and any costs incurred in pursuing a claim therefor shall accrue to the account of the party stated
in Box 41(c) or if not filled in shall be shared equally between the parties.</FONT></STRIKE></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>3.</STRIKE></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Guarantee
                                            <FONT STYLE="letter-spacing: -0.1pt">Works</FONT></STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.45pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>If
not otherwise agreed, the Owners authorise the Charterers to arrange for the guarantee works to be performed in accordance with the building
contract terms, and hire to continue during the period of guarantee works. The Charterers have to advise the Owners about the performance
to the extent the Owners may request.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>4.</STRIKE></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Name
                                            of <FONT STYLE="letter-spacing: -0.1pt">Vessel</FONT></STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 33.7pt 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
name of the Vessel shall be mutually agreed between the Owners and the Charterers and the Vessel shall be painted in the colours, display
the funnel insignia and fly the house flag as required by the Charterers.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>5.</STRIKE></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Survey
                                            on <FONT STYLE="letter-spacing: -0.1pt">Redelivery</FONT></STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 33.7pt 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
Owners and the Charterers shall appoint surveyors for the purpose of determining and agreeing in writing the condition of the Vessel
at the time of redelivery.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.55pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Without
prejudice to Clause 15 (Part II), the Charterers shall bear all survey expenses and all other costs, if any, including the cost of docking
and undocking, if required, as well as all repair costs incurred. The Charterers shall</STRIKE> also bear all loss of time spent in connection
with any docking and undocking as well as repairs, which shall be <STRIKE>paid at the rate of hire per day or pro rata.</STRIKE></FONT></P>


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<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 98.75pt 0 69.9pt; text-align: center; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&nbsp;</STRIKE></FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 98.75pt 0 69.9pt; text-align: center; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&nbsp;</STRIKE></FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 98.75pt 0 69.9pt; text-align: center; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>HIRE/PURCHASE
<FONT STYLE="letter-spacing: -0.1pt">AGREEMENT</FONT></STRIKE></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 98.7pt 0 69.9pt; text-align: center; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(Optional,
only to apply if expressly agreed and stated in Box <FONT STYLE="letter-spacing: -0.25pt">42)</FONT></STRIKE></FONT></P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.5pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
expiration of this Charter and provided the Charterers have fulfilled their obligations according to Part I and II as well as Part III,
if applicable, it is agreed, that on payment of the final payment of hire as per Clause 11 the <STRIKE>Charterers have purchased the
Vessel with everything belonging to her and the Vessel is fully paid for.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>In
the following paragraphs the Owners are referred to as the Sellers and the Charterers as the <FONT STYLE="letter-spacing: -0.1pt">Buyers.</FONT></STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
Vessel shall be delivered by the Sellers and taken over by the Buyers on expiration of the <FONT STYLE="letter-spacing: -0.1pt">Charter.</FONT></STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.5pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sellers guarantee that the Vessel, at the time of delivery, is free from all encumbrances and maritime liens or any debts whatsoever
other than those arising from anything done or not done by the Buyers or any existing mortgage agreed not to be paid off by the time
of delivery. Should any claims, which have been incurred prior to the time of delivery be made against the Vessel, the Sellers hereby
undertake to indemnify the Buyers against all consequences of such claims to the extent it can be proved that the Sellers are responsible
for such claims. Any taxes, notarial, consular and other charges and expenses connected with the purchase and registration under Buyers&rsquo;
flag, shall be for Buyers&rsquo; account. Any taxes, consular and other charges and expenses connected with <STRIKE>closing of the Sellers&rsquo;
register, shall be for Sellers&rsquo; account.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.6pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
exchange for payment of the last month&rsquo;s hire instalment the Sellers shall furnish the Buyers with a Bill of Sale duly attested
and legalized, together with a certificate setting out the registered encumbrances, if any. On delivery of the Vessel the Sellers shall
provide for deletion of the Vessel from the Ship&rsquo;s Register and deliver a <STRIKE>certificate of deletion to the Buyers.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 15.35pt 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
Sellers shall, at the time of delivery, hand to the Buyers all classification certificates (for hull, engines, anchors, chains, etc.),
as well as all plans which may be in Sellers&rsquo; possession.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0 34.05pt; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Wireless Installation and Nautical Instruments, unless on hire, shall be included in the sale without any extra <FONT STYLE="letter-spacing: -0.1pt"><STRIKE>payment.</STRIKE></FONT></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 34.55pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Vessel with everything belonging to her shall be at Sellers&rsquo; risk and expense until she is delivered to the Buyers, subject to
the conditions of this Contract and the Vessel with everything belonging to her shall be delivered and taken over as she is at the time
of delivery, after which the Sellers shall have no responsibility for <STRIKE>possible faults or deficiencies of any description.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.5pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Buyers undertake to pay for the repatriation of the Master, officers and other personnel if appointed by the Sellers to the port where
the Vessel entered the Bareboat Charter as per Clause 3 (Part II) or to pay the equivalent <STRIKE>cost for their journey to any other
place.</STRIKE></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.5pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&nbsp;</STRIKE></FONT></P>


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

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 1.55pt 98.75pt 0 69.85pt; text-align: center; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>PART
<FONT STYLE="letter-spacing: -0.5pt">V</FONT></STRIKE></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 98.75pt 0 69.9pt; text-align: center; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>PROVISIONS
TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT CHARTER <FONT STYLE="letter-spacing: -0.1pt">REGISTRY</FONT></STRIKE></B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 98.7pt 0 69.9pt; text-align: center; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(Optional,
only to apply if expressly agreed and stated in Box <FONT STYLE="letter-spacing: -0.25pt">43)</FONT></STRIKE></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>1.</STRIKE></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><STRIKE>Definitions</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>For
the purpose of this PART V, the following terms shall have the meanings hereby assigned to <FONT STYLE="letter-spacing: -0.1pt">them:</FONT></STRIKE></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&ldquo;The
Bareboat Charter Registry&rdquo; shall mean the registry of the State whose flag the Vessel will fly and in which the Charterers are
registered as the bareboat charterers during the period of the Bareboat Charter.</STRIKE></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&ldquo;The
Underlying Registry&rdquo; shall mean the registry of the state in which the Owners of the Vessel are registered as Owners and to which
jurisdiction and control of the Vessel will revert upon termination of the Bareboat Charter Registration.</STRIKE></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>2.</STRIKE></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><STRIKE>Mortgage</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.6pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>The
Vessel chartered under this Charter is financed by a mortgage and the provisions of Clause 12(b) (Part II)</STRIKE><U><STRIKE>44</STRIKE></U>
<STRIKE>shall apply.</STRIKE></FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #2E97D3"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><STRIKE>3.</STRIKE></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>Termination
                                            of Charter by <FONT STYLE="letter-spacing: -0.1pt">Default</FONT></STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 34.55pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>If
the Vessel chartered under this Charter is registered in a Bareboat Charter Registry as stated in Box 44, and if the Owners shall default
in the payment of any amounts due under the mortgage(s) specified in Box 28, the Charterers shall, if so required by the mortgagee, direct
the Owners to re-register the Vessel in the Underlying Registry as shown in Box 45.</STRIKE></FONT></P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 34.5pt 0 34.05pt; text-align: justify; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>In
the event of the Vessel being deleted from the Bareboat Charter Registry as stated in Box 44, due to a default by the Owners in the payment
of any amounts due under the mortgage(s), the Charterers shall have the right to terminate this Charter forthwith and without prejudice
to any other claim they may have against the Owners under this Charter.</STRIKE></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #2E97D3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0 87.95pt 0 5.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copyright
&copy; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this </FONT><B>BIMCO
SmartCon </B>document will constitute an infringement of BIMCO&rsquo;s copyright. Explanatory notes are available from BIMCO at
www.bimco.org. First published in 1974 as BARECON A. and B. Amalgamated and revised in 1989. Revised 2001.</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 87.95pt 0 5.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 87.95pt 0 5.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 87.95pt 0 5.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 87.95pt 0 5.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 87.95pt 0 5.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 87.95pt 0 5.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 87.95pt 0 5.7pt; text-align: justify"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rider
Clause to Bareboat Charter Dated 23 February 2024</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
64,205 dwt <FONT STYLE="letter-spacing: -0.4pt">at Summer FB </FONT>Ultramax Bulk Carrier</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>MV
&#8220;GLBS MIGHT&#8221;</U></FONT></P>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 4.65pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">32.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MEMORANDUM
                                            OF AGREEMENT <FONT STYLE="letter-spacing: -0.15pt">PRE-DELIVERY </FONT>AND <FONT STYLE="letter-spacing: -0.1pt">DELIVERY</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><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
                                            Memorandum of Agreement dated 23 February 2024 (the &#8220;MOA&#8221; including any amendment
                                            and supplement thereto) has been concluded between the Owners (in the MOA, the Owners are
                                            referred to as the &#8220;Buyers&#8221;) and the Charterers (in the MOA, the Charterers are
                                            referred to as the &#8220;Sellers&#8221;) for sale and purchase of the Vessel.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><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">Subject
                                            to Clause 32(d) below, the Owners shall give and the Charterers shall take delivery of the
                                            Vessel under the Bareboat Charter strictly on an &#8220;as is, where is&#8221; basis, simultaneously
                                            with delivery of the Vessel from Sellers to the Buyers under the MOA and immediately after
                                            the Builder delivers the Vessel to the Sellers under the terms of the Building Contract,
                                            without any settlement of the remaining bunkers and unused lubricating oils including hydraulic
                                            oils and greases, unbroached provisions, paints, ropes and other consumable stores which
                                            are included in the purchase price under the MOA (collectively, the &#8220;Belongings&#8221;).
                                            The delivery date for the purpose of this Charter shall be the same date and time when/the
                                            same place where the Vessel is delivered from the Sellers to the Buyers under the MOA and
                                            shall be subject to and conditional upon the effective transfer of ownership of the Vessel
                                            to the Owners pursuant to the MOA. The date when the Charterers take delivery of the Vessel
                                            hereunder is referred to as the &#8220;Delivery <FONT STYLE="letter-spacing: -0.1pt">Date&#8221;.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><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">Provided
                                            the Vessel has been delivered to the Owners (as Buyers) in accordance with the terms of the
                                            MOA, the Charterers shall not be entitled to refuse acceptance of delivery of the Vessel
                                            under this Charter. The Owners hereby make no representation nor warranty, whether expressed
                                            or implied (and whether contractual, statutory, common law or otherwise), as to the whole
                                            or any part of the Vessel&#8217;s condition, seaworthiness, quality, description, specification,
                                            design, durability, merchantability, defect (whether latent or not), fitness for any purpose
                                            or otherwise howsoever, and the Owners shall have no liability whatsoever for any fault or
                                            deficiency in their description of the Vessel or for any defects in the Vessel regardless
                                            of whether such defect were apparent or latent at the time of delivery. The Charterers hereby
                                            acknowledge and accept that they shall not be entitled to make any claim against the Owners
                                            in respect of any conditions, representations or warranties whether express or implied (and
                                            whether contractual, statutory, common law or otherwise) as to the whole or any part of the
                                            Vessel&#8217;s condition, seaworthiness, quality, description, design, specification, durability,
                                            merchantability, defect (whether latent or not), fitness for any purpose or otherwise howsoever.
                                            This Clause 32 (c) shall also apply in relation to the Belongings.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><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,
                                            prior to the delivery of the Vessel by the Charterers as sellers to Owners as buyers under
                                            the MOA or, as the case may be, the Building Contract,</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12.6pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 33.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            Termination Event or an Owners&#8217; Default occurs under this Charter <FONT STYLE="letter-spacing: -0.1pt">Party;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 33.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                            becomes unlawful for the Owners (as buyers) to perform or comply with any or all of their
                                            obligations under the MOA or any of the obligations of the Owners under the MOA are not or
                                            cease to be legal, valid, binding and enforceable; <FONT STYLE="letter-spacing: -0.1pt">and/or</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 33.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            MOA expires, is cancelled, terminated, rescinded or otherwise ceases to remain in full force
                                            and effect for any reason; and/or the Builder has not delivered the Vessel to the Charterers
                                            as buyers under the Building Contract and the Charterers (as Sellers) have not delivered
                                            the Vessel to the Owners (as Buyers) under and subject to the terms of the MOA.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.85pt"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.7pt 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">then
this Charter shall immediately terminate and be cancelled (provided that any provision hereof expressed to survive such termination or
cancellation shall so do in accordance with its terms) without the need for either of the Owners or the Charterers to take any action
whatsoever.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.7pt 0 0 33.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case that this Charter terminates and is cancelled prior to the delivery of the Vessel under the MOA by reason of a Termination Event,
or for the reason that the MOA expires, is cancelled, terminated or rescinded or otherwise ceases to remain in full force and effect,
due to Charterers&#8217; default in their capacity as Sellers under the MOA, the Owners shall have the right to claim compensation from
the Charterers to recover any direct and reasonable costs and expenses incurred due to the Charterers&#8217; default as far as the occurrence
of such costs and expenses are demonstrated by documentary evidence, and this compensation shall not be construed as a penalty but shall
represent an agreed estimate of the loss and damage suffered by the Owners in entering into this Charter upon the terms and conditions
contained herein and the MOA upon the terms and conditions contained therein, and shall therefore be paid as full and final compensation
to the Owners. For the avoidance of doubt, the Charterer shall not be liable for any such costs and expenses in the event that this Charter
terminates or is cancelled prior to the delivery of the Vessel as a result of an Owners&#8217; Default.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.7pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 4.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18pt"><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">The
                                            Owners hereby appoint and acknowledge that the Charterers, who accept such appointment, shall
                                            deal directly, at the Charterers&#8217; cost, with the Builder in relation to the guarantee
                                            described in article IX (Warranty of Quality) of the Building Contract in accordance with
                                            the applicable provisions of article IX (Warranty of Quality) of the Building Contract.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">33.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISM
                                            <FONT STYLE="letter-spacing: -0.2pt">CODE</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the duration of this Charter the Charterers shall procure at the costs and time of the Charterers that the Vessel and the &quot;Company
or appointed Manager&quot; (as defined by the ISM code and so defined in this Charter) shall comply with the requirements of the ISM
code (as amended from time to time). Upon request the Charterers shall provide a copy of relevant documents of compliance (DOC) and safety
management certificate (SMC) to the <FONT STYLE="letter-spacing: -0.1pt">Owners.</FONT></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">34.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHARTER
                                            <FONT STYLE="letter-spacing: -0.1pt">PERIOD</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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
                                            Owners shall let to the Charterers and the Charterers shall take the Vessel on bareboat charter
                                            for the period and upon the terms and conditions contained herein.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><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">Subject
                                            always to the provisions hereto, the period of the chartering of the Vessel hereunder (hereinafter
                                            referred to as the &quot;Charter Period&#8221;) shall be 120 months plus/minus 30 days at
                                            the Charterer&#8217;s option (unless terminated at an earlier date in accordance with the
                                            terms hereof) commencing on the Delivery Date, provided always that the chartering of the
                                            Vessel hereunder may be terminated by the Owners pursuant to the provisions hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">35.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHARTER
                                            <FONT STYLE="letter-spacing: -0.2pt">HIRE</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0 37.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to Clause 36, the Charterers shall, throughout the Charter Period, pay charter hire (the &#8220;Charter Hire&#8221;) as computed as follows,
to the Owners monthly in advance by telegraphic transfer for each successive month commencing with the Delivery Date (&#8220;Charter
Hire Payment Date&#8221;) and expiring on the <FONT STYLE="letter-spacing: -0.3pt">earlier of the </FONT>redelivery of the <FONT STYLE="letter-spacing: -0.1pt">Vessel
and the payment of the Termination Compensation in accordance with the terms of this Charter:</FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0 37.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6.05pt 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
first 36 months</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5.8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.3pt"></TD><TD STYLE="width: 18.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 110%">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed
                                            part: USD 3,000 per day</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4.9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.3pt"></TD><TD STYLE="width: 18.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 110%">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Floating
                                            part:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/158% Arial, Helvetica, Sans-Serif; margin: 0 0 0 61.2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(CME
Term SOFR + 2.1% Margin) x Outstanding Lease Obligation (as stipulated in Annex 2) x Number of actual days during each respective hire
period/360, for first 36 months.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 37.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
next 24 months</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/165% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.3pt"></TD><TD STYLE="width: 18.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 165%">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed
                                            part: USD 3,200 per day</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5.95pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.3pt"></TD><TD STYLE="width: 18.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 110%">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Floating
                                            part:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/160% Arial, Helvetica, Sans-Serif; margin: 0 0 0 73.95pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(CME
Term SOFR + 2.45% Margin) x Outstanding Lease Obligation x Number of actual days during each respective hire period/360, for next 24
months</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 7.1pt 42.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
next 24 months</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 21.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 110%">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed
                                            part: USD 3,300 per day</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.3pt"></TD><TD STYLE="width: 18.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 110%">f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Floating
                                            part:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/153% Arial, Helvetica, Sans-Serif; margin: 0 0 3.5pt 78.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(CME
Term SOFR + 2.45% Margin) x Outstanding Lease Obligation x Number of actual days during each respective hire period/360, for next 24
months.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 9.85pt 43pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
next 36 months</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/166% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.3pt"></TD><TD STYLE="width: 18.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 166%">g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed
                                            part: USD 3,800 per day</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4.75pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.3pt"></TD><TD STYLE="width: 18.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 110%">h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Floating
                                            part:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/168% Arial, Helvetica, Sans-Serif; margin: 0 0 0 78.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(CME
Term SOFR + 2.35% Margin) x Outstanding Lease Obligation x Number of actual days during each respective hire period/360, for next 36
months</FONT></P>

<P STYLE="font: 11pt/168% Arial, Helvetica, Sans-Serif; margin: 0 0 0 78.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/168% Arial, Helvetica, Sans-Serif; margin: 0 0 0 78.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&#8220;CME Term SOFR&quot; means the term SOFR reference rate administered by CME Group Benchmark Administration Limited
(or any other person which takes over the administration of that rate) for three (3) months period published by CME Group Benchmark Administration
Limited (or any other person which takes over the publication of that rate).</FONT></P>

<P STYLE="font: 11pt/168% Arial, Helvetica, Sans-Serif; margin: 0 0 0 78.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/168% Arial, Helvetica, Sans-Serif; margin: 0 0 0 78.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*In
case CME Term SOFR cease to be available, both Owners and Charterers shall discuss and mutually agree for Charter Hire &quot;Floating
part&quot; calculation mechanism.</FONT></P>

<P STYLE="font: 11pt/159% Arial, Helvetica, Sans-Serif; margin: 0 0 0 78.8pt; text-align: justify; text-indent: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.cmegroup.com/market-data/cme-group-benchmark-administra
tion/term-sofr.html</FONT></P>


<P STYLE="font: 11pt/168% Arial, Helvetica, Sans-Serif; margin: 0 0 0 78.8pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/168% Arial, Helvetica, Sans-Serif; margin: 0 0 0 78.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/159% Arial, Helvetica, Sans-Serif; margin: 0 0 0 78.8pt; text-align: justify; text-indent: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt/159% Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Floating
part shall be fixed 5 Banking Days before the date of the respective hire period. If CME Term SOFR falls below zero, then zero rate to
be applied instead.</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18pt"><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
                                            Charter Hire shall be paid continuously throughout the Charter Period, subject to clauses
                                            40 (d) and 41 (b) (during which time Charter Hire shall not be due and payable and shall
                                            not accrue). For the last month, if the Charter Hire Payment Date does not fall on the date
                                            of the redelivery of the Vessel, the Charter Hire shall be calculated on a pro rata basis
                                            of the number of days which will lapse from the previous Charter Hire Payment Date to the
                                            date of the redelivery of the Vessel.</FONT></TD></TR></TABLE>

<P STYLE="font: 15.5pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">36.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">PAYMENTS</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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">Notwithstanding
                                            anything to the contrary contained in this Charter, all payments by the Charterers hereunder
                                            (whether by way of hire or otherwise) shall be made in full without any set-off, deduction,
                                            discount or counter-claim (unless otherwise expressly provided herein), as follows:-</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.1pt"></TD><TD STYLE="width: 14.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">not
                                            later than 11:00 a.m. (Japanese Standard Time on the date on which the relevant payment is
                                            due under the terms of this Charter): and</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.1pt"></TD><TD STYLE="width: 14.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            United States Dollars to The Bank of Fukuoka, Ltd. with the following account <FONT STYLE="letter-spacing: -0.1pt">details:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 75.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account
with Bank: The Bank of Fukuoka, Ltd. Branch Name: Tokyo Branch</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 75.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Branch
Address: &quot;2-8-7 Yaesu, Chuo-ku, Tokyo, Japan 104-0028&quot; Bank Swift Code: FKBKJPJT</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 75.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account
Number:</FONT></P>

<P STYLE="font: 11pt/12.6pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 75.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account
Name: SK Shipholding <FONT STYLE="letter-spacing: -0.2pt">S.A.</FONT></FONT></P>

<P STYLE="font: 11pt/12.6pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 75.7pt; text-indent: 0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account
<FONT STYLE="letter-spacing: -0.1pt">Address:</FONT>&#9;Edificio Comosa, Avenidas Samuel Lewis y Manuel <FONT STYLE="letter-spacing: -0.25pt">M.</FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 75.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Ycaza,
and Post office Box Number 4150, Panama City, Republic of Panama</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(or
such other bank or banks as may from time to time be notified by the Owners to the Charterers by not less than fourteen (14) days' prior
written notice) for the account of the Owners.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lf
any day for the making of any payment hereunder shall not be a Banking Day (being, for all purposes of this Charter, a day on which banks
are open for transaction of business of the nature required by this Charter in Japan, Greece and New York) (a &#8220;<B>Banking Day</B>&#8221;)
the due date for payment of the same shall be the immediately preceding Banking Day provided that the Owners have provided the Charterers
with a payment notice<FONT STYLE="letter-spacing: -0.2pt">.</FONT></FONT></P>

<P STYLE="font: 8.5pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 5.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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">In
                                            the event of failure by the Charterers to pay within two (2) Banking Days after the due date
                                            for payment thereof, or in the case of a sum payable on demand, the date of demand therefore,
                                            any hire or other amount payable by them under this Charter, the Charterers will pay to the
                                            Owners on demand interest on such hire or other amount from the date of such failure to the
                                            date of actual payment (both before and after any relevant judgment or winding up of the
                                            Charterers) at a rate of two per cent (2&#65285;) Interest payable by the Charterers as aforesaid
                                            shall be compounded at such intervals as the Owners shall determine and shall be payable
                                            on demand.</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>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 5.05pt 0 0 37.05pt; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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
                                            interest payable under this Charter shall accrue from day to day and shall be calculated
                                            on the actual number of day elapsed and a three hundred and sixty five (365) day year.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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">In
                                            this Charter, unless the context otherwise requires, &#8220;month&#8221; means a period beginning
                                            in one calendar month (and, in the case of the first month, on the date of delivery hereunder)
                                            and ending in the succeeding calendar month on the day numerically corresponding to the day
                                            of the calendar month in which such period started provided that if there is no such numerically
                                            corresponding day, such period shall end on the last day in the relevant calendar month and
                                            &#8220;monthly&#8221; shall be construed accordingly.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">37.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FLAG
                                            AND <FONT STYLE="letter-spacing: -0.2pt">CLASS</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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
                                            Vessel shall upon the Delivery Date be registered in the name of the Owners under the Marshall
                                            Islands flag.</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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
                                            Owners shall have no right either to transfer the flag of Vessel from Marshall Islands to
                                            any other registry or to require the Charterers to transfer the Vessel&#8217;s classification
                                            society. The Charterers shall, at any time after the Delivery Date and at the Charterers&#8217;
                                            expense, have the right to arrange for the transfer of the Vessel&#8217;s classification
                                            society from the American Bureau of Shipping to any classification society being a member
                                            of IACS.</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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">Further,
                                            the Charterers shall have the right to arrange for the change of the flag of the Vessel for
                                            and on behalf of the Owners, with the Owners&#8217; prior written consent (such consent not
                                            to be unreasonably withheld or delayed) provided however that any expenses and time (including
                                            but not limited to legal charges for finance documents for the Vessel) shall be for the Charterers&#8217;
                                            account.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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">The
                                            Charterers are entitled to establish standard bareboat registration on the Vessel at the
                                            costs, expense and time of the Charterers subject to permission of the Vessel&#8217;s flag
                                            state. The Charterers shall in addition obtain the prior written consent of the Owners (which
                                            shall not unreasonably withheld or delayed).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If,
during the Charter Period there are modifications made to the Vessel which are compulsory for the Vessel to comply with due to changes
to rules and regulations to</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">which
operation of the Vessel is required to conform, such modifications shall be effected by the Charterers at their cost and time.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">38.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMPROVEMENT
                                            AND <FONT STYLE="letter-spacing: -0.1pt">ADDITIONS</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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
                                            Charterers shall maintain, equip and operate the Vessel so as to comply with the provisions
                                            of the Vessel&#8217;s flag state or by compulsory legislation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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
                                            Charterers shall have the right to fit additional equipment and to make severable improvements
                                            and additions at their expense and time</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt; text-align: justify"></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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
                                            Charterers shall also have the right to make structural or non-severable improvements and
                                            additions to the Vessel at their own time, costs and expense, provided that such improvements
                                            and additions do not diminish the market value of the Vessel in any material respect during
                                            or at the end of the Charter Period and do not in any way affect or prejudice the marketability
                                            of the Vessel in any material respect during or at the end of the Charter <FONT STYLE="letter-spacing: -0.1pt">Period.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">39.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNDERTAKINGS
                                            FOR INSPECTION AND QUIET <FONT STYLE="letter-spacing: -0.1pt">ENJOYMENT</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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
                                            addition to the Owners&#8217; right to inspection or survey given by Clause 8 hereof, the
                                            Charterers undertake and agree that throughout the Charter period they will afford the Owners
                                            to inspect the Vessel at time and place mutually agreed at Owners&#8217; cost, risk and arrangement
                                            at maximum twice a year for which the Charterers will assist provided that such inspection
                                            shall not interfere with the operation of the Vessel.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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
                                            Owners hereby undertake to the Charterers throughout the term of this Charter that, as long
                                            as no Termination Event shall have occurred and be continuing, the Owners shall not except
                                            as expressly provided for in this Charter, interfere with the quiet and peaceful use, possession
                                            and employment of the Vessel by the Charterers in compliance with the terms hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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
                                            Charterers shall be entitled to appoint a manager of its selection for the technical and
                                            commercial management of the Vessel and shall be entitled (at its own cost) to change the
                                            manager from time to time.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">40.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INSURANCE,
                                            TOTAL LOSS AND COMPULSORY <FONT STYLE="letter-spacing: -0.1pt">ACQUISITION</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><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">For
                                            the purpose of this Charter, the term &#8220;Total Loss&#8221; shall include actual or constructive
                                            or compromised or agreed or arranged total loss of the Vessel including any such total loss
                                            as may arise during a requisition for hire.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 19.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 19.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Compulsory
Acquisition&#8221; shall have the meaning assigned thereto in Clause 25 (b) hereof.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 16.55pt"><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
                                            Charterers undertake with the Owners that throughout the Charter <FONT STYLE="letter-spacing: -0.1pt">Period:-</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">they
will keep the Vessel insured on the basis of the Institute of London Underwriters &quot;Institute Time Clause-Hull&quot; and
&#8220;Institute War and Strikes Clauses&#8221; as amended, or on such similar terms as the Owners shall approve with such insurers
(including P&amp;I and war risks Associations) as the Owners shall approve (which approval shall not be unreasonably withheld) with
deductibles reasonably acceptable to Owners (it being agreed and understood by the Charterers that there shall be no element of
self-insurance or insurance through captive insurance companies without the prior written consent of the Owners). For the avoidance
of doubt, the Charterer shall not be obligated to place any loss of hire, mortgagee&#8217;s interest, mortgagee&#8217;s additional
perils protection or innocent owner&#8217;s policy . The Charterers agree that the Owners shall be assured as the co-assured in the
insurance;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">they
                                            will be properly entered in and keep entry of the Vessel with P&amp;I Club that is a member
                                            of the International Group of Protection and Indemnity Association for the full tonnage of
                                            the Vessel and against all prudent P&amp;I Risks in accordance with the rules of such association
                                            or club including, in case of oil pollution liability risks equal to the highest level of
                                            cover from time to time available under the basic entry with such P&amp;I Club;</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>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.65pt; text-align: justify"></P>

<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" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
                                            so long as the Vessel is mortgaged by the Mortgage the policies in respect of the insurances
                                            against fire and usual marine risks and the policies or entries in respect of the insurances
                                            against war risks shall, in each case, include the loss payable clause (under which, except
                                            in the case of total loss, all recoveries not exceeding $1,500,000 shall be paid to the Charterers
                                            or to their order) as contained in the &#8220;Assignment of Insurance&#8221;;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the Charterers renew hull &amp; machinery insurance and war risks insurance with the same
                                            present insurer, the Charterers shall, at least two (2) weeks before renewing each such insurance,
                                            inform the Owners of such renewal.</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Charterers enter into any other hull and machinery insurance and war risks insurance with any different insurer, the Charterers shall,
at least two (2) weeks before entering into each such insurance, inform the Owners of the name and address of such insurer and details
of such insurance.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Charterers shall procure that the insurers and the war risk and protection and indemnity
                                            associations with which the Vessel is entered shall supply to the Owners such information
                                            in relation to the insurances effected, or to be effected, with them as the Owners may from
                                            time to time reasonably require.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><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">(i)
                                            Notwithstanding anything to the contrary contained in Clauses 13 and any other provisions
                                            hereof, the Vessel shall be kept insured during the Charter Period in respect of marine and
                                            war risks on hull and machinery basis (The Charterers shall have the option, to take out
                                            on a full hull and machinery basis increased value or total loss cover exceeding the &#8220;Minimum
                                            Insured Value&#8221; as stipulated in Annex 3 ) for not less than 110% of Outstanding Lease
                                            Obligation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
At any time during currency of this Charter, the Owners may ask the Charterers to increase the insured value for the reason to secure
their debt against their financier and their equity.</FONT></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
actual cost to increase the insurance value over Minimum Insured Value up to the value required by the Owners (the &#8221;Increased Insurance
Value&#8221;) to be for Owners&#8217; account and the Charterers shall be cooperative to the Owners to secure competitive quotation from
their insurance company for such increase.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.7pt 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case Minimum Insured Value would be increased at the request of the Owners as mentioned above, then definition of &#8220;Minimum Insured
Value&#8221; under this Charter Party shall mean the amount of the Increased Insurance Value.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 32.3pt"><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">(i)
                                            lf the Vessel shall become a Total Loss or be subject to Compulsory Acquisition the chartering
                                            of the Vessel to the Charterers hereunder shall cease and the Charterers shall immediately
                                            pay to the Owners all hire, and any other amounts, which have fallen due for payment under
                                            this Charter and have not been paid as at and up to the date on which the Total Loss or Compulsory
                                            Acquisition occurred (the &quot;Date of Loss&quot;) and shall thereafter be under no obligation
                                            to pay hire, provided that all hire and any other amounts prepaid by the Charterers subsequent
                                            to the Date of Loss shall be set off against the amount of Charter Hire due and any surplus
                                            shall then forthwith be refunded by the Owners to the <FONT STYLE="letter-spacing: -0.1pt">Charterers:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.65pt"></TD><TD STYLE="width: 15.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            the purpose of ascertaining the Date of <FONT STYLE="letter-spacing: -0.1pt">Loss:</FONT></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>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.75pt"></TD><TD STYLE="width: 16.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            actual total loss of the Vessel shall be deemed to have occurred at noon (London time) on
                                            the actual date the Vessel was lost but in the event of the date of the loss being unknown
                                            the actual total loss shall be deemed to have occurred at noon (London time) on the date
                                            on which it is acknowledged by the insurers to have occurred;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.75pt"></TD><TD STYLE="width: 16.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            constructive, compromised, agreed, or arranged total loss of the Vessel shall be deemed to
                                            have occurred at noon (London time) on the date that notice claiming such a total loss of
                                            the Vessel is given to the insurers, or, if the insurers do not admit such a claim, at the
                                            date and time at which a total loss is subsequently admitted by the insurers or adjudged
                                            by a competent court of law or arbitration tribunal to have occurred or, if earlier, the
                                            date falling 90 days after notice of abandonment of the Vessel was given to the insurers.
                                            Either the Owners or the Charterers shall be entitled to give notice claiming a constructive
                                            total loss but prior to the giving of such notice shall be supplied with all such information
                                            as such party may request; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.75pt"></TD><TD STYLE="width: 16.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(C)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compulsory
                                            Acquisition shall be deemed to have occurred at the time of occurrence of the relevant circumstances
                                            described in Clause 25 (b) hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><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">Irrespective
                                            of whether a Termination Event has occurred or is continuing, all moneys payable under the
                                            insurance effected by the Charterers pursuant to Clauses 13 and 40, or other compensation,
                                            in respect of a Total Loss or pursuant to Compulsory Acquisition of the Vessel shall be received
                                            in full by the Owners (or the Mortgagee as assignees thereof) and applied by the Owners (or,
                                            as the case may be, the Mortgagee):-</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 34.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRSTLY,
in or towards payment to the Owners (to the extent that the Owners have not already received the same in full) of a sum equal to the
aggregate of the Outstanding Lease Obligation and all accrued and unpaid interest until the day of the Total Loss thereon pursuant to
Clause 40 (d) hereof,</FONT></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0 34.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECONDLY,
in payment of any surplus to the Charterers<FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><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">Upon
                                            delivery of the Vessel hereunder, the Owners, the Charterers and the Mortgagee shall execute
                                            the &quot;Assignment of Insurance&quot;, under which, inter alia, (i) the Owners and the
                                            Charterers shall assign and agree to assign to the Mortgagee their respective rights, title
                                            and interest in and to the insurances against fire and usual marine risks and the policies
                                            or entries in respect of the insurances against war risks and (ii) shall, subject to paragraph
                                            (b) (iii) above agree a loss payable clause, in form and substance satisfactory to the Owners,
                                            the Charterers and the Mortgagee each acting <FONT STYLE="letter-spacing: -0.1pt">reasonably.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><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">The
                                            Charterers further covenants with the Owners that the Vessel will, if applicable, be equipped
                                            and accredited with any required trading documentation and/or authorisations necessary. Such
                                            trading documentation and authorisations shall if and when applicable include, inter alia,
                                            valid certification under the International Convention on Civil Liability for Oil Pollution
                                            Damage as amended, a valid U.S. Coast Guard Certificate of Financial Responsibility (water
                                            pollution), a valid certificate from any U.S. state that requires a state equivalent of a
                                            Certificate of Financial Responsibility, a vessel classification certificate and any other
                                            credentials as might be, or may come to be, required. Copies of such trading documentation
                                            and/or authorisations shall be made available to the Owners promptly following their written
                                            <FONT STYLE="letter-spacing: -0.1pt">request.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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


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<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">41.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMINATION
                                            <FONT STYLE="letter-spacing: -0.1pt">EVENTS</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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
                                            of the following events shall be a &#8220;Termination Event&#8221; for purposes of this <FONT STYLE="letter-spacing: -0.1pt">Charter:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            any Charter Hire payment or any other sum payable by the Charterers under this Charter (including
                                            any sum expressed to be payable by the Charterers on demand) shall not be paid on the due
                                            date of payment and such failure to pay is not remedied within three (3) Business Days of
                                            receipt by the Charterers of written notice from the Owners notifying the Charterers of such
                                            failure and requesting that payment is made unless such non-payment is caused by administrative
                                            or technical error or any other similar error in the transmission of the funds outside the
                                            control of the Charterers in which case failure to rectify within five (5) Business Days
                                            following receipt by the Charterers of the above written notice from the Owners shall constitute
                                            the Termination Event under this Clause 41(a) (i) ; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 3.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            either (A) the Charterers shall fail at any time to effect or maintain any insurances required
                                            to be effected and maintained under this Charter, or any insurer shall avoid or cancel any
                                            such insurances (other than where the relevant avoidance or cancellation results from an
                                            event or circumstance outside the reasonable control of the Charterers and the relevant insurance
                                            are reinstated or re-constituted in a manner meeting the requirements of this Charter within
                                            seven (7) days <FONT STYLE="letter-spacing: -0.75pt">after</FONT> such avoidance or cancellation)
                                            or the Charterers shall commit any breach of or make any misrepresentation in respect of
                                            any such insurances the result of which is to entitle the relevant insurer to avoid the policy
                                            or otherwise to be excused or released from all or any of its liability thereunder to the
                                            Owners (unless, prior to the relevant insurer exercising any such right, he expressly and
                                            irrevocably waives the breach or misrepresentation in question), or (B) any of the said insurances
                                            shall cease for any reason whatsoever to be in full force and effect (other than where the
                                            reason in question is outside the reasonable control of the Charterer and the relevant insurances
                                            are reinstated or re-constituted in a manner meeting the requirements of this Charter within
                                            seven (7) days after such cessation); or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            the Charterers shall at any time fail to observe or perform any of their material obligations
                                            under this Charter, other than those obligations referred to in sub-clause</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
or sub-clause (ii) of this Clause 41 (a), and such failure to observe or perform any such obligation is not remedied within fourteen
(14) days of receipt by the Charterers of a written notice from the Owners requesting remedial action; or</FONT></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            any material representation or warranty by the Charterers in connection with this Charter
                                            or in any document or certificate furnished to the Owners by the Charterers in connection
                                            herewith or therewith shall prove to have been untrue, inaccurate or misleading in any material
                                            respect when made (and such occurrence continues unremedied for a period of fourteen (14)
                                            days after receipt by the Charterers of written notice from the Owners requesting remedial
                                            action); or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            an application or petition is filed for bankruptcy, rehabilitation or reorganization or other
                                            legal action of a similar nature is taken against the Charterers or by themselves or any
                                            order shall be made unless such application or petition is being contested in good faith
                                            and on substantial grounds and is stayed, dismissed or withdrawn within sixty (60) days after
                                            the presentation of the application or petition or any resolution passed by the Charterers
                                            for the appointment of any liquidator, receiver, trustee, curator or sequestrator (or similar
                                            official) of the Charterers in respect of all or a substantial part of their respective assets
                                            (save for the purposes of an amalgamation, merger or reconstruction not involving insolvency,
                                            the terms of which shall have received the prior written approval of the Owners or an amalgamation, merger
or reconstruction where the Charterers or their parent company is the surviving entity) unless such resolution are revoked within sixty
(60) days; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 35.65pt; text-align: justify"></P>

<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" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            the Charterers shall cease to carry on or suspend all or a fundamental part of their business
                                            or shall make an official declaration of bankruptcy or insolvency or shall otherwise become
                                            or be adjudicated insolvent; or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            any consent, authorization, license or approval necessary for this Charter to be or remain
                                            the valid legally binding obligations of the Charterers, or to the Charterers to perform
                                            their obligations hereunder or thereunder, is not granted or is revoked, suspended, withdrawn
                                            or terminated or expires and is not renewed (provided that the occurrence of such circumstances
                                            shall not give rise to a Termination Event if the same are remedied within thirty (30) days
                                            of the date of their occurrence), other than as would not be reasonably expected to result
                                            in a material adverse event.</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
and during a Termination Event, the Charterers shall agree to assign any earnings under any underlying time charter agreement of the
Vessel under which the charter period exceeds (excluding any extension options) three (3) months and, upon request, execute and deliver
any such necessary document as may be required to perfect the security in favor of the Owners at the Charterers&#8217; cost and expense.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0 37pt; text-align: justify; text-indent: -17.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;
Upon occurrence of any of the following events (an &#8220;Owners&#8217; <FONT STYLE="letter-spacing: -0.1pt">Default&#8221;):</FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Owners fail to comply with any material obligations under this Charter and where the default
                                            is capable of remedy, such default is not remedied within fourteen (14) days after notice
                                            from the Charterers requesting Owners&#8217; action to remedy same;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            material representation or warranty made by the Owners in or pursuant to this Charter or
                                            in any notice, certificate, instrument or statement contemplated thereby or made or delivered
                                            pursuant hereto or thereto is, or proves to be, untrue or incorrect in any material respect
                                            when made or deemed to be repeated and action has not been taken by the Owners to ensure
                                            that such untrue or incorrect representation or statement is rendered correct within fourteen
                                            (14) days of the Charterers' notifying the Owners;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                            is or becomes unlawful for the Owners to perform any of their obligations in any material
                                            respect under this Charter or this Charter or any obligation of the Owners under this Charter
                                            ceases to be legal, valid, binding or enforceable <FONT STYLE="letter-spacing: -0.65pt">which
                                            are not rectified within fourteen (14) days after the Owners ought to have been informed
                                            or made aware of such circumstances </FONT>;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ownership
                                            of the Vessel is transferred by the Owners in breach of Clause 22 <FONT STYLE="letter-spacing: -0.2pt">(b);</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                            always to Clause 17 (b), the Vessel is under arrest, detention, seizure, capture, condemned
                                            as prize, <FONT STYLE="letter-spacing: -0.2pt">confiscated, forfeited, hijacked or stolen
                                            </FONT>as a direct result of the Owners&#8217; actions or omissions and the Owners fail to
                                            procure the release of the Vessel from such arrest, detention, seizure, capture, condemnation
                                            as prize, confiscation, forfeiture, hijacking or theft within 30 calendar days after their
                                            occurrence;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">there
                                            is a change in the legal and/or beneficial owner of the shares in the Owners without the
                                            Charterers&#8217; prior written approval (such approval not to be unreasonably withheld or
                                            delayed), other than in favour of an affiliate of the <FONT STYLE="letter-spacing: -0.1pt">Owners;</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 55.05pt; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 8pt Segoe UI, Helvetica, Sans-Serif; margin: 0; color: #4E586A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Holding
Company</B>&quot; means, in relation to a person, any other person in relation to which it is a subsidiary;</FONT></P>

<P STYLE="font: 8pt Segoe UI, Helvetica, Sans-Serif; margin: 0; color: #4E586A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            title of the Vessel with the relevant flag state in respect of the primary registry (or,
                                            the bareboat registry, as the case may be) is or has become invalid due to the Owners&#8217;
                                            acts or omissions and such circumstances are not remedied within 5 Banking Days after their
                                            occurrence;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            of the following occurs in relation to the <FONT STYLE="letter-spacing: -0.1pt">Owners:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            application or petition is filed for bankruptcy, rehabilitation or reorganization or other
                                            legal action of a similar nature is taken against the Owners or by themselves or any order
                                            shall be made unless such application or petition is being contested in good faith and on
                                            substantial grounds and is dismissed or withdrawn within sixty (60) days of the presentation
                                            of the application or petition or any resolution passed by the Owners for the appointment
                                            of any liquidator, receiver, trustee, curator or sequestrator (or similar official) of the
                                            Owners in respect of all or a substantial part of their respective assets (save for the purposes
                                            of an amalgamation, merger or reconstruction not involving insolvency, the terms of which
                                            shall have received the prior written approval of the Charterers or an amalgamation, merger
                                            or reconstruction where the Owners or their parent company is the surviving entity) unless
                                            such resolution are revoked within sixty (60) days: or</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the Owners shall stop
                                                                                                                                                                        payments to a substantial proportion (by value) of their creditors by reason of the Owners&#8217; fault or shall cease to carry on
                                                                                                                                                                        or suspend all or a substantial part of their business or shall make an official declaration of bankruptcy or insolvency or shall
                                                                                                                                                                        otherwise become or be adjudicated insolvent;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0 97.1pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 3.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">iii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            occurrence of any claim, action, suit, proceeding or investigation against the Owners with
                                            respect to Sanctions by a Sanctions Authority; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 3.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.1pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">iv)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            finance party or the Owner is in breach of their obligations under the quiet enjoyment letter
                                            at such time when no Termination Event has occurred and is continuing and such breach is
                                            not remedied within 5 Banking Days after its occurrence, the following provisions shall apply;</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0 61.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 68.75pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            an Owners&#8217; Default occurs, the obligation of the Charterers to pay Charter Hire shall
                                            cease for as long as such Owners&#8217; Default is <FONT STYLE="letter-spacing: -0.1pt">continuing;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 68.75pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                            such Owners&#8217; Default is continuing, the Charterers shall have the option immediately
                                            thereafter to:</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 91.05pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise
                                            its option to purchase the Vessel in accordance with Clauses 49 and 50 (notwithstanding the
                                            Charterers' obligation to send one (1) month prior notice pursuant to Clause 49) for the
                                            amount set out therein less the direct losses, costs, fees and expenses incurred by the Charterers
                                            due to the Owner's Default; or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 91.05pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">terminate
                                            this Charter whereupon the Owners shall pay to the Charterers the amount of equity the Charterers
                                            have invested in the Vessel plus the direct losses, costs, fees and expenses incurred by
                                            the Charterers due to the Owner's Default. For the avoidance of doubt, nothing precludes
                                            the Charterers from engaging in discussions with new owners of the Vessel or any administrator
                                            thereof as the case may be, to continue the Bareboat Charter.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">42.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OWNERS'
                                            RIGHTS ON <FONT STYLE="letter-spacing: -0.1pt">TERMINATION</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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
                                            to the provisions of Clause 41 hereof and that no Owners&#8217; Default has occurred and
                                            is continuing, at any time after a Termination Event shall have occurred and be continuing,
                                            the Owners may, by notice to the Charterers immediately, or on such date as the Owners shall
                                            specify, terminate the chartering by the Charterers of the Vessel under this Charter, whereupon
                                            the Charterers shall redeliver the Vessel to the Owners as per Clause 42 (b) hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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 chartering of the Vessel under the Charter is terminated in accordance with this Clause
                                            42 the Charterers shall redeliver the Vessel without delay, substantially in the same condition
                                            and class as that in which she was delivered (subject to Clause 38), fair wear and tear not
                                            affecting class excepted, to the Owners at the Vessel&#8217;s current or next port of call
                                            and pay to the Owners the following Termination Compensation <FONT STYLE="letter-spacing: -0.25pt">within
                                            15 Banking Days from the </FONT>date of termination (the &#8220;Termination <FONT STYLE="letter-spacing: -0.1pt">Date&quot;)
                                            (the &#8220;<B>Grace Period</B>&#8221;):</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 34.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination
Compensation shall mean the aggregate of (A) all Charter Hire due and payable, but unpaid, under this Charter to (and including) the
Termination Date together with interest accrued thereon pursuant to Clause 36 (d) hereof from the due date for payment thereof to the
Termination Date and (B) any sums, other than Charter Hire, due and payable by the Charterers, but unpaid, under this Charter together
with interest accrued thereon pursuant to Clause 36 (d) to (and including) the Termination Date (which shall include any reasonable costs
and expenses incurred by the Owners due to the Termination Event or the Termination as far as such cost or expenses are demonstrated
by documentary evidence), and (C) Break Costs (as below defined).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 34.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Break
Costs</B>&quot; means all breakfunding costs (excluding costs relating to interest rate swaps and similar interest rate hedging instruments
and any costs or fees relating to the early termination of the Financial Instruments) incurred or payable by the Owners pursuant to the
relevant funding arrangement entered into by the Owners for the purpose of financing any part of the purchase price of the Vessel under
the MOA as a result of the receipt of an amount pursuant to this Charter on a day other than a Charter Hire Payment Date due to a Termination
Event.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 34.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case of this Charter being terminated in accordance with this Clause 42, except for the claim of Termination Compensation and any other
claims expressly stipulated in this Charter (for the avoidance of doubt, this &#8220;other claims&#8221; include, without limitation,
indemnity of loss, damage or expense incurred by the Owners arising out of or in relation to the operation of the Vessel by the Charterers
in accordance with Clause 17 of this Charter<FONT STYLE="letter-spacing: -0.45pt">)</FONT>, the Owners shall not have any right to claim
further compensation from the Charterers to recover any other direct or indirect, punitive or consequential, loss or damage to the Owners
caused by the termination of this Charter in accordance with the applicable laws.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 34.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 34.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 34.8pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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">All
                                            arrangements and expenses relating to the settling of wages, disembarkation and repatriation
                                            of the Charterers&#8217; Master, officers and crew and all reasonable and documented costs
                                            and expenses incurred by the Owners for the redelivery and re- possession of the Vessel shall
                                            be the sole responsibility of the Charterers.</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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 Charter is terminated in accordance with this Clause 42, the Charterers shall immediately
                                            redeliver the Vessel to the Owners at the Vessel&#8217;s current or next port of call. The
                                            Vessel shall be redelivered to the Owners in substantially the same condition and class as
                                            that in which she was delivered (subject to Clause 38), fair wear and tear not affecting
                                            class excepted.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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"><B>Transfer
                                            of title.</B> If the Termination Compensation is paid within the Grace Period, the Charterer
                                            shall be automatically released from all its obligations under this Charter and the other
                                            Leasing Documents, and the Owners shall promptly transfer title to the Vessel to the Charterers
                                            or its nominee.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18pt"><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"><B>Owners&#8217;
                                            sale of the Vessel.</B> If the Charterers fail by the Grace Period to pay the Termination
                                            Compensation, then the Owners shall promptly obtain an appraisal of the market value of the
                                            Vessel by obtaining a valuation from each of MB Shipbrokers and Arrow. The market value of
                                            the Vessel shall be the mean average of the two valuations received (the &#8220;<B>Market
                                            Value</B>&#8221;).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18pt"><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">In
                                            the event that the Market Value of the Vessel is higher than the Outstanding Amount (as defined
                                            below), then the Owners shall be obliged to put the Vessel on the market for a period of
                                            90 days from the expiry of the Grace Period (with the cooperation of the Charterers) for
                                            the finding of a buyer to sell the Vessel for a price equivalent at least to the Market Value,
                                            and the Charterers shall be entitled to independently market the Vessel and shall retain
                                            the right of first refusal to purchase the Vessel for the amount of the Outstanding Amount
                                            (as defined below) (which shall be considered a remedy of the Termination Event).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event that the Owners sell the Vessel for a sale price exceeding the aggregate of (a)
                                            the documented expenses and costs as may have been incurred by the Owners in respect of the
                                            sale of the Vessel and (b) the Termination Compensation (the &#8220;<B>Outstanding Amount</B>&#8221;),
                                            any excess shall be paid to the Charterer, and the Charterers shall cease to be liable under
                                            the Charter and any leasing documents to which each is a party; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 55.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event that the Owners sell the Vessel for a sale price lower than the Outstanding Amount
                                            (provided that it shall be in Owners' full discretion to either accept such lower price or
                                            decide not to sell at such lower price), the Charterers shall remain liable under this Charter
                                            for the amount by which the Outstanding Amounts exceed the sale price of the Vessel.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.1pt; text-align: justify; text-indent: 0cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the Vessel is marketed for sale but no Memorandum of Agreement in respect of a sale is signed
                                            within 90 days from the expiry of the Grace Period, the Owners shall determine again the
                                            value of the Vessel (the &quot;<B>Termination Value</B>&quot;) which in this event shall
                                            be either (i) the highest bid received for the Vessel or (ii) if no bid was received, the
                                            Market Value discounted with 10 %. In such event the Owners shall be free to keep the Vessel
                                            in its ownership, and the Charterers shall remain liable to the Owners under this Charter
                                            for the amount by which the Outstanding Amount exceeds the Termination Value.</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>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.1pt; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18pt"><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 Market Value, or as the case may be, the Termination Value:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
                                            higher than the Outstanding Amount, and the Owners decide not to sell the Vessel, then the
                                            Market Value, or as the case may be, Termination Value will be set off against the Outstanding
                                            Amount and any surplus paid to the Charterers; or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 68.75pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50.75pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
                                            lower than the Outstanding Amount, and the Owners decide not to market the Vessel for sale,
                                            the Charterers shall remain liable to the Owners under this Charter for the amount by which
                                            the Outstanding Amount exceeds the Market Value</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0 21.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.2pt">43.
NAME</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0 21.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0 21.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charterers shall choose the initial name of the Vessel and, subject only to prior written notification to the Owners and the relevant
authorities of the jurisdiction in which for the time being the Vessel is registered, be entitled from time to time to change the name
of the Vessel, provided however that any expenses and time (including but not limited to legal charges for finance documents for the
Vessel) shall be for the Charterers&#8217; account. During the Charter period, the Charterers shall have the liberty to paint the Vessel
in their own colors, install and display their funnel insignia and fly their own house flag. Painting and installment shall be at Charterers&#8217;
expenses and time.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Owners shall have no right to change the name of the Vessel during the Charter <FONT STYLE="letter-spacing: -0.1pt">Period.</FONT></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">44.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MORTGAGE
                                            and <FONT STYLE="letter-spacing: -0.1pt">ASSIGNMENT</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charterers agree that, so long as the Owners&#8217; lenders are a bank or similar financial institution with an investment grade rate,
the Owners shall be entitled, at any time during the term of this Charter and without requiring consent of, but with prior written notice
to, the Charterers to grant to their lenders or an agent or security trustee of their lenders (i) mortgage(s) securing its interest over
the Vessel (the &#8220;Mortgage&#8221;) and/or (ii) one or more assignment(s) of any or all the rights, title, interests and benefit
of the Owner in this Charter or any security document, the earnings generated by this Charter, the insurances over the Vessel and all
other rights of the Owner, as security for any facility in relation to the financing or re-financing of the Vessel subject to such mortgage
and assignment(s) in favour of the lenders or an agent or security trustee of the lenders, PROVIDED ALWAYS that such Mortgage or assignment
or other security documents shall only be provided for the purpose of financing or re-financing the acquisition of this Vessel and subject
to the entry into a quiet enjoyment letter by the Mortgagee (the &#8220;Quiet Enjoyment Letter&#8221;), the Owners and the Charterers
in such form reasonably agreed by all parties.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charterers
agree to sign an acknowledgement to any such assignment(s) or any other comparable document reasonably required by the Mortgagee, in
favour of the Mortgagee. Any cost incurred by the Charterers shall be for Owners' account.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
Financial Instrument (including, without limitation, the Mortgage and the Assignment of Insurances) shall in no way be or purport to
be prejudicial to the rights of the Charterer under the terms of this Charter subject to the terms and conditions of the Quiet Enjoyment
Letter or any Financial Instrument or any Leasing Document.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as set out above, neither party shall assign its right or obligations or parts thereof to any third party without the written consent
of the other.</FONT></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of the Vessel the Owners undertake not to borrow more than the respective purchase option prices as set out at the relevant milestone
in Clause 49 hereof.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Owners have an obligation to get an acknowledgement from the Mortgagee (or include such wording the quiet enjoyment letter) and/or any
other financiers and/or beneficiary of any security granted by the Owners in favour of the Owners&#8217; financiers, that they will release
any security interest (including the Mortgage) upon receipt of the respective purchase option prices as set out at the relevant milestone
in Clause 49 hereof.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">45.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Not
                                            <FONT STYLE="letter-spacing: -0.1pt">used]</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">46.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Not
                                            <FONT STYLE="letter-spacing: -0.1pt">used]</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47.
MORTGAGE <FONT STYLE="letter-spacing: -0.1pt">NOTICE</FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.7pt 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
required under the laws of the relevant flag state, the Charterers shall keep prominently displayed in the chart room and in the master's
cabin of the Vessel a framed printed notice (the print on which shall measure at least six inches by nine inches) reading as follows
:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>NOTICE
OF <FONT STYLE="letter-spacing: -0.1pt">MORTGAGE</FONT></U></FONT></P>

<P STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.65pt 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Vessel is subject to a First Preferred Mortgage made by SK Shipholding S.A. as owner, to The Bank of Fukuoka, Ltd., as mortgagee, pursuant
to the provisions of Chapter 3 of the <FONT STYLE="letter-spacing: -0.35pt">Republic of the </FONT>Marshall Islands Maritime Act 1990
as amended. Under the terms of the said Mortgage, neither the above owner, nor any charterer nor the Master of this Vessel has any power,
right or authority whatever to create, incur or permit to be imposed on this Vessel any lien or encumbrance except for crews' wages and
salvage&quot;.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">48.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Not
                                            <FONT STYLE="letter-spacing: -0.1pt">used]</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">49.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHARTERERS'
                                            OPTION TO PURCHASE <FONT STYLE="letter-spacing: -0.1pt">VESSEL</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;
The Charterers or their guaranteed nominee shall have the option to purchase the Vessel at any time from the end of 3<SUP>rd</SUP> year
after the Delivery Date onwards throughout the Charter Period on a strictly &quot;as is/where she is&quot; basis (physically) (the &#8220;Purchase
<FONT STYLE="letter-spacing: -0.1pt">Option&#8221;).</FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;
The Purchase Option may be exercised from the 3rd anniversary of the Delivery Date provided however that the Owners are given by the
Charterers a minimum forty-five (45) days prior written irrevocable notice, executed by a duly authorized officer or attorney, of their
intention to exercise the Purchase Option.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;
The price to be paid by the Charterers for the Vessel shall be as set out in Annex 1 hereto and shall between relevant year-end dates
be calculated on a pro-rata basis.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;
Upon the Owners&#8217; receipt in full of the payment of the applicable Purchase Option price and any other amount due and payable to
the Owners hereunder, the Owners shall (except in case of Total Loss in which case Clause 40 shall apply or in the case of an Owners&#8217;
Default in which case Clause 41 shall apply) transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221;
basis to the Charterers or their nominees and shall execute a bill of sale and a protocol of delivery and acceptance evidencing the same
and any other document necessary to transfer the title of the Vessel to the Charterers (and to the extent required for such purposes the Vessel shall be deemed
first to have been redelivered to the Owners), such documents to include:</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
copy of the certificate of the deletion of the Vessel (if required for a change of flag) and a written undertaking to provide the original
within 30 days;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
the date of the transfer of title, certified true copies of all corporate documents as may be required and an original Owners&#8217;
power of attorney (notarized and/or apostilled as may be required) authorizing the sale of the Vessel to the Charterer or its nominee;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
certificate of good standing of the Owners; and</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
other documents as the Charterers may reasonably require to effect the legal transfer and registration of the title in the Charterers&#8217;
name.</FONT></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;
Any security granted by the Charterers in favour of the Owners or by the Owners in favour of its financier or to any other persons to
the benefit of that financier (including, but not limited to, the Mortgage) shall be immediately released at the Owner&#8217;s cost no
later than the delivery of the Vessel to the Charterers pursuant to this Clause 49.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;
The Owners as seller makes no warranty, and shall not be under any obligation or liability to the Charterers or their guaranteed nominee
as buyer, in respect of any claims, demands, damages, liens, mortgages, encumbrances or other debts (other than those created or caused
to be created by the Owners, which include -but without limitation- those in favour of the Mortgagee relating to the Vessel). And the
Owners as seller also makes no warranty as to the Vessel being free from any Port State or other administrative detentions at the time
of delivery of the Vessel under this Clause (other than as the same may be created or caused to be created by the Owners).</FONT></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 14.65pt"><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">The
                                            Owners as seller makes no representation or warranty, whether expressed <FONT STYLE="letter-spacing: -0.25pt">or</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">implied
by statute, common law or others, as to the seaworthiness, merchantability, condition, design, description, specification, operation,
performance, capacity, quality, suitability, durability, or fitness for use or as to the eligibility of the Vessel with everything belonging
to her for any particular purpose or trade whatsoever.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">50.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHARTERERS'
                                            OBLIGATION TO PURCHASE <FONT STYLE="letter-spacing: -0.1pt">VESSEL</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;
The Charterers or their guaranteed nominee shall have an obligation to purchase from the Owners on a strictly &quot;as is/where she is&quot;
basis (physically) all of the Owners&#8217; beneficial and legal right, title and interest in the Vessel at the end of the Charter Period,</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.e.
at the end of the 10th year after the Delivery Date, for a purchase price of USD 15,809,000 unless this Charter is terminated before
the Charter Period has expired or the Owners and the Charterers agree otherwise.</FONT></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;
Upon the Owners&#8217; receipt in full of the payment of the purchase price set out in Clause 50(a) hereof and any other amount due and
payable to the Owners hereunder, the Owners shall (except in case of Total Loss in which case Clause 40 shall apply or in the case of
an Owners&#8217; Default in which case Clause 41 shall apply) transfer the legal and beneficial ownership of the Vessel on an &#8220;as
is where is&#8221; basis to the Charterers or their nominees and shall execute a bill of sale and a protocol of delivery and acceptance
evidencing the same and any other document necessary to transfer the title of the Vessel to the Charterers (including, without limitation,
such documents set out in Clause 49(d)) (and to the extent required for such purposes the Vessel shall be deemed first to have been redelivered
to the Owners).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;
The Owners as seller makes no warranty, and shall not be under any obligation or liability to the Charterers or their guaranteed nominee
as buyer, in respect of any claims, demands, damages, liens, mortgages, encumbrances or other debts (other than those created or caused
to be created by the Owners, which include -but without limitation- those in favour of the Mortgagee relating to the Vessel. And the
Owners as seller also makes no warranty as to the Vessel being free from any Port State or other administrative detentions at the time
of delivery of the Vessel under this Clause (other than as the same may be created or caused to be created by the Owners).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;
The Owners as seller makes no representation or warranty, whether expressed or implied by statute, common law or others, as to the seaworthiness,
merchantability, condition, design, description, specification, operation, performance, capacity, quality, suitability, durability, or
fitness for use or as to the eligibility of the Vessel with everything belonging to her for any particular purpose or trade whatsoever.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 19.1pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;
Any security granted by the Charterer in favor of the Owner or by the Owner in favour of its financier or to any other persons to the
benefit of that financier (including, but not limited to, the Mortgage) shall be released immediately no later than the delivery of the
Vessel to the Charterers pursuant to this Clause 50.</FONT></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">51.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">MISCELLANEOUS</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 37pt; text-align: justify; text-indent: -17.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;
The terms and conditions of this Charter and the respective rights of the Owners <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0 37.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Charterers shall not be waived or varied otherwise than by an instrument in writing of the same date as or subsequent to this Charter
executed by both parties or by their duly authorized representatives,</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><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">No
                                            failure or delay on the part of the Owners or the Charterers in exercising any power, right
                                            or remedy hereunder or in relation to the Vessel shall operate as a waiver thereof nor shall
                                            any single or partial exercise of any such right, power or remedy preclude any other or further
                                            exercise of any such right or power or the exercise of any other right, power or remedy.</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 16.6pt"><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">lf
                                            any terms or condition of this Charter shall to any extent be illegal invalid or unenforceable,
                                            the remainder of this Charter shall not be affected thereby and all other terms and condition
                                            shall be legal valid and enforceable to the fullest extent permitted by law.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">52.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">COMMUNICATIONS</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise provided for in this Charter, all notices or other communications under or in respect of this Charter to either party hereto
shall be in writing and shall be made or given to such party at the address, facsimile number or e-mail address appearing below (or at
such other address, facsimile number or e-mail address as such party may hereafter specify for such purposes to the other by notice in
writing):-</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 12.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            the case of the Owners <FONT STYLE="letter-spacing: -0.25pt">to:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12.6pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 55.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SK
SHIPHOLDING <FONT STYLE="letter-spacing: -0.2pt">S.A.</FONT></FONT></P>

<P STYLE="font: 11pt/12.6pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 55.05pt; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C/O
SHINKEN BUSSAN CO., <FONT STYLE="letter-spacing: -0.2pt">LTD.</FONT></FONT></P>

<P STYLE="font: 11pt/12.6pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 55.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2-16-2
Nihonbashi, Chuo-Ku, TOKYO 103-0027 <FONT STYLE="letter-spacing: -0.1pt">Japan</FONT></FONT></P>

<P STYLE="font: 11pt/12.6pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 55.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:</FONT></P>

<P STYLE="font: 11pt/12.6pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 55.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:</FONT></P>

<P STYLE="font: 11pt/12.6pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 55.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt/12.6pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 55.05pt"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 15.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            the case of the Charterers <FONT STYLE="letter-spacing: -0.25pt">to:</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/12.6pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 55.05pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daxos
Maritime Limited</FONT></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust
Company Complex, Ajeltake Road, Ajeltake Island, Majuro,<BR>
Marshall Islands, MH96960<BR>
c/o Globus Shipmanagement Corp</FONT></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0 0 0 3cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128,
Vouliagmenis Ave</FONT></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0 0 0 3cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16674
Glyfada</FONT></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0 0 0 3cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens
&#8211; Greece</FONT></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0 0 0 55.55pt; text-indent: 29.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:</FONT></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0 0 0 3cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:</FONT></P>

<P STYLE="font: 11pt/125% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 3cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 10.45pt 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
written notice includes a notice by facsimile or e-mail. A notice or other communication received on a non-working day or after business
hours in the place of receipt shall be deemed to be served on the next following working day in such place.</FONT></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
always to the foregoing sentences, any communication by personal delivery or letter shall be deemed to be received on delivery, any communication
by e-mail shall be deemed to be received upon transmission of the automatic answer back of the addresses and any communication by facsimile
shall be deemed to be received upon appropriate acknowledgment by the addressee's receiving equipment.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
communications and documents delivered pursuant to or otherwise relating to this Charter shall either be in English or accompanied by
a certified English translation.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">53.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRADING
                                            IN WAR RISK <FONT STYLE="letter-spacing: -0.2pt">AREA</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charterers
shall be permitted to order the Vessel into an area subject to War Risk as defined in Clause 26 (a) without the Owners' consent provided
that all Marine, War and P&amp;I insurance are maintained with full force and effect and Charterers shall pay any additional premiums
to maintain such insurance.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">54.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVENTORIES,
                                            OIL AND <FONT STYLE="letter-spacing: -0.1pt">STORES</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Owners shall at the time of redelivery take over and pay for all bunkers, and unused lubricating oils in the said Vessel at the last
purchase price of the Charterers with supporting vouchers. However, the Charterers shall not pay to the Owners at the time of delivery
for any bunkers, lubricating oil, provisions, paints, ropes and consumable stores which the Charterers have supplied to the Vessel at
the Charterers' expense prior to delivery unless they belong to a third party and subject to paying their cost to the Charterers.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">55.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRADE
                                            AND COMPLIANCE <FONT STYLE="letter-spacing: -0.1pt">CLAUSE</FONT></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charterers and the Owners hereby agree that to the best of their knowledge no person/s or entity/ies worked for or engaged by the Charterers
or the Owners under this Charter have been designated under any applicable national or international law imposing trade and economic
sanctions. Further, the Charterers and the Owners agree that performance of this Charter will not infringe any sanctions or restrictions
under any applicable national or international law or regulation imposing trade or economic <FONT STYLE="letter-spacing: -0.1pt">sanctions.</FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">56.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL
                                            <FONT STYLE="letter-spacing: -0.1pt">STATEMENTS</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt/12.6pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the currency of this Charter, the Charterer shall each year and no later than <FONT STYLE="letter-spacing: -0.25pt">ten</FONT> (10) Banking
Days after they become available, provide to the Owners the audited financial statements of Globus Maritime Limited. Furthermore, the
parties agree that all publicly available and disclosed information in respect of Globus Maritime Limited is deemed to be &quot;provided&quot;
for the purposes of this clause.</FONT></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.1pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">57.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">CONFIDENTIALITY</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.1pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
communication between the Parties or information shared by one party to the other party shall be treated as confidential information
and be protected with security measures and a degree of care that would apply to such party's own confidential information and may only
be disclosed to a third party on a &quot;need to know&quot; basis, including without limitation to each party's advisors or financiers,
any regulatory or administrative authority pursuant to applicable law, regulations and listing requirements in the NASDAQ Stock <FONT STYLE="letter-spacing: -0.1pt">Exchange.</FONT></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">58.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SANCTIONS
                                            AND DESIGNATED ENTITIES</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22pt"></TD><TD STYLE="width: 22pt"><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
                                            provisions of this clause shall apply in relation to any sanction, prohibition or restriction
                                            imposed on any specified persons, entities or bodies including the designation of specified
                                            vessels or fleets under United Nations Resolutions or trade or economic sanctions, laws or
                                            regulations of the European Union or the United States of America.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22pt"></TD><TD STYLE="width: 22pt"><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
                                            Owners and the Charterers respectively warrant for themselves (and in the case of any sub-charter,
                                            the Charterers further warrant in respect of any sub-charterers, shippers, receivers, or
                                            cargo interests) that at the date of this fixture and throughout the duration of this Charter
                                            Party they are not subject to any of the sanctions, prohibitions, restrictions or designation
                                            referred to in subclause (a) which prohibit or render unlawful any performance under this
                                            Charter Party. The Owners further warrant that the Vessel is not a designated vessel.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22pt"></TD><TD STYLE="width: 22pt"><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
                                            at any time during the performance of this Charter Party either party becomes aware that
                                            the other party is in breach of warranty in this Clause, the party not in breach shall comply
                                            with the laws and regulations of any Government to which that party or the Vessel is subject,
                                            and follow any orders or directions which may be given by any body acting with powers to
                                            compel compliance, including where applicable the Owners&#8217; Flag State. In the absence
                                            of any such orders, directions, laws or regulations, the party not in breach may, in its
                                            option, terminate the Charter Party forthwith in accordance with Clause 28, Clause 41 and
                                            Clause 42.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22pt"></TD><TD STYLE="width: 22pt"><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,
                                            in compliance with the provisions of this Clause, anything is done or is not done, such shall
                                            not be deemed a deviation but shall be considered due fulfilment of this Charter Party.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22pt"></TD><TD STYLE="width: 22pt"><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">Notwithstanding
                                            anything in this Clause to the contrary, the Owners or the Charterers shall not be required
                                            to do anything which constitutes a violation of the laws and regulations of any State to which either of
them is subject.</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 44pt; text-align: justify"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22pt"></TD><TD STYLE="width: 22pt"><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">The
                                            Owners or the Charterers shall be liable to indemnify the other party against any and all
                                            claims, losses, damage, costs and fines whatsoever suffered by the other party resulting
                                            from any breach of warranty in this Clause.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">59.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COUNTERPARTS</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement and each other Leasing 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 this Agreement or that Leasing Document, as the case may be.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.05pt"></TD><TD STYLE="width: 18.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">60.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENTIRE
                                            AGREEMENT</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22pt"></TD><TD STYLE="width: 22pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            Agreement, in conjunction with the other Leasing 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22pt"></TD><TD STYLE="width: 22pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each&nbsp;Party&nbsp;acknowledges
                                            that it has not entered into this agreement or any other Leasing 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 Leasing Document.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8.6pt 0 0 19.1pt; text-align: justify">= end <FONT STYLE="letter-spacing: -0.5pt">=</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: -0.5pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8.6pt 0 0 19.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 3.45pt 0 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annex
<FONT STYLE="letter-spacing: -0.5pt">1</FONT></FONT></P>

<P STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 4.7pt 0 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Purchase
Option <FONT STYLE="letter-spacing: -0.1pt">Price:</FONT></U></FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 4.7pt 0 0 170.8pt"><FONT STYLE="letter-spacing: 4pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 0.5pt solid; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Period</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">Purchase
    Option Prices</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">End
    of year 3</FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">USD
    25,615,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">End
    of year 4</FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">USD
    24,147,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">End
    of year 5</FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">USD
    22,779,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">End
    of year 6</FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">USD
    21,474,500</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">End
    of year 7</FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">USD
    20,170,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">End
    of year 8</FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">USD
    18,683,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">End
    of year 9</FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">USD
    17,169,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">End
    of year 10</FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">USD
    15,809,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">End
of 10 years price as Purchase Obligation.</FONT></P>


<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 87.95pt 0 5.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 87.95pt 0 5.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 87.95pt 0 5.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 87.95pt 0 5.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/125% Verdana, Helvetica, Sans-Serif; margin: 1.75pt 0 0.4pt 15.75pt">&nbsp;</P>

<P STYLE="font: 9pt/125% Verdana, Helvetica, Sans-Serif; margin: 1.75pt 0 0.4pt 15.75pt">&nbsp;</P>

<P STYLE="font: 9pt/125% Verdana, Helvetica, Sans-Serif; margin: 1.75pt 0 0.4pt 15.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annex
2 and 3</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; width: 11%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0.3pt 0 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/12.8pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0 1.9pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">period</FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; width: 33%; border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/14.5pt Calibri, Helvetica, Sans-Serif; margin: 0 64.05pt 0 1.85pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanidng
    lease obligaiton</FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; width: 26%; border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 0 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0.05pt 12.25pt 0 1.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    Repayment (Annual Fixed Payment</FONT></P>
    <P STYLE="font: 11pt/13.15pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 1.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/12)</FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; width: 30%; border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 0 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 11pt/14.5pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 1.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum
    Insured Value (110% of outstanding lease obligation)</FONT></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-right: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.35pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,000,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,800,000</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,908,750.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,699,625</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,817,500.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,599,250</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,726,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,498,875</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,635,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,398,500</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,543,750.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,298,125</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,452,500.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,197,750</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,361,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,097,375</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,270,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,997,000</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: 0.85pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,178,750.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,896,625</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,087,500.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,796,250</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,996,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,695,875</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,905,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,595,500</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,813,750.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,495,125</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,722,500.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,394,750</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,631,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,294,375</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,540,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,194,000</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,448,750.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,093,625</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,357,500.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,993,250</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,266,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,892,875</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,175,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,792,500</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: 0.85pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,083,750.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,692,125</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,992,500.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,591,750</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,901,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,491,375</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,810,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,391,000</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,718,750.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,290,625</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,627,500.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,190,250</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,536,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,089,875</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,445,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,989,500</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,353,750.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,889,125</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,262,500.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,788,750</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,171,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,688,375</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,080,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,588,000</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: 0.85pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,988,750.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,487,625</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,897,500.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,387,250</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,806,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,286,875</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,715,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,186,500</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,617,666.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,079,433</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,520,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,972,367</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,423,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,865,300</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,325,666.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,758,233</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,228,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,651,167</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,131,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,544,100</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,033,666.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,437,033</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,936,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,329,967</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 42 -->
    <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%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt MS Mincho; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; width: 11%; padding-right: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 33%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,839,000.00</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 26%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 30%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,222,900</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,741,666.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,115,833</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: 0.85pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,644,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,008,767</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,547,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,901,700</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,449,666.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,794,633</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,352,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,687,567</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,255,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,580,500</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,157,666.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,473,433</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,060,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,366,367</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,963,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,259,300</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,865,666.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,152,233</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,768,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,045,167</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,671,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,938,100</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,573,666.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,831,033</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: 0.85pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,476,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,723,967</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,379,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97,333.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,616,900</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,278,625.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,506,488</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,178,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,396,075</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,077,875.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,285,663</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,977,500.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,175,250</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,877,125.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,064,838</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,776,750.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,954,425</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,676,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,844,013</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,576,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,733,600</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,475,625.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,623,188</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,375,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,512,775</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: 0.85pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,274,875.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,402,363</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,174,500.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,291,950</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,074,125.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,181,538</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,973,750.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,071,125</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,873,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,960,713</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,773,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,850,300</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,672,625.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,739,888</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,572,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,629,475</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,471,875.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,519,063</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,371,500.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,408,650</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,271,125.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,298,238</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,170,750.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,187,825</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: 0.85pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,070,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,077,413</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,970,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,375.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,967,000</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,854,416.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,839,858</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,738,833.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,712,717</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,623,250.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,585,575</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,507,666.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,458,433</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,392,083.34</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,331,292</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,276,500.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,204,150</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,160,916.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,077,008</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,045,333.34</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,949,867</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,929,750.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,822,725</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,814,166.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,695,583</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 43 -->
    <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%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt MS Mincho; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; width: 11%; padding-right: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 33%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,698,583.34</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 26%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 30%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,568,442</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,583,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,441,300</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: 0.85pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,467,416.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,314,158</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,351,833.34</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,187,017</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,236,250.01</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,059,875</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,120,666.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,932,733</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,005,083.34</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,805,592</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,889,500.01</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,678,450</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,773,916.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,551,308</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,658,333.34</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,424,167</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">105</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,542,750.01</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,297,025</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,427,166.67</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,169,883</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,311,583.34</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,042,742</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,196,000.01</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,915,600</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: 0.85pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,080,416.68</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,788,458</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,964,833.34</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,661,317</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,849,250.01</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,534,175</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,733,666.68</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,407,033</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">113</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,618,083.34</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,279,892</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,502,500.01</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,152,750</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,386,916.68</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,025,608</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">116</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,271,333.34</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,898,467</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">117</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,155,750.01</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,771,325</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">118</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,040,166.68</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,644,183</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">119</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,924,583.35</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,517,042</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: 0.85pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">120</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,809,000.01</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,583.33</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.45pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,389,900</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 13pt/125% Verdana, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-left: 10pt; text-align: left; line-height: 11.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
    note</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annex
        figure is reference only since there are 30days or 31day monthly payment and even leap eyar, Actual Outstanding Lease Obligation
        amount shall be fixed as per Bareboat Charterer's</FONT></P>
    <P STYLE="font: 11pt/12.25pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
    payment amount</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt MS Mincho; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annex
4</FONT></P>

<P STYLE="font: bold 10pt/125% Verdana, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM
OF Letter of Quiet Enjoyment</FONT></P>

<P STYLE="font: 14pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 12pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 12pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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


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


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


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


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 9pt/125% Verdana, Helvetica, Sans-Serif; margin: 0 0 12pt"></P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 12.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Dated:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/101% Carlito; text-align: justify; margin: 9.25pt 21pt 0 5.7pt; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Daxos Maritime Limited of Majuro, Marshall Islands</B> <FONT STYLE="color: blue"><STRIKE>(Name of sellers)</STRIKE></FONT>, hereinafter
called the &#8220;Sellers&#8221;, <FONT STYLE="color: red"><B>guaranteed by Globus Maritime Limited of Marshall Islands </B></FONT>have
agreed to sell, and</FONT></P>

<P STYLE="font: 11pt/101% Carlito; text-align: justify; margin: 9.1pt 11.15pt 0 5.7pt; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>SK SHIPHOLDING S.A. of Edificio Comosa , Avenidas Samuel Lewis y Manuel M. Ycaza, and Post office Box Number 4150, Panama City, Republic
of Panama guaranteed by SHINKEN BUSSAN CO., LTD of Japan</B> <FONT STYLE="color: blue"><STRIKE>(Name of buyers)</STRIKE></FONT>, hereinafter
called the &#8220;Buyers&#8221;, have agreed to buy:</FONT></P>

<P STYLE="font: 11pt/101% Carlito; margin: 9.1pt 51.1pt 0 5.7pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name of vessel: <B>GLBS MIGHT: One (1) unit of about 64,000 DWT Bulk Carrier to be built in 2024 by NANTONG COSCO KHI SHIP ENGINEERING
CO., LTD. of China, with the Hull COSCO KHI NE442</B></FONT></P>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 12.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMO
                                            Number: <FONT STYLE="letter-spacing: -0.1pt"><B>9972804</B></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 12.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
                                            Society: <FONT STYLE="letter-spacing: -0.25pt"><B>ABS</B></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/101% Carlito; text-align: justify; margin: 9.25pt 13.1pt 0 5.7pt; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Class Notation: <B>ABS, XA1, Bulk Carrier, BC-A (holds No.2 and 4 may be empty), XAMS, XACCU, ENVIRO, CSR, AB-CM, TCM, BWT, RW, IHM,
CPS, GRAB[20], ESP, UWILD, NOx-Tier III</B></FONT></P>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 12.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
                                            of Build: <B>2024</B> Builder/Yard: <B>NANTONG COSCO KHI SHIP ENGINEERING CO., <FONT STYLE="letter-spacing: -0.2pt">LTD.</FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 12.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Flag:
                                            <B>Marshall <FONT STYLE="letter-spacing: -0.1pt">Islands</FONT>&#9;</B>Place of Registration:
                                            <B>Majuro</B> GT/NT: <B>36800</B> / <B>21100 <FONT STYLE="letter-spacing: -0.25pt">ITC</FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">hereinafter
                                            called the &#8220;Vessel&#8221;, on the following terms and <FONT STYLE="letter-spacing: -0.1pt">conditions:</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B>Definitions</B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Banking
                                            Days&quot; are days on which banks are open both in the country of the currency stipulated
                                            <FONT STYLE="letter-spacing: -0.25pt">for</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause
                                            <FONT STYLE="letter-spacing: -0.5pt">8</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/101% Carlito; text-align: justify; margin: 9.25pt 39.6pt 0 5.7pt; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Documentation) and <B>New York city , London, Tokyo, Geneva, Marshall Islands, Singapore, Athens</B> <FONT STYLE="color: blue"><STRIKE>(add
additional jurisdictions as <FONT STYLE="letter-spacing: -0.1pt">appropriate)</FONT></STRIKE></FONT><FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></P>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Buyers&#8217;
                                            Nominated Flag State&#8221; means <B>Marshall Islands</B> <FONT STYLE="color: blue"><STRIKE>(state
                                            flag <FONT STYLE="letter-spacing: -0.1pt">state).</FONT></STRIKE></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Class&quot;
                                            means the class notation referred to <FONT STYLE="letter-spacing: -0.1pt">above.</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Classification
                                            Society&quot; means the Society referred to <FONT STYLE="letter-spacing: -0.1pt">above.</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;Deposit&quot;
                                            shall have the meaning given in Clause 2 <FONT STYLE="letter-spacing: -0.1pt">(Deposit)</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>&#8220;Deposit
                                            Holder&#8221; means (state name and location of Deposit Holder) or, if lef t blank, <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>Sellers&#8217;
                                            Bank, which shall hold and release the Deposit in accordance with this <FONT STYLE="letter-spacing: -0.1pt">Agreement.</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;In
                                            writing&quot; or &quot;written&quot; means a letter handed over from the Sellers to the Buyers
                                            or vice versa, <FONT STYLE="letter-spacing: -0.5pt">a</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">registered
                                            letter, e-mail or <FONT STYLE="letter-spacing: -0.1pt">telefax.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Parties&#8221;
                                            means the Sellers and the <FONT STYLE="letter-spacing: -0.1pt">Buyers.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/101% Carlito; margin: 9.25pt 28.75pt 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#8220;SBC&#8221;
means a ship building contract dated 13 May 2022 together with any and all addenda and/or supplements and/or amendments thereto entered
into between the Sellers as the buyer and the Builders as the builder.</B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.1pt 28.75pt 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#8220;BBC&#8221;
means a Bareboat Charterparty dated&#9;together with any and all addenda and/or supplements and/or amendments thereto entered into between
the Sellers as the Charterer and the Buyers as the Owner.</B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Purchase
                                            Price&#8221; means the price for the Vessel as stated in Clause 1 (Purchase <FONT STYLE="letter-spacing: -0.1pt">Price).</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 11pt/101% Carlito; margin: 1.8pt 39.8pt 0 5.7pt; text-indent: 0cm">&nbsp;</P>

<P STYLE="font: 11pt/101% Carlito; text-align: justify; margin: 1.8pt 39.8pt 0 5.7pt; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &#8220;Sellers&#8217; Account&#8221; means <B>Account Number:&#9;, BIC/SWIFT:&#9;, IBAN: &#9; , Currency: USD </B>(<FONT STYLE="color: blue"><STRIKE>state
details of bank account</STRIKE></FONT>) at the Sellers&#8217; Bank.</FONT></P>

<P STYLE="font: 11pt/101% Carlito; margin: 9.05pt 5.6pt 0 5.7pt; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#8220;Sellers&#8217; Bank&#8221; means <B>Bank: CREDIT SUISSE AG, Holder: DAXOS MARITIME LIMITED, M ajuro</B> (<FONT STYLE="color: blue"><STRIKE>state
name of bank, branch and details)</STRIKE></FONT> or, if left blank, the bank</FONT></P>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">notified
                                            by the Sellers to the Buyers for receipt of the balance of the Purchase <FONT STYLE="letter-spacing: -0.1pt">Price.</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 15.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
                                            Purchase <FONT STYLE="letter-spacing: -0.2pt">Price</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/101% Carlito; margin: 9.25pt 20.45pt 0 5.7pt; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Purchase Price is <B>United States Dollars Twenty Eight Million only (US$ 28,000,000.-)</B> <FONT STYLE="color: blue"><STRIKE>(state
currency and amount both in words and <FONT STYLE="letter-spacing: -0.1pt">figures).</FONT></STRIKE></FONT></FONT></P>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 15.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
                                            <FONT STYLE="letter-spacing: -0.1pt">Deposit</FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit <FONT STYLE="letter-spacing: -0.25pt">of</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B>%
                                            (<B>ten</B> per cent) <FONT STYLE="color: blue"><STRIKE>or, if lef t blank, 10% (ten per
                                            cent),</STRIKE></FONT> of the Purchase Price <FONT STYLE="letter-spacing: -0.2pt">(the</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/101% Carlito; margin: 9.25pt 34.35pt 0 5.7pt; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#8220;Deposit&#8221;) in an interest bearing account <FONT STYLE="color: red"><B>(for the avoidance of doubt, any accrued interest credited
on the Deposit shall be for the account of the Sellers) </B></FONT>for the <FONT STYLE="color: red"><B>Sellers</B></FONT><FONT STYLE="color: blue"><STRIKE>Parties
</STRIKE></FONT>with the <FONT STYLE="color: red"><B>Sellers' Account </B></FONT><FONT STYLE="color: blue"><STRIKE>Deposit Holder</STRIKE></FONT>
within three (3)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banking
                                            Days after the date <FONT STYLE="letter-spacing: -0.1pt">that:</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
                                            this Agreement has been signed by the Parties and exchanged in original or <FONT STYLE="letter-spacing: -0.25pt">by</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail
                                            or telefax; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
                                            <FONT STYLE="color: blue"><STRIKE>the Deposit Holder has confirmed in writing to the Parties
                                            that the account has <FONT STYLE="letter-spacing: -0.2pt">been</FONT></STRIKE></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">38</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>&#8203;opened.
                                            </STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B>Sellers
                                            and Guarantor shall issue a Letter of Guarantee in respect of the Deposit and the Balance
                                            to the <FONT STYLE="letter-spacing: -0.1pt">Buyers.</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/101% Carlito; margin: 9.25pt 0 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
the avoidance of doubt, no interest shall accrue on the Deposit up until the remittance of the remainder of the the Purchase Price in
accordance with Clause 3 (payment) below.</B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 0; text-indent: 0cm"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Carlito; margin: 7.4pt 0 0; text-indent: 0cm"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>The
                                            Deposit shall be released in accordance with joint written instructions of the <FONT STYLE="letter-spacing: -0.1pt">Parties.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>Interest,
                                            if any, shall be credited to the Buyers. Any fee charged for holding and releasing <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>Deposit
                                            shall be borne equally by the Parties. The Parties shall provide to the Deposit <FONT STYLE="letter-spacing: -0.1pt">Holder</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>all
                                            necessary documentation to open and maintain the account without <FONT STYLE="letter-spacing: -0.1pt">delay.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 15.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
                                            <FONT STYLE="letter-spacing: -0.1pt">Payment</FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>On
                                            delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice
                                            <FONT STYLE="letter-spacing: -0.25pt">of</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>Readiness
                                            has been given in accordance with Clause 5 (Time and place of delivery <FONT STYLE="letter-spacing: -0.25pt">and</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue; letter-spacing: -0.1pt"><STRIKE>notices):</STRIKE></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Carlito; margin: 9.25pt 0 0 7.75pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Buyers
shall make cash deposit with the Sellers' Bank, covering the Balance of the Purchase Price and all other sums payable on delivery, <FONT STYLE="letter-spacing: -0.25pt">two</FONT></B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 0.25pt 14.55pt 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2)
days prior to the expected date of delivery on the basis of the Sellers' three (3) days definite delivery notice. Interest of SOFR+2.1%
for two (2) days advance payment shall be settled by 1st BBC hire.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>(i)
                                            the Deposit shall be released to the Sellers; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>(ii)
                                            </STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            balance of the Purchase Price and all other sums payable on delivery by the <FONT STYLE="letter-spacing: -0.1pt">Buyers</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            the Sellers under this Agreement shall be paid in full free of bank charges to <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sellers&#8217;
                                            <FONT STYLE="letter-spacing: -0.1pt">Account.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 15.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>4.
                                            <FONT STYLE="letter-spacing: -0.1pt">Inspection</FONT></STRIKE></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(a)*
                                            The Buyers have inspected and accepted the Vessel's classification records. The <FONT STYLE="letter-spacing: -0.1pt">Buyers</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>have
                                            also inspected the Vessel at/in (state place) on (state date) and <FONT STYLE="letter-spacing: -0.2pt">have</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>accepted
                                            the Vessel following this inspection and the sale is outright and definite, subject <FONT STYLE="letter-spacing: -0.2pt">only</FONT></STRIKE></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>


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<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" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 1.8pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>to
                                            the terms and conditions of this <FONT STYLE="letter-spacing: -0.1pt">Agreement.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>&#8203;(b)*
                                            The Buyers shall have the right to inspect the Vessel's classification records and <FONT STYLE="letter-spacing: -0.1pt">declare</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>whether
                                            same are accepted or not within (state <FONT STYLE="letter-spacing: -0.1pt">date/period).</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">58</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>&#8203;The
                                            Sellers shall make the Vessel available for inspection at/</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            <FONT STYLE="color: blue"><STRIKE>(state place/range) <FONT STYLE="letter-spacing: -0.1pt">within</FONT></STRIKE></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(state
                                            <FONT STYLE="letter-spacing: -0.1pt">date/period).</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;The
                                            Buyers shall undertake the inspection without undue delay to the Vessel. Should <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Buyers
                                            cause undue delay they shall compensate the Sellers for the losses thereby <FONT STYLE="letter-spacing: -0.1pt">incurred.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;The
                                            Buyers shall inspect the Vessel without opening up and without cost to the <FONT STYLE="letter-spacing: -0.1pt">Sellers.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;During
                                            the inspection, the Vessel's deck and engine log books shall be made available <FONT STYLE="letter-spacing: -0.25pt">for</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;examination
                                            by the <FONT STYLE="letter-spacing: -0.1pt">Buyers.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;The
                                            sale shall become outright and definite, subject only to the terms and conditions of <FONT STYLE="letter-spacing: -0.2pt">this</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Agreement,
                                            provided that the Sellers receive written notice of acceptance of the Vessel <FONT STYLE="letter-spacing: -0.2pt">from</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;the
                                            Buyers within seventy-two (72) hours after completion of such inspection or after <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;date/last
                                            day of the period stated in Line 59, whichever is <FONT STYLE="letter-spacing: -0.1pt">earlier.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
                                            the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance <FONT STYLE="letter-spacing: -0.25pt">of</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;the
                                            Vessel's classification records and/or of the Vessel not be received by the Sellers <FONT STYLE="letter-spacing: -0.25pt">as</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;aforesaid,
                                            the Deposit together with interest earned, if any, shall be released immediately to <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Buyers,
                                            whereafter this Agreement shall be null and <FONT STYLE="letter-spacing: -0.1pt">void.</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;*4(a)
                                            and 4(b) are alternatives; delete whichever is not applicable. In the absence of <FONT STYLE="letter-spacing: -0.1pt">deletions,</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;alternative
                                            4(a) shall <FONT STYLE="letter-spacing: -0.1pt">apply.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 15.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
                                            Time and place of delivery and notices<FONT STYLE="color: red">. (Also see Clause <FONT STYLE="letter-spacing: -0.25pt">19)</FONT></FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
                                            The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth
                                            <FONT STYLE="letter-spacing: -0.25pt">or</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/101% Carlito; text-align: justify; margin: 9.3pt 12.35pt 0 5.7pt; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
anchorage at/in <B>Nantong, China or other place to be mutually agreed in the event that the delivery o f the Vessel cannot occur at
such location on account of any Corona Measures as per Clause 26 or event of force majeure </B><FONT STYLE="color: blue"><STRIKE>(state
place/range)</STRIKE></FONT> in the Sellers' option.</FONT></P>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>Notice
                                            of Readiness shall not be tendered before: <FONT STYLE="letter-spacing: -0.1pt">(date)</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>Cancelling
                                            Date (see Clauses 5(c), 6 (a)(i), 6 (a) (iii) and <FONT STYLE="letter-spacing: -0.2pt">14):</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
                                            The Sellers shall keep the Buyers well informed of the Vessel's <FONT STYLE="color: blue"><STRIKE>itinerary
                                            and <FONT STYLE="letter-spacing: -0.1pt">shall</FONT></STRIKE></FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
                                            the Buyers with twenty (20), ten (10), five (5) and three (3) days&#8217; notice of the date
                                            <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/101% Carlito; text-align: justify; margin: 9.3pt 10.9pt 0 5.7pt; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">82
<STRIKE>&#8203;Sellers intend to tender Notice of Readiness and of the</STRIKE></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">intended
<FONT STYLE="color: blue"><STRIKE>place of</STRIKE></FONT> delivery <FONT STYLE="color: red"><B>date from the Builders to the Sellers
in accordance with the terms of the SBC and shall provide the Sellers with thirty (30), fifteen (15) days approximate notice and seven
(7) and three (3) days</B></FONT></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 0.05pt 0 0 5.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><B>definite
notice of the indicative delivery date of the <FONT STYLE="letter-spacing: -0.1pt">Vessel</FONT></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">.</FONT></P>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>When
                                            the Vessel is at the place of delivery and physically ready for delivery in accordance <FONT STYLE="letter-spacing: -0.2pt">with</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;this
                                            Agreement, the Sellers shall give the Buyers a written Notice of Readiness for <FONT STYLE="letter-spacing: -0.1pt">delivery.</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>(c)
                                            If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Vessel
                                            will not be ready for delivery by the Cancelling Date they may notify the Buyers in <FONT STYLE="letter-spacing: -0.1pt">writing</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">stating
the date when they anticipate that the Vessel will be ready for delivery and proposing <FONT STYLE="letter-spacing: -0.5pt">a</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;new
                                            Cancelling Date. Upon receipt of such notification the Buyers shall have the option <FONT STYLE="letter-spacing: -0.25pt">of</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">either
                                            cancelling this Agreement in accordance with Clause 14 (Sellers&#8217; Default) within three
                                            <FONT STYLE="letter-spacing: -0.25pt">(3)</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Banking
                                            Days of receipt of the notice or of accepting the new date as the new Cancelling <FONT STYLE="letter-spacing: -0.1pt">Date.</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the Buyers have not declared their option within three (3) Banking Days of receipt of <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sellers'
                                            notification or if the Buyers accept the new date, the date proposed in the <FONT STYLE="letter-spacing: -0.1pt">Sellers'</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">notification
                                            shall be deemed to be the new Cancelling Date and shall be substituted for <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Cancelling
                                            Date stipulated in line <FONT STYLE="letter-spacing: -0.25pt">79.</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;If
                                            this Agreement is maintained with the new Cancelling Date all other terms and <FONT STYLE="letter-spacing: -0.1pt">conditions</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">hereof
including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in <FONT STYLE="letter-spacing: -0.2pt">full</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;force
                                            and <FONT STYLE="letter-spacing: -0.1pt">effect.</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(d)
                                            Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be <FONT STYLE="letter-spacing: -0.1pt">entirely</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">without
                                            prejudice to any claim for damages the Buyers may have under Clause 14 <FONT STYLE="letter-spacing: -0.1pt">(Sellers&#8217;</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Default)
                                            for the Vessel not being ready by the original Cancelling <FONT STYLE="letter-spacing: -0.1pt">Date.</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>(e)
                                            </STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
                                            the Vessel become an actual, constructive or compromised total loss before <FONT STYLE="letter-spacing: -0.1pt">delivery</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Deposit together with interest earned, if any, shall be released immediately to the <FONT STYLE="letter-spacing: -0.1pt">Buyers</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whereafter
                                            this Agreement shall be null and <FONT STYLE="letter-spacing: -0.1pt">void.</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;<B>6.
                                            Divers Inspection / <FONT STYLE="letter-spacing: -0.1pt">Drydocking</FONT></B></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">105</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;<FONT STYLE="letter-spacing: -0.2pt">(a)*</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(i)
                                            The Buyers shall have the option at their cost and expense to arrange for an <FONT STYLE="letter-spacing: -0.1pt">underwater</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">inspection
                                            by a diver approved by the Classification Society prior to the delivery of <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessel.
Such option shall be declared latest nine (9) days prior to the Vessel&#8217;s <FONT STYLE="letter-spacing: -0.1pt">intended</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">date
of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of <FONT STYLE="letter-spacing: -0.2pt">this</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Agreement.
                                            The Sellers shall at their cost and expense make the Vessel available <FONT STYLE="letter-spacing: -0.25pt">for</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;such
                                            inspection. This inspection shall be carried out without undue delay and in <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">presence
                                            of a Classification Society surveyor arranged for by the Sellers and paid for <FONT STYLE="letter-spacing: -0.25pt">by</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">113</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Buyers. The Buyers&#8217; representative(s) shall have the right to be present at the <FONT STYLE="letter-spacing: -0.1pt">diver&#8217;s</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;inspection
                                            as observer(s) only without interfering with the work or decisions of <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
                                            Society surveyor. The extent of the inspection and the conditions <FONT STYLE="letter-spacing: -0.1pt">under</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">116</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;which
                                            it is performed shall be to the satisfaction of the Classification Society. If <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">117</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">conditions
                                            at the place of delivery are unsuitable for such inspection, the Sellers shall <FONT STYLE="letter-spacing: -0.25pt">at</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">118</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">their
                                            cost and expense make the Vessel available at a suitable alternative place near <FONT STYLE="letter-spacing: -0.25pt">to</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">119</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            delivery port, in which event the Cancelling Date shall be extended by the <FONT STYLE="letter-spacing: -0.1pt">additional</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">120</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">time
                                            required for such positioning and the subsequent re-positioning. The Sellers <FONT STYLE="letter-spacing: -0.25pt">may</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">121</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;not
                                            tender Notice of Readiness prior to completion of the underwater <FONT STYLE="letter-spacing: -0.1pt">inspection.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">122</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(ii)
                                            If the rudder, propeller, bottom or other underwater parts below the deepest load line <FONT STYLE="letter-spacing: -0.25pt">are</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">123</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">found
                                            broken, damaged or defective so as to affect the Vessel's class, then (1) <FONT STYLE="letter-spacing: -0.1pt">unless</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">124</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;repairs
                                            can be carried out afloat to the satisfaction of the Classification Society, <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">125</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sellers
                                            shall arrange for the Vessel to be drydocked at their expense for inspection <FONT STYLE="letter-spacing: -0.25pt">by</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">126</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Classification Society of the Vessel's underwater parts below the deepest load <FONT STYLE="letter-spacing: -0.1pt">line,</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<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" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 1.8pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">127</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;the
                                            extent of the inspection being in accordance with the Classification Society's rules <FONT STYLE="letter-spacing: -0.25pt">(2)</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;such
                                            defects shall be made good by the Sellers at their cost and expense to <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">129</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">satisfaction
                                            of the Classification Society without condition/recommendation** and (3) <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">130</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Sellers
                                            shall pay for the underwater inspection and the Classification <FONT STYLE="letter-spacing: -0.1pt">Society's</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">131</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;<FONT STYLE="letter-spacing: -0.1pt">attendance.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">132</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
anything to the contrary in this Agreement, if the Classification <FONT STYLE="letter-spacing: -0.1pt">Society</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">133</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;do
                                            not require the aforementioned defects to be rectified before the next <FONT STYLE="letter-spacing: -0.1pt">class</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">134</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">drydocking
survey, the Sellers shall be entitled to deliver the Vessel with these <FONT STYLE="letter-spacing: -0.1pt">defects</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">135</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;against
                                            a deduction from the Purchase Price of the estimated direct cost (of labour <FONT STYLE="letter-spacing: -0.25pt">and</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;materials)
                                            of carrying out the repairs to the satisfaction of the Classification <FONT STYLE="letter-spacing: -0.1pt">Society,</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">137</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;whereafter
                                            the Buyers shall have no further rights whatsoever in respect of the <FONT STYLE="letter-spacing: -0.1pt">defects</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">138</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and/or
repairs. The estimated direct cost of the repairs shall be the average of <FONT STYLE="letter-spacing: -0.1pt">quotes</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">139</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;for
                                            the repair work obtained from two reputable independent shipyards at or in <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">140</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">vicinity
of the port of delivery, one to be obtained by each of the Parties within two <FONT STYLE="letter-spacing: -0.25pt">(2)</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">141</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banking
Days from the date of the imposition of the condition/recommendation, <FONT STYLE="letter-spacing: -0.1pt">unless</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">142</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Parties agree otherwise. Should either of the Parties fail to obtain such a quote <FONT STYLE="letter-spacing: -0.1pt">within</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">143</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
stipulated time then the quote duly obtained by the other Party shall be the sole <FONT STYLE="letter-spacing: -0.1pt">basis</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">144</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;for
                                            the estimate of the direct repair costs. The Sellers may not tender Notice <FONT STYLE="letter-spacing: -0.25pt">of</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">145</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Readiness
                                            prior to such estimate having been <FONT STYLE="letter-spacing: -0.1pt">established.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">146</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(iii)
                                            If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-<FONT STYLE="letter-spacing: -0.1pt">docking</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">147</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;facilities
                                            are available at the port of delivery, the Sellers shall take the Vessel to a <FONT STYLE="letter-spacing: -0.2pt">port</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">148</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
                                            suitable drydocking facilities are available, whether within or outside the <FONT STYLE="letter-spacing: -0.1pt">delivery</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">149</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">range
as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">150</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessel
                                            at a port within the delivery range as per Clause 5(a) which shall, for the <FONT STYLE="letter-spacing: -0.1pt">purpose</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">151</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;of
                                            this Clause, become the new port of delivery. In such event the Cancelling Date <FONT STYLE="letter-spacing: -0.1pt">shall</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">152</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">be
extended by the additional time required for the drydocking and extra steaming, <FONT STYLE="letter-spacing: -0.25pt">but</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">153</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;limited
                                            to a maximum of fourteen (14) <FONT STYLE="letter-spacing: -0.2pt">days.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">154</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(b)*
                                            The Sellers shall place the Vessel in drydock at the port of delivery for inspection by <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">155</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Classification
                                            Society of the Vessel's underwater parts below the deepest load line, the <FONT STYLE="letter-spacing: -0.1pt">extent</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">156</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;of
                                            the inspection being in accordance with the Classification Society's rules. If the <FONT STYLE="letter-spacing: -0.1pt">rudder,</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">157</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;propeller,
                                            bottom or other underwater parts below the deepest load line are found <FONT STYLE="letter-spacing: -0.1pt">broken,</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">158</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;damaged
                                            or defective so as to affect the Vessel's class, such defects shall be made good at <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">159</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Sellers'
                                            cost and expense to the satisfaction of the Classification Society <FONT STYLE="letter-spacing: -0.1pt">without</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">condition/recommendation**.
In such event the Sellers are also to pay for the costs <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;expenses
                                            in connection with putting the Vessel in and taking her out of drydock, including <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">162</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">drydock
dues and the Classification Society's fees. The Sellers shall also pay for these <FONT STYLE="letter-spacing: -0.1pt">costs</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">163</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;and
                                            expenses if parts of the tailshaf t system are condemned or found defective or broken so
                                            <FONT STYLE="letter-spacing: -0.25pt">as</FONT></STRIKE></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>


<!-- Field: Page; Sequence: 56 -->
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 1.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">164</FONT></P></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">to
affect the Vessel's class. In all other cases, the Buyers shall pay the aforesaid costs <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">165</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;expenses,
                                            dues and <FONT STYLE="letter-spacing: -0.1pt">fees.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(c)
                                            If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) <FONT STYLE="letter-spacing: -0.1pt">above:</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">167</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
The Classification Society may require survey of the tailshaft system, the extent of <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">168</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;survey
                                            being to the satisfaction of the Classification surveyor. If such survey <FONT STYLE="letter-spacing: -0.25pt">is</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">169</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">not
                                            required by the Classification Society, the Buyers shall have the option to require <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">170</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">tailshaft
to be drawn and surveyed by the Classification Society, the extent of the <FONT STYLE="letter-spacing: -0.1pt">survey</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">171</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;being
                                            in accordance with the Classification Society's rules for tailshaf t survey <FONT STYLE="letter-spacing: -0.25pt">and</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">172</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">consistent
                                            with the current stage of the Vessel's survey cycle. The Buyers shall <FONT STYLE="letter-spacing: -0.1pt">declare</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">173</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;whether
                                            they require the tailshaf t to be drawn and surveyed not later than by <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">174</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;completion
                                            of the inspection by the Classification Society. The drawing and refitting <FONT STYLE="letter-spacing: -0.25pt">of</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">175</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system <FONT STYLE="letter-spacing: -0.25pt">be</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;condemned
                                            or found defective so as to affect the Vessel's class, those parts shall <FONT STYLE="letter-spacing: -0.25pt">be</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">177</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;renewed
                                            or made good at the Sellers' cost and expense to the satisfaction <FONT STYLE="letter-spacing: -0.25pt">of</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">178</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Classification
                                            Society without <FONT STYLE="letter-spacing: -0.1pt">condition/recommendation**.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">179</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
                                            The costs and expenses relating to the survey of the tailshaft system shall be borne <FONT STYLE="letter-spacing: -0.25pt">by</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">180</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;the
                                            Buyers unless the Classification Society requires such survey to be carried out or <FONT STYLE="letter-spacing: -0.25pt">if</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">181</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;parts
                                            of the system are condemned or found defective or broken so as to affect <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">182</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Vessel's
                                            class, in which case the Sellers shall pay these costs and <FONT STYLE="letter-spacing: -0.1pt">expenses.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">183</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(iii)
                                            The Buyers' representative(s) shall have the right to be present in the drydock, <FONT STYLE="letter-spacing: -0.25pt">as</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">184</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;observer(s)
                                            only without interfering with the work or decisions of the <FONT STYLE="letter-spacing: -0.1pt">Classification</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">185</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Society
                                            <FONT STYLE="letter-spacing: -0.1pt">surveyor.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">186</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(iv)
                                            The Buyers shall have the right to have the underwater parts of the Vessel <FONT STYLE="letter-spacing: -0.1pt">cleaned</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">187</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;and
                                            painted at their risk, cost and expense without interfering with the Sellers' or <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">188</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Classification
                                            Society surveyor's work, if any, and without affecting the Vessel's <FONT STYLE="letter-spacing: -0.1pt">timely</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">189</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;delivery.
                                            If, however, the Buyers' work in drydock is still in progress when <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">190</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sellers
have completed the work which the Sellers are required to do, the <FONT STYLE="letter-spacing: -0.1pt">additional</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">191</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">docking
                                            time needed to complete the Buyers' work shall be for the Buyers' risk, cost <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">192</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;expense.
                                            In the event that the Buyers' work requires such additional time, the <FONT STYLE="letter-spacing: -0.1pt">Sellers</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">193</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;may
                                            upon completion of the Sellers' work tender Notice of Readiness for delivery <FONT STYLE="letter-spacing: -0.1pt">whilst</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">194</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;the
                                            Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall <FONT STYLE="letter-spacing: -0.25pt">be</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">195</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obliged
to take delivery in accordance with Clause 3 (Payment), whether the Vessel is <FONT STYLE="letter-spacing: -0.25pt">in</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">196</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;drydock
                                            or <FONT STYLE="letter-spacing: -0.2pt">not.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">197</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;*6
                                            (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of <FONT STYLE="letter-spacing: -0.1pt">deletions,</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">198</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;alternative
                                            6 (a) shall <FONT STYLE="letter-spacing: -0.1pt">apply.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">199</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;**Notes
                                            or memoranda, if any, in the surveyor's report which are accepted by the <FONT STYLE="letter-spacing: -0.1pt">Classification</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Society
                                            without condition/recommendation are not to be taken into <FONT STYLE="letter-spacing: -0.1pt">account.</FONT></STRIKE></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>


<!-- Field: Page; Sequence: 57 -->
    <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%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 1.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 19.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">201</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
                                            Spares, bunkers and other <FONT STYLE="letter-spacing: -0.1pt">items</FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">202</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Sellers shall deliver the Vessel to the Buyers with everything belonging to her on <FONT STYLE="letter-spacing: -0.1pt">board</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">203</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                            on shore. All spare parts and spare equipment including spare tail-end shaft(s) <FONT STYLE="letter-spacing: -0.1pt">and/or</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">204</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">spare
                                            propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of <FONT STYLE="color: red; letter-spacing: -0.1pt"><B>delivery</B></FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue; letter-spacing: -0.1pt"><STRIKE>inspection</STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">205</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">used
                                            or unused, whether on board or not shall <FONT STYLE="color: blue"><STRIKE>become the Buyers'</STRIKE></FONT><FONT STYLE="color: red"><B>remain
                                            the Sellers'</B></FONT> property<FONT STYLE="color: blue"><STRIKE>, but spares <FONT STYLE="letter-spacing: -0.25pt">on</FONT></STRIKE></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">206</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;order
                                            are excluded. Forwarding charges, if any, shall be for the Buyers' account. The <FONT STYLE="letter-spacing: -0.1pt">Sellers</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">207</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;are
                                            not required to replace spare parts including spare tail-end shaft(s) and <FONT STYLE="letter-spacing: -0.1pt">spare</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">208</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">propeller(s)/propeller
blade(s) which are taken out of spare and used as replacement prior <FONT STYLE="letter-spacing: -0.25pt">to</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">209</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;delivery,
                                            but the replaced items shall be the property of the Buyers. Unused stores <FONT STYLE="letter-spacing: -0.25pt">and</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">210</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provisions
                                            shall be included in the sale and be taken over by the Buyers without extra <FONT STYLE="letter-spacing: -0.1pt">payment.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">211</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Library
and forms exclusively for use in the Sellers' vessel(s) and captain's, officers&#8217; and <FONT STYLE="letter-spacing: -0.1pt">crew's</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">212</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">personal
belongings including the slop chest are excluded from the sale without <FONT STYLE="letter-spacing: -0.1pt">compensation,</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">213</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;as
                                            well as the following additional items: (include <FONT STYLE="letter-spacing: -0.2pt">list)</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">214</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Items
on board which are on hire or owned by third parties, listed as follows, are excluded <FONT STYLE="letter-spacing: -0.2pt">from</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">215</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;the
                                            sale without compensation: (include <FONT STYLE="letter-spacing: -0.2pt">list)</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">216</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Items
                                            on board at the time of inspection which are on hire or owned by third parties, not <FONT STYLE="letter-spacing: -0.1pt">listed</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">217</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">above,
shall be replaced or procured by the Sellers prior to delivery at their cost and <FONT STYLE="letter-spacing: -0.1pt">expense.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">218</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;The
                                            Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils <FONT STYLE="letter-spacing: -0.25pt">and</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">219</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;greases
                                            in storage tanks and unopened drums and pay <FONT STYLE="letter-spacing: -0.1pt">either:</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">220</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(a)
                                            *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers;
                                            <FONT STYLE="letter-spacing: -0.25pt">or</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">221</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(b)
                                            *the current net market price (excluding barging expenses) at the port and date of <FONT STYLE="letter-spacing: -0.1pt">delivery</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">222</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;of
                                            the Vessel or, if unavailable, at the nearest bunkering <FONT STYLE="letter-spacing: -0.1pt">port,</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">223</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;for
                                            the quantities taken <FONT STYLE="letter-spacing: -0.2pt">over.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">224</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Payment
                                            under this Clause shall be made at the same time and place and in the <FONT STYLE="letter-spacing: -0.2pt">same</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">225</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;currency
                                            as the Purchase <FONT STYLE="letter-spacing: -0.1pt">Price.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">226</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;&quot;inspection&quot;
                                            in this Clause 7, shall mean the Buyers' inspection according to Clause 4(a) or <FONT STYLE="letter-spacing: -0.2pt">4(b)</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">227</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(Inspection),
                                            if applicable. If the Vessel is taken over without inspection, the date of <FONT STYLE="letter-spacing: -0.2pt">this</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">228</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Agreement
                                            shall be the relevant <FONT STYLE="letter-spacing: -0.1pt">date.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">229</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*(a)
and (b) are alternatives, delete whichever is not applicable. In the absence of <FONT STYLE="letter-spacing: -0.1pt">deletions</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">230</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;alternative
                                            (a) shall <FONT STYLE="letter-spacing: -0.1pt">apply.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 19.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">231</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.
                                            <FONT STYLE="letter-spacing: -0.1pt">Documentation</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/101% Carlito; text-align: justify; margin-top: 9.25pt; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">232&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The place of closing: <B>Nantong, China or as otherwise agreed (including remote closing) . Delivery Documents: to be agreed and inserted
in Addendum to this MoA.</B></FONT></P>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">233</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>(a)
                                            In exchange for payment of the Purchase Price the Sellers shall provide the Buyers with <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">234</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;following
                                            delivery <FONT STYLE="letter-spacing: -0.1pt">documents:</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">235</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(i)
                                            Legal Bill(s) of Sale in a form recordable in the Buyers&#8217; Nominated Flag <FONT STYLE="letter-spacing: -0.1pt">State,</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">236</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;transferring
                                            title of the Vessel and stating that the Vessel is free from all <FONT STYLE="letter-spacing: -0.1pt">mortgages,</FONT></STRIKE></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>


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<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" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 1.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">237</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">encumbrances
and maritime liens or any other debts whatsoever, duly notarially <FONT STYLE="letter-spacing: -0.1pt">attested</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">238</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;and
                                            legalised or apostilled, as required by the Buyers&#8217; Nominated Flag <FONT STYLE="letter-spacing: -0.1pt">State;</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">239</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
Evidence that all necessary corporate, shareholder and other action has been taken <FONT STYLE="letter-spacing: -0.25pt">by</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">240</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Sellers to authorise the execution, delivery and performance of this <FONT STYLE="letter-spacing: -0.1pt">Agreement;</FONT></FONT></TD></TR></TABLE>

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<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">241</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(iii)
                                            Power of Attorney of the Sellers appointing one or more representatives to act on <FONT STYLE="letter-spacing: -0.1pt">behalf</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">242</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
the Sellers in the performance of this Agreement, duly notarially attested and <FONT STYLE="letter-spacing: -0.1pt">legalised</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">243</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;or
                                            apostilled (as <FONT STYLE="letter-spacing: -0.1pt">appropriate);</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">244</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(iv)
                                            Certificate or Transcript of Registry issued by the competent authorities of the flag <FONT STYLE="letter-spacing: -0.1pt">state</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">245</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
the date of delivery evidencing the Sellers&#8217; ownership of the Vessel and that <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">246</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessel
                                            is free from registered encumbrances and mortgages, to be faxed or e-mailed <FONT STYLE="letter-spacing: -0.25pt">by</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">247</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
authority to the closing meeting with the original to be sent to the Buyers as soon <FONT STYLE="letter-spacing: -0.25pt">as</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">248</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;possible
                                            after delivery of the <FONT STYLE="letter-spacing: -0.1pt">Vessel;</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">249</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(v)
                                            Declaration of Class or (depending on the Classification Society) a Class <FONT STYLE="letter-spacing: -0.1pt">Maintenance</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">250</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate
issued within three (3) Banking Days prior to delivery confirming that <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">251</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Vessel
                                            is in Class free of <FONT STYLE="letter-spacing: -0.1pt">condition/recommendation;</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">252</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(vi)
                                            Certificate of Deletion of the Vessel from the Vessel's registry or other official evidence
                                            <FONT STYLE="letter-spacing: -0.25pt">of</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">253</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deletion
appropriate to the Vessel's registry at the time of delivery, or, in the event <FONT STYLE="letter-spacing: -0.2pt">that</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">254</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            registry does not as a matter of practice issue such documentation immediately, <FONT STYLE="letter-spacing: -0.5pt">a</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">255</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">written
undertaking by the Sellers to effect deletion from the Vessel's registry <FONT STYLE="letter-spacing: -0.1pt">forthwith</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">256</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                            provide a certificate or other official evidence of deletion to the Buyers promptly <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">257</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">latest
                                            within four (4) weeks after the Purchase Price has been paid and the Vessel <FONT STYLE="letter-spacing: -0.25pt">has</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">258</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;been
                                            <FONT STYLE="letter-spacing: -0.1pt">delivered;</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">259</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)
                                            A copy of the Vessel's Continuous Synopsis Record certifying the date on which <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">260</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Vessel
                                            ceased to be registered with the Vessel's registry, or, in the event that the <FONT STYLE="letter-spacing: -0.1pt">registry</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">261</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">does
                                            not as a matter of practice issue such certificate immediately, a written <FONT STYLE="letter-spacing: -0.1pt">undertaking</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">262</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">from
the Sellers to provide the copy of this certificate promptly upon it being <FONT STYLE="letter-spacing: -0.1pt">issued</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">263</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">together
with evidence of submission by the Sellers of a duly executed Form 2 <FONT STYLE="letter-spacing: -0.1pt">stating</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">264</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;the
                                            date on which the Vessel shall cease to be registered with the Vessel's <FONT STYLE="letter-spacing: -0.1pt">registry;</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">265</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(viii)
                                            Commercial Invoice for the <FONT STYLE="letter-spacing: -0.1pt">Vessel;</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">266</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(ix)
                                            Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and <FONT STYLE="letter-spacing: -0.1pt">greases;</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">267</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)
                                            A copy of the Sellers&#8217; letter to their satellite communication provider cancelling
                                            <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">268</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessel&#8217;s
communications contract which is to be sent immediately after delivery of <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">269</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;<FONT STYLE="letter-spacing: -0.1pt">Vessel;</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">270</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(xi)
                                            Any additional documents as may reasonably be required by the competent authorities <FONT STYLE="letter-spacing: -0.25pt">of</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">271</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;the
                                            Buyers&#8217; Nominated Flag State for the purpose of registering the Vessel, provided <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">272</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buyers
notify the Sellers of any such documents as soon as possible after the date <FONT STYLE="letter-spacing: -0.25pt">of</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">273</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;this
                                            Agreement; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></STRIKE></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>


<!-- Field: Page; Sequence: 59 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 1.8pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">274</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(xii)
                                            The Sellers&#8217; letter of confirmation that to the best of their knowledge, the Vessel
                                            is <FONT STYLE="letter-spacing: -0.25pt">not</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">275</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;black
                                            listed by any nation or international <FONT STYLE="letter-spacing: -0.1pt">organisation.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">276</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(b)
                                            At the time of delivery the Buyers shall provide the Sellers <FONT STYLE="letter-spacing: -0.1pt">with:</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">277</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
Evidence that all necessary corporate, shareholder and other action has been taken <FONT STYLE="letter-spacing: -0.25pt">by</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">278</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;the
                                            Buyers to authorise the execution, delivery and performance of this Agreement; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">279</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
Power of Attorney of the Buyers appointing one or more representatives to act on <FONT STYLE="letter-spacing: -0.1pt">behalf</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">280</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
                                            the Buyers in the performance of this Agreement, duly notarially attested and <FONT STYLE="letter-spacing: -0.1pt">legalised</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">281</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;or
                                            apostilled (as <FONT STYLE="letter-spacing: -0.1pt">appropriate).</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">282</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(c)
                                            If any of the documents listed in Sub-clauses (a) and (b) above are not in the <FONT STYLE="letter-spacing: -0.1pt">English</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">283</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">language
they shall be accompanied by an English translation by an authorised translator <FONT STYLE="letter-spacing: -0.25pt">or</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">284</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;certified
                                            by a lawyer qualified to practice in the country of the translated <FONT STYLE="letter-spacing: -0.1pt">language.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">285</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(d)
                                            The Parties shall to the extent possible exchange copies, drafts or samples of <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">286</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">documents
listed in Sub-clause (a) and Sub-clause (b) above for review and comment by <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">287</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;other
                                            party not later than (state number of days), or if lef t blank, nine (9) days prior to <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">288</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Vessel&#8217;s
                                            intended date of readiness for delivery as notified by the Sellers pursuant <FONT STYLE="letter-spacing: -0.25pt">to</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">289</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Clause
                                            5(b) of this <FONT STYLE="letter-spacing: -0.1pt">Agreement.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">290</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(e)
                                            Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) <FONT STYLE="letter-spacing: -0.1pt">above,</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">291</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Sellers shall also hand to the Buyers the classification certificate(s) as well as all <FONT STYLE="letter-spacing: -0.1pt">plans,</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">292</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">drawings
and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. <FONT STYLE="letter-spacing: -0.1pt">Other</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">293</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">certificates
which are on board the Vessel shall also be handed over to the Buyers <FONT STYLE="letter-spacing: -0.1pt">unless</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">294</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;the
                                            Sellers are required to retain same, in which case the Buyers have the right to take <FONT STYLE="letter-spacing: -0.1pt">copies.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">295</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;(f)
                                            Other technical documentation which may be in the Sellers' possession shall promptly <FONT STYLE="letter-spacing: -0.1pt">after</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">296</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;delivery
                                            be forwarded to the Buyers at their expense, if they so request. The Sellers may <FONT STYLE="letter-spacing: -0.2pt">keep</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">297</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;the
                                            Vessel's log books but the Buyers have the right to take copies of <FONT STYLE="letter-spacing: -0.1pt">same.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">298</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>(g)
                                            </STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Parties shall sign and deliver to each other a Protocol of Delivery and <FONT STYLE="letter-spacing: -0.1pt">Acceptance</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">299</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">confirming
                                            the date and time of delivery of the Vessel from the Sellers to the <FONT STYLE="letter-spacing: -0.1pt">Buyers.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 19.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">300</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.25pt"><B>9.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;<FONT STYLE="letter-spacing: -0.1pt">Encumbrances</FONT></FONT></B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">301</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Sellers warrant that the Vessel, at the time of delivery, is free from all <FONT STYLE="letter-spacing: -0.1pt">charters,</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">302</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">encumbrances,
                                            mortgages and maritime liens or any other debts whatsoever<FONT STYLE="color: blue"><STRIKE>,
                                            and is not <FONT STYLE="letter-spacing: -0.1pt">subject</FONT></STRIKE></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">303</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>&#8203;to
                                            Port State or other administrative detentions</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
                                            The Sellers hereby undertake to indemnify <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">304</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buyers
                                            against all consequences of claims made against the Vessel which have been <FONT STYLE="letter-spacing: -0.1pt">incurred</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">305</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior
                                            to the time of <FONT STYLE="letter-spacing: -0.1pt">delivery.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 19.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">306</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.
                                            Taxes, fees and <FONT STYLE="letter-spacing: -0.1pt">expenses</FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">307</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            taxes, fees and expenses in connection with the purchase and registration in the <FONT STYLE="letter-spacing: -0.1pt">Buyers'</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">308</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nominated
                                            Flag State shall be for the Buyers' account<FONT STYLE="color: blue"><STRIKE>, whereas similar
                                            charges in <FONT STYLE="letter-spacing: -0.1pt">connection</FONT></STRIKE></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">309</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>&#8203;with
                                            the closing of the Sellers' register shall be for the Sellers' <FONT STYLE="letter-spacing: -0.1pt">account</FONT></STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 19.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">310</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.
                                            Condition on <FONT STYLE="letter-spacing: -0.1pt">delivery</FONT></B></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>


<!-- Field: Page; Sequence: 60 -->
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<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" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 1.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">311</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Vessel with everything belonging to her shall be at the Sellers' risk and expense until she
                                            <FONT STYLE="letter-spacing: -0.25pt">is</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">312</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delivered
                                            to the Buyers, but subject to the terms and conditions of this Agreement she shall <FONT STYLE="letter-spacing: -0.25pt">be</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/101% Carlito; margin: 9.25pt 22.9pt 0 5.7pt; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">313&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
delivered and taken over as she <FONT STYLE="color: red"><B>is, where she is at the place stipulated in Clause 5 (a)</B></FONT><FONT STYLE="color: blue"><STRIKE>was
at the time of inspection, fair wear and tear <FONT STYLE="letter-spacing: -0.1pt">excepted</FONT></STRIKE></FONT><FONT STYLE="letter-spacing: -0.1pt">.</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.1pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">314</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
                                            the Vessel shall be delivered free of cargo and free of stowaways with her <FONT STYLE="letter-spacing: -0.1pt">Class</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">315</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintained
without condition/recommendation*, free of average damage affecting the <FONT STYLE="letter-spacing: -0.1pt">Vessel's</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">316</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;class,
                                            and with her classification certificates and national certificates, as well as all <FONT STYLE="letter-spacing: -0.1pt">other</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">317</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;certificates
                                            the Vessel had at the time of inspection, valid and unextended <FONT STYLE="letter-spacing: -0.1pt">without</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">318</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">condition/recommendation*
                                            by the Classification Society or the relevant authorities at the <FONT STYLE="letter-spacing: -0.2pt">time</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">319</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;of
                                            <FONT STYLE="letter-spacing: -0.1pt">delivery.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">320</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;&quot;inspection&quot;
                                            in this Clause 11, shall mean the Buyers' inspection according to Clause 4(a) <FONT STYLE="letter-spacing: -0.25pt">or</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">321</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4(b)
(Inspections), if applicable. If the Vessel is taken over without inspection, the date of <FONT STYLE="letter-spacing: -0.2pt">this</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">322</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Agreement
                                            shall be the relevant <FONT STYLE="letter-spacing: -0.1pt">date.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">323</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Notes
and memoranda, if any, in the surveyor's report which are accepted by the <FONT STYLE="letter-spacing: -0.1pt">Classification</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">324</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Society
                                            without condition/recommendation are not to be taken into <FONT STYLE="letter-spacing: -0.1pt">account.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 19.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">325</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.
                                            <FONT STYLE="letter-spacing: -0.1pt">Name/markings</FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">326</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
                                            delivery the Buyers <FONT STYLE="color: red"><B>will maintain</B></FONT> <FONT STYLE="color: blue"><STRIKE>undertake
                                            to change</STRIKE></FONT> the name of the Vessel <FONT STYLE="color: blue"><STRIKE>and alter
                                            <FONT STYLE="letter-spacing: -0.1pt">funnel</FONT></STRIKE></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue">327</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>&#8203;<FONT STYLE="letter-spacing: -0.1pt">markings</FONT></STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 19.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">328</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.
                                            Buyers' default <FONT STYLE="color: red">(See Clause <FONT STYLE="letter-spacing: -0.25pt">20)</FONT></FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">329</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">330</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">right
                                            to cancel this Agreement, and they shall be entitled to claim compensation for their <FONT STYLE="letter-spacing: -0.1pt">losses</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">331</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;and
                                            for all expenses incurred together with <FONT STYLE="letter-spacing: -0.1pt">interest.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">332</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
the Purchase Price not be paid in accordance with Clause 3 (Payment), the <FONT STYLE="letter-spacing: -0.1pt">Sellers</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
the right to cancel this Agreement, in which case the Deposit together with <FONT STYLE="letter-spacing: -0.1pt">interest</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">334</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;earned,
                                            if any, shall be released to the Sellers. If the Deposit does not cover their loss, <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">335</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Sellers
                                            shall be entitled to claim further compensation for their losses and for all <FONT STYLE="letter-spacing: -0.1pt">expenses</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">336</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;incurred
                                            together with <FONT STYLE="letter-spacing: -0.1pt">interest.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 19.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">337</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.
                                            Sellers' default <FONT STYLE="color: red">(See Clause <FONT STYLE="letter-spacing: -0.25pt">21)</FONT></FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">338</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Should
                                            the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to <FONT STYLE="letter-spacing: -0.25pt">be</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">339</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ready
to validly complete a legal transfer by the Cancelling Date the Buyers shall have <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">340</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">option
of cancelling this Agreement. If after Notice of Readiness has been given but <FONT STYLE="letter-spacing: -0.1pt">before</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">341</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is
                                            <FONT STYLE="letter-spacing: -0.25pt">not</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">342</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;made
                                            physically ready again by the Cancelling Date and new Notice of Readiness given, <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">343</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buyers
shall retain their option to cancel. In the event that the Buyers elect to cancel <FONT STYLE="letter-spacing: -0.2pt">this</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">344</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Agreement,
                                            the Deposit together with interest earned, if any, shall be released to <FONT STYLE="letter-spacing: -0.2pt">them</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">345</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;<FONT STYLE="letter-spacing: -0.1pt">immediately.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">346</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready <FONT STYLE="letter-spacing: -0.25pt">to</FONT></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>


<!-- Field: Page; Sequence: 61 -->
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<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" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 1.8pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">347</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;validly
                                            complete a legal transfer as aforesaid they shall make due compensation to the <FONT STYLE="letter-spacing: -0.1pt">Buyers</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;for
                                            their loss and for all expenses together with interest if their failure is due to <FONT STYLE="letter-spacing: -0.1pt">proven</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">349</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;negligence
                                            and whether or not the Buyers cancel this <FONT STYLE="letter-spacing: -0.1pt">Agreement.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">350</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;<B>15.
                                            Buyers' <FONT STYLE="letter-spacing: -0.1pt">representatives</FONT></B></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">351</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;After
                                            this Agreement has been signed by the Parties and the Deposit has been lodged, <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">352</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Buyers
                                            have the right to place two (2) representatives on board the Vessel at their sole risk <FONT STYLE="letter-spacing: -0.25pt">and</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">353</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;<FONT STYLE="letter-spacing: -0.1pt">expense.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">354</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;These
                                            representatives are on board for the purpose of familiarisation and in the capacity <FONT STYLE="letter-spacing: -0.25pt">of</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">355</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;observers
                                            only, and they shall not interfere in any respect with the operation of the Vessel. <FONT STYLE="letter-spacing: -0.25pt">The</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">356</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;Buyers
                                            and the Buyers&#8217; representatives shall sign the Sellers' P&amp;I Club&#8217;s standard
                                            letter <FONT STYLE="letter-spacing: -0.25pt">of</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 13.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">357</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>&#8203;indemnity
                                            prior to their <FONT STYLE="letter-spacing: -0.1pt">embarkation.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 19.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">358</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.
                                            Law and <FONT STYLE="letter-spacing: -0.1pt">Arbitration</FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">359</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
                                            *This Agreement shall be governed by and construed in accordance with English law <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">360</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            dispute arising out of or in connection with this Agreement shall be referred to arbitration
                                            <FONT STYLE="letter-spacing: -0.25pt">in</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">361</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">London
                                            in accordance with the Arbitration Act 1996 or any statutory modification or <FONT STYLE="letter-spacing: -0.25pt">re-</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">362</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enactment
                                            thereof save to the extent necessary to give effect to the provisions of this <FONT STYLE="letter-spacing: -0.1pt">Clause.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">363</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            arbitration shall be conducted in accordance with the London Maritime <FONT STYLE="letter-spacing: -0.1pt">Arbitrators</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">364</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Association
                                            (LMAA) Terms current at the time when the arbitration proceedings <FONT STYLE="letter-spacing: -0.25pt">are</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">365</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">commenced.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">366</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration
                                            <FONT STYLE="letter-spacing: -0.1pt">shall</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/101% Carlito; text-align: justify; margin: 9.25pt 10.2pt 0 5.7pt; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">367&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
appoint its arbitrator <FONT STYLE="color: red"><B>(each of which shall be either a full member of the LMAA, a practising barrister of
King's Counsel and member of the Commercial Bar Association or a retired High Court Judge practising as an arbitrator, in each case who
carries on business in London)</B></FONT> and send notice of such appointment in writing to the other party requiring</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">368</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            other party to appoint its own arbitrator within fourteen (14) calendar days of that notice
                                            <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">369</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">stating
                                            that it will appoint its arbitrator as sole arbitrator unless the other party appoints its
                                            <FONT STYLE="letter-spacing: -0.25pt">own</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">370</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">arbitrator
                                            and gives notice that it has done so within the fourteen (14) days specified. If <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">371</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
                                            party does not appoint its own arbitrator and give notice that it has done so within <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">372</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fourteen
                                            (14) days specified, the party referring a dispute to arbitration may, without <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">373</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">requirement
                                            of any further prior notice to the other party, appoint its arbitrator as sole <FONT STYLE="letter-spacing: -0.1pt">arbitrator</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">374</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                            shall advise the other party accordingly. The award of a sole arbitrator shall be binding
                                            <FONT STYLE="letter-spacing: -0.25pt">on</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/101% Carlito; text-align: justify; margin: 9.3pt 19.6pt 0 5.7pt; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">375&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
both Parties as if the sole arbitrator had been appointed by agreement. <FONT STYLE="color: red"><B>If the two arbitrators so appointed
are unable to agree on the appointment of the third arbitrator within seven (7) days after the appointment of the second arbitrator,
they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen (14) days
of such request.</B></FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">376</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 <FONT STYLE="letter-spacing: -0.25pt">the</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">377</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">arbitration
                                            shall be conducted in accordance with the LMAA Small Claims Procedure current <FONT STYLE="letter-spacing: -0.25pt">at</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">378</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            time when the arbitration proceedings are <FONT STYLE="letter-spacing: -0.1pt">commenced.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">379</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>(b)
                                            *This Agreement shall be governed by and construed in accordance with Title 9 of <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">380</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>United
                                            States Code and the substantive law (not including the choice of law rules) of the <FONT STYLE="letter-spacing: -0.1pt">State</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">381</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>of
                                            New York and any dispute arising out of or in connection with this Agreement shall <FONT STYLE="letter-spacing: -0.25pt">be</FONT></STRIKE></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>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<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" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 1.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">382</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>referred
                                            to three (3) persons at New York, one to be appointed by each of the parties <FONT STYLE="letter-spacing: -0.1pt">hereto,</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">383</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>and
                                            the third by the two so chosen; their decision or that of any two of them shall be final,
                                            <FONT STYLE="letter-spacing: -0.25pt">and</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">384</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>for
                                            the purposes of enforcing any award, judgment may be entered on an award by any court <FONT STYLE="letter-spacing: -0.25pt">of</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">385</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>competent
                                            jurisdiction. The proceedings shall be conducted in accordance with the rules of <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">386</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>Society
                                            of Maritime Arbitrators, <FONT STYLE="letter-spacing: -0.2pt">Inc.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">387</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>In
                                            cases where neither the claim nor any counterclaim exceeds the sum of US$ 100,000 <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">388</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>arbitration
                                            shall be conducted in accordance with the Shortened Arbitration Procedure of <FONT STYLE="letter-spacing: -0.25pt">the</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">389</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>Society
                                            of Maritime Arbitrators, <FONT STYLE="letter-spacing: -0.2pt">Inc.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">390</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>(c)
                                            This Agreement shall be governed by and construed in accordance with the laws <FONT STYLE="letter-spacing: -0.25pt">of</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">391</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>(state
                                            place) and any dispute arising out of or in connection with this Agreement shall <FONT STYLE="letter-spacing: -0.25pt">be</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">392</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>referred
                                            to arbitration at (state place), subject to the procedures applicable <FONT STYLE="letter-spacing: -0.1pt">there.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">393</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*16(a),
                                            16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence <FONT STYLE="letter-spacing: -0.25pt">of</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">394</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deletions,
                                            alternative 16(a) shall <FONT STYLE="letter-spacing: -0.1pt">apply.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 19.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">395</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.
                                            Notices <FONT STYLE="color: red">(See Clause <FONT STYLE="letter-spacing: -0.25pt">23)</FONT></FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">396</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>All
                                            notices to be provided under this Agreement shall be in <FONT STYLE="letter-spacing: -0.1pt">writing.</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">397</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>Contact
                                            details for recipients of notices are as <FONT STYLE="letter-spacing: -0.1pt">follows:</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">398</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>For
                                            the <FONT STYLE="letter-spacing: -0.1pt">Buyers:</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">399</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><STRIKE>For
                                            the <FONT STYLE="letter-spacing: -0.1pt">Sellers:</FONT></STRIKE></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 19.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">400</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.
                                            Entire <FONT STYLE="letter-spacing: -0.1pt">Agreement</FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">401</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            written terms of this Agreement comprise the entire agreement between the Buyers <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">402</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Sellers in relation to the sale and purchase of the Vessel and supersede all <FONT STYLE="letter-spacing: -0.1pt">previous</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">403</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">agreements
                                            whether oral or written between the Parties in relation <FONT STYLE="letter-spacing: -0.1pt">thereto.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">404</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                            of the Parties acknowledges that in entering into this Agreement it has not relied on <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">405</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall
                                            have no right or remedy in respect of any statement, representation, assurance <FONT STYLE="letter-spacing: -0.25pt">or</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">406</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">warranty
                                            (whether or not made negligently) other than as is expressly set out in this <FONT STYLE="letter-spacing: -0.1pt">Agreement.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">407</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            terms implied into this Agreement by any applicable statute or law are hereby excluded <FONT STYLE="letter-spacing: -0.25pt">to</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">408</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            extent that such exclusion can legally be made. Nothing in this Clause shall limit or <FONT STYLE="letter-spacing: -0.1pt">exclude</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">409</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            liability for <FONT STYLE="letter-spacing: -0.1pt">fraud.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Carlito; margin: 9.25pt 0 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Additional
Clauses 19 to 26 (both inclusive) shall form an integral part of this <FONT STYLE="letter-spacing: -0.1pt">Agreement.</FONT></B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 7.55pt 0 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 0; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delivery
                                            of the <FONT STYLE="letter-spacing: -0.1pt">Vessel</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Vessel shall be delivered by the Sellers to the Buyers safely afloat at the place of delivery as stipulated in Clause 5 (a) hereof
or another place mutually agreed on by the Sellers and the Buyers which shall not be unreasonably withheld or delayed, on or before
30th <FONT STYLE="letter-spacing: -0.1pt">September, 2024 (+60 days), except that in the event of delays in the construction of the
Vessel or any performance required under the SBC due to causes which under the terms of the SBC permit postponement of the date for
delivery, the aforementioned date for delivery of the Vessel shall be postponed accordingly.</FONT></B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; text-align: justify; margin: 9.15pt 0 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Provided
however that, if the Sellers tenders delivery of the Vessel between 8th November 2024 and 31st December, 2024, then the Buyers 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 Buyers, to delay acceptance of the Vessel and take delivery of the same not later than 5th January, 2025.</B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<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" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 2.05pt; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Buyers&#8217;
                                            <FONT STYLE="letter-spacing: -0.1pt">Default</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Should
the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to cancel this Agreement, and they shall
be entitled to claim compensation for their losses and for all expenses incurred together with interest.</B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Should
the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers shall have the right to cancel this Agreement and
the BBC, in which case the Deposit together with interest earned, if any, shall be released to the Sellers. If the Deposit does not
cover all Sellers&#8217; losses and expenses, the Sellers shall be entitled to claim further compensation and for all expenses
incurred together with <FONT STYLE="letter-spacing: -0.1pt">interest.</FONT></B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 7.5pt 0 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 0; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sellers&#8217;
                                            <FONT STYLE="letter-spacing: -0.1pt">Default</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Should
the Sellers fail to deliver the vessel to the Buyers upon her delivery from the Builder to the Sellers pursuant to the terms of the <FONT STYLE="letter-spacing: -0.2pt">SBC,
the Buyers shall have the right to cancel this Agreement and the BBC, in which case the Deposit and the balance of the Purchase
Price already paid in accordance with Clause 2 and Clause 3 hereof shall be refunded to the Buyers immediately with interest rate of
6 pct per annual.</FONT></B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 7.35pt 0 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 0; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Combined
                                            <FONT STYLE="letter-spacing: -0.1pt">transactions</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
parties hereto acknowledge that the Vessel shall be purchased by the Buyers hereunder on the condition that concurrently with entering
into this Agreement the Sellers and the Buyers have also entered into a bareboat charter party (the &#8220;BBC&#8221;) pursuant to which
the Sellers as bareboat charterer will charter the Vessel from the Buyers as owners on the terms and conditions set out in the BBC.</B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
sale and purchase of the Vessel hereunder is combined with and dependent on the sale and delivery of the Vessel by the Builders to the
Sellers in accordance with the SBC as well as the bareboat chartering and delivery of the Vessel back to the Sellers by the Buyers under
the <FONT STYLE="letter-spacing: -0.2pt">BBC.</FONT></B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>It
is understood by all the parties that this Agreement shall become null and void retroactively in the event that the BBC is not concluded
by the parties or if the BBC does not become effective or becomes null and void.</B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
obligation of the Sellers to deliver the Vessel and perform their obligations under this Agreement shall be conditional upon the Builders
delivering the Vessel pursuant to the terms of the SBC. In the event that a delay of delivery occurs in accordance with the SBC, the
time of delivery of the Vessel from the Sellers to the Buyers hereunder shall likewise extended without any liability incurred to the
Sellers, and the Buyers shall not have any right to cancel this Agreement on account of such delay.</B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>In
the event that the Builders fail to deliver the Vessel to the Sellers under the SBC (including the relevant permissible or
non-permissible delays thereunder) or make any default stipulated in the SBC and such failure or default entitles the Sellers to
cancel the SBC and the Sellers as buyers in the SBC (i) actually exercise their right of cancellation of the SBC under and pursuant
to any provisions therein specifically permitting the Sellers as buyers to do so or (ii) 14 (fourteen) days after the date the
Sellers as buyers have the right to do so unless the right to cancel is explicitly waived by the Sellers, with prior consents from
the Buyers (such consent not to be unreasonably withheld or delayed), then this Agreement shall be terminated without any further
liability between the parties hereto.</B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>If
the SBC is cancelled, rescinded or terminated by the Sellers, for any reason, then the Sellers will inform the Buyers immediately and
this Agreement shall automatically terminate and be null and void. Any instalments, if already paid by the Buyers under Clause 1 and
2 <FONT STYLE="letter-spacing: -0.1pt">hereof, shall be refunded to the Buyers with interest rate of 6 pct per annual and neither Party
shall have any obligation or liability towards the other.</FONT></B></FONT><B>&nbsp;</B></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Unless
the BBC has been cancelled, rescinded or terminated prior to the date of delivery of the Vessel, the Buyers shall and hereby irrevocably
agree to accept delivery of the Vessel under this Agreement.</B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Immediately
upon the delivery of the Vessel to the Buyers by the Sellers under this Agreement, the Buyers shall deliver the Vessel to the Sellers
as she is and where she is in accordance with the terms of the BBC and the Sellers also shall take over the Vessel in accordance with
the terms thereof.</B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 7.4pt 0 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 0.05pt; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B>Notices</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>All
notices, requests, demands, consent or other communications to the Sellers hereunder shall be sent to the following <FONT STYLE="letter-spacing: -0.1pt">address:</FONT></B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 9.25pt 0 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Daxos
Maritime <FONT STYLE="letter-spacing: -0.1pt">Limited</FONT></B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 9.25pt 0 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c/o
Globus Maritime <FONT STYLE="letter-spacing: -0.1pt">Limited</FONT></B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 9.3pt 0 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>128,
Vouliagmenis Ave, 16674 Glyfada - Athens - <FONT STYLE="letter-spacing: -0.1pt">Greece</FONT></B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 9.3pt 0 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 9pt/183% Carlito; margin: 2.05pt 46.95pt 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>All
notices, requests, demands, consent or other communications to the Buyers hereunder shall be sent to the following address: SK SHIPPING
S.A.</B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 0.05pt 0 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c/o
SHINKEN BUSSAN CO., <FONT STYLE="letter-spacing: -0.25pt">LTD</FONT></B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 9.25pt 0 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2-16-2,
Nihonbasi, Chuo-ku, Tokyo, 103-0027, <FONT STYLE="letter-spacing: -0.1pt">Japan</FONT></B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 9.3pt 0 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TEL:</B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 9.25pt 0 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Email:</B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 7.55pt 0 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 0; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B>Sanctions</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 12.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
                                            the purposes of this <FONT STYLE="letter-spacing: -0.1pt">Clause:</FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(i)</B></FONT></TD><TD STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#8220;Sanctioned
                                            Activity&#8221; means any activity, service, carriage, trade or voyage subject to sanctions
                                            imposed by a Sanctioning <FONT STYLE="letter-spacing: -0.1pt">Authority.</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(ii)&nbsp;
&#8220;Sanctioning Authority&#8221; means the United Nations, European Union, United Kingdom, the United States of America, Japan, or
other applicable competent authority or government.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.05pt; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 14.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(iii)</B></FONT></TD><TD STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#8220;Sanctioned
                                            Party&#8221; means any persons, entities, bodies, or vessels designated by a Sanctioning
                                            <FONT STYLE="letter-spacing: -0.1pt">Authority.</FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.3pt; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 12.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT></TD><TD STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Each
                                            Party warrants to the other Party that, as at the date of this Agreement and continuing until
                                            Delivery it <FONT STYLE="letter-spacing: -0.25pt">is:</FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 9.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(i)</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>not
                                            a Sanctioned Party; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.25pt; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 12.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(ii)</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>acting
                                            as principal and not as agent, trustee or nominee of any person who is a Sanctioned <FONT STYLE="letter-spacing: -0.1pt">Party.</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(c)&nbsp;
The Sellers warrant to the Buyers that, as at the date of this Agreement and continuing until Delivery, the Vessel is not a Sanctioned
Party and is not and will not be employed in any Sanctioned Activity.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 9.1pt; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 12.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(d)</B></FONT></TD><TD STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Breach
                                            of this Clause shall entitle the Party not in breach to terminate this Agreement and/or claim
                                            damages resulting from the <FONT STYLE="letter-spacing: -0.1pt">breach.</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Carlito; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 0; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B>Confidentiality</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
discussions between the parties shall be kept strictly confidential by both parties and may only be disclosed to each party's advisors
and financiers on a need-to-know basis, as well as to any regulatory authority if it is requested to do so for purposes of complying
with</B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 0.1pt 0 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>applicable
laws, regulations <FONT STYLE="letter-spacing: -0.2pt">etc.</FONT></B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 7.55pt 0 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 0; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 17.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>26.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Epidemic
                                            / Covid-<FONT STYLE="letter-spacing: -0.25pt">19</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Should
any governmental measures relating to the Corona Virus (e.g. quarantines of the vessel or the crew, port closures, travel bans for crew
or the parties&#8217; representatives, closure of ship register authorities, etc. (hereinafter &#8220;the Corona Measures&#8221;) render
it impossible (and not only more strenuous) for Seller to deliver the vessel or for Buyer to take delivery at the mutually agreed time
and place of delivery (inclusive of cases where would prove not possible for crew to be on board timely due to travelling or other country
or prefecture entry restrictions which are out of the Buyers&#8217;/Sellers&#8217; control), then the cancelling date shall be extended
by the corresponding time lost due to such event. It is understood that in such case the Sellers or Buyers will not be in default.</B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Both
Sellers and Buyers shall use their best endeavours to agree on a mutually suitable alternative time and place for <FONT STYLE="letter-spacing: -0.1pt">delivery</FONT></B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.15pt 0 0 5.7pt; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>However,
if such agreement is not reached within 30 days after arrival of the vessel at the mutually agreed port of delivery or within 30 days
after both parties enter into discussion in line with this clause (which to be clearly announced by either party in email), the deal
to be null and void and deposit to be returned immediately back to Buyers together with interest rate if any without any claim by each
party to the <FONT STYLE="letter-spacing: -0.1pt">other.</FONT></B></FONT></P>

<P STYLE="font: 9pt Carlito; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Carlito; margin-top: 0; margin-bottom: 0; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.7pt"></TD><TD STYLE="width: 15.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>27.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B>Counterparts</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/101% Carlito; margin: 9.25pt 14.55pt 0 5.7pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>This
Agreement 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 this Agreement.</B></FONT></P>

<P STYLE="font: 9pt/101% Carlito; margin: 9.25pt 14.55pt 0 5.7pt; color: red"><B>&nbsp;</B></P>


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    <TD COLSPAN="2" STYLE="border: Black 0.5pt solid"><P STYLE="font: 9pt Carlito; margin: 2.65pt 0 0 4.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            and on behalf of the <FONT STYLE="letter-spacing: -0.1pt">Sellers</FONT></FONT></P>
    <P STYLE="font: 9pt Carlito; margin: 2.65pt 0 0 4.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">/s/
    Angelos Michas</FONT></P></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid"><P STYLE="font: 9pt Carlito; margin: 2.65pt 0 0 4.3pt"><FONT STYLE="font-size: 10pt">For and on behalf of the <FONT STYLE="letter-spacing: -0.1pt">Buyers</FONT></FONT></P>
    <P STYLE="font: 9pt Carlito; margin: 2.65pt 0 0 4.3pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">/s/ Hiroyuki Sawakoshi</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; width: 41%; padding-top: 2.65pt; padding-left: 4.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Name:
    Angelos Michas</FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 14%; padding-top: 2.65pt; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Name:</FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 35%; padding-top: 2.65pt; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt"><B>Hiroyuki
    <FONT STYLE="letter-spacing: -0.1pt">Sawakoshi</FONT></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; padding-top: 2.65pt; padding-left: 4.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Title:
    Attorney-in-fact</FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-top: 2.65pt; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Title:</FONT></TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-top: 2.65pt; padding-left: 4.3pt"><FONT STYLE="font-size: 10pt"><B>Director
    / <FONT STYLE="letter-spacing: -0.1pt">President</FONT></B></FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 11pt Carlito; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23
February 2024</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
: &#9;SK SHIPHOLDING SA</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Edificio
Comosa</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Avenidas
Samuel Lewis y Manuel M Ycaza</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O.
Box 4150</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Panama
City, Panama</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Sirs</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>GUARANTEE</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
the undersigned, Globus Maritime Limited, a corporation duly organised and existing under the laws of the Marshall Islands, with registered
office at Trust Company Complex, Ajeltake Road, Ajeltake Islands, Marshall Islands, refer to:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><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">a
                                            certain Memorandum of Agreement dated 23 February, 2024 (hereinafter called, together with
                                            any and all addendum and amendments thereto from time to time in force, the &quot;<B>MOA</B>&quot;)
                                            made by and between Daxos Maritime Limited, a corporation incorporated under the laws of
                                            the Marshall Islands and having its registered address at Trust Company Complex, Ajeltake
                                            Road, Ajeltake Island, Marshall Islands (hereinafter called the &quot;<B>Charterer</B>&quot;)
                                            as sellers and SK Shipholding SA, a corporation incorporated under the laws of Panama having
                                            its registered offices at Edificio Comosa, Avenidas Samuel Lewis y Manuel M Ycaza, P.O. Box
                                            4150, Panama City, Panama (hereinafter called the &ldquo;<B>Owner</B>&rdquo;) as buyers,
                                            under which the Charterer is to sell and the Owner is to purchase the Marshall Islands flagged
                                            m/v &quot;GLBS MIGHT&quot; having IMO number 9972804 (hereinafter called the &quot;<B>Vessel</B>&quot;);
                                            and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><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">a
                                            certain Bareboat Charter Party dated 23 February, 2024 (hereinafter, together with any and
                                            all addendum and amendments thereto from time to time in force, called the &ldquo;<B>BBC</B>&rdquo;)
                                            made by and between the Charterer as charterers and the Owner as owners, under which the
                                            Owner is to let to the Charterer and the Charterer is to charter the Vessel from the Owner
                                            on a bareboat charter basis;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><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
                                            deposit in the amount of $2,800,000, being 10 per cent. of the purchase price ($28,000,000)
                                            under the MOA which, in accordance with the terms and conditions of the MOA, shall be deposited
                                            by the Owner with the Charterer (as seller) within 3 Banking Days after the date of the MOA
                                            (the &ldquo;<B>Deposit</B>&rdquo;); and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><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">the
                                            remainder of the balance purchase price in the amount of $25,200,000, being 90 per cent of
                                            the purchase price ($28,000,000) under the MOA which, in accordance with the terms and conditions
                                            of the MOA, shall be credited to the account of the Charterer (as seller) 2 days prior to
                                            the expected delivery date of the Vessel following receipt of the 3 day definite notice of
                                            delivery (the &ldquo;<B>Balance</B>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Words
not otherwise herein defined shall have the same meaning as in the MOA.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration of the receipt of the Deposit and for other good and valuable consideration (the receipt and sufficiency of which we hereby
acknowledge), we, as primary obligor and not as surety only, hereby irrevocably guarantee to you to make the repayment of the Deposit
without any deductions to you within 30 Banking Days after receipt by us of your first written demand together with 6% interest per annum
thereon from the date of receipt by the Charterer of the Deposit to the date of such repayment of the Deposit to the Owner <B>provided
that</B> the Vessel is not delivered to you pursuant to the terms and conditions of the MOA.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration of the receipt of the Balance and for other good and valuable consideration (the receipt and sufficiency of which we hereby
acknowledge), we, as primary obligor and not as surety only, hereby irrevocably guarantee to you to make the repayment of the Balance
without any deductions to you within 30 Banking Days after receipt by us of your first written demand together with 6% interest per annum
thereon from the date of receipt by the Charterer of the Balance to the date of such repayment of the Balance to the Owner <B>provided
that</B> the Vessel is not delivered to you pursuant to the terms and conditions of the MOA.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
in the event that we receive written notification (within such 30 Banking Days aforementioned) from you or the Charterer confirmed by
the relevant Arbitrator(s) stating that the Owner&rsquo;s claim for the refund of the Deposit and/or Balance (as applicable) is in dispute
and has been referred to Arbitration in accordance with the provisions of the MOA, the repayment of the Deposit and/or Balance (as applicable)
shall only be made by us within 30 Banking Days after receipt by us of the final and unappealable Arbitration award in your favour for
the return of the Deposit and/or Balance (or any partial amount thereof, as applicable).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case any payment is made to you by the Charterer or by us under this Guarantee, our liability hereunder shall be automatically reduced
by an amount equal to the amount received by you.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
by us under this Guarantee shall be made upon simple receipt by us stating that the Owners demand for refund has been made in conformity
with the MOA and the Charterer has failed to make the refund.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Guarantee shall be made null and void upon the earliest of: (1) receipt by the Owner of the sum guaranteed hereby together with interest
thereon as mentioned above, (2) the execution by the Owner and the Charterer of the protocol of delivery and acceptance pursuant to the
terms of the MOA, (3) termination of the MOA due to the Owner&rsquo;s default in accordance with its terms and (4) a final and unappealable
arbitration award or judgment in favour of the Charterer in relation to such Deposit and/or Balance (as applicable) in accordance with
the terms of the MOA.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prejudice to the foregoing and in addition thereto, we, as principal obligor and as a separate and independent obligation, agree to indemnify
and keep you indemnified in full from and against all and any documented losses, costs, claims, liabilities, damages, demands and expenses
suffered or reasonably incurred by you arising out of, or in connection with, any failure of the Charterer to fully and timely refund
the Deposit and/or Balance (as applicable) in accordance with the terms of this Guarantee unless such losses, costs, claims, liabilities,
damages, demands or expenses are due to your gross negligence or wilful misconduct.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
obligations hereunder shall be absolute and this Guarantee shall not be discharged, nor shall our liability hereunder be howsoever affected
or diminished by any amendments, additions or variations to or extensions or novation or unenforceability of the MOA and/or the BBC,
or by the granting of any additional time or other forbearance to the Charterer, or by any act or omission or waiver by you, or by the
insolvency, dissolution, amalgamation, reconstruction, re-organisation, change in status, function, control or ownership, liquidation,
bankruptcy, winding-up, cessation of business (or equivalent or analogous proceedings) of the Charterer, or by any legal limitation,
disability, incapacity or want of any contracting powers of or by the Charterer, or want of authority of any director, officer or other
person appearing to be acting for the Charterer in any matter in respect of the Deposit and/or Balance (as applicable).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Guarantee shall be binding on us and our successors and assigns. Neither party may assign or transfer any of its rights or obligations
under this Guarantee without the prior written consent of the other party.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby represent and warrant to you that the giving of this Guarantee has been validly authorised by the appropriate corporate action
of us and constitutes our legal, valid and binding obligations enforceable upon us in accordance with its terms.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
notice or demand to us under this Guarantee shall be in writing and in English and sent to the following address, fax or e-mail or to
such other address, fax or e-mail as we hereafter may notify you in writing:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:&#9;
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; GLOBUS MARITIME LIMITED</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust
Company Complex, Ajeltake Road, Ajeltake Island, Majuro,</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
Islands, MH96960</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
Globus Shipmanagement Corp</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128,
Vouliagmenis Ave</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16674
Glyfada</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens
&ndash; Greece</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Guarantee, in conjunction with any other guarantee and indemnity granted by us in relation to the MOA and the BBC, constitutes the entire
agreement between ourselves and yourselves and supersedes all previous agreements, understandings and arrangements between us, whether
in writing or oral in respect of its subject matter.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
accepting this Guarantee, you acknowledge that you shall have no remedies against us as the guarantor in respect of any representation
or warranty that is not expressly set out in this Guarantee or any other guarantee and indemnity provided by us in relation to the MOA
and the BBC.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Guarantee, and all rights and obligations arising hereunder shall be construed and determined and may be enforced in accordance with
the laws of England. Any dispute arising out of or in connection with this Guarantee shall be referred to arbitration in London in accordance
with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the
provisions of this Clause. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms
current at the time when the arbitration proceedings are commenced. The reference shall be to three arbitrators. A party wishing to refer
a dispute to arbitration shall appoint its arbitrator each of which shall be either a full member of the LMAA, a practising barrister
of King's Counsel and member of the Commercial Bar Association or a retired High Court Judge practising as an arbitrator, in each case
who carries on business in London) and send notice of such appointment in writing to the other party requiring the other party to appoint
its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the
other party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not
appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring such dispute to arbitration
may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise
the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement.
If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator within seven (7) days after the appointment
of the second arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator
within fourteen (14) days of such request. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide
for the appointment of a sole arbitrator. In cases where neither the claim nor any counterclaim each exceeds the sum of US$100,000 (or
such other sum as the parties may agree), the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current
at the time when the arbitration proceedings are commenced.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, we have executed this Guarantee as a Deed on the date appearing at the beginning of this Guarantee.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 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; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 36%"><B>SIGNED AND DELIVERED as a Deed on behalf of GLOBUS MARITIME LIMITED</B></TD>
    <TD STYLE="text-align: justify; width: 5%"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="text-align: justify; width: 25%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>by its duly authorized </TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT>)</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">)</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: justify">/s/ Angelos Michas<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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"></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Angelos Michas</FONT></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></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>Title: Attorney-in-fact</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"></FONT></TD>
    <TD STYLE="text-align: justify">)</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>Name: Georgia Asimakopoulos</TD><TD STYLE="text-align: left">)</TD><TD STYLE="text-align: justify"></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>Address Solicitor</TD><TD STYLE="text-align: left"></TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: justify">/s/ Georgia Asimakopoulos</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><P STYLE="margin-top: 0; margin-bottom: 0">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Watson Farley &amp; Williams</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">
    &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;348 Syngrou Avenue</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;17674 Kallithea,</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Athens
    - Greece&nbsp;</P></TD><TD STYLE="text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD><TD STYLE="text-align: justify">(Witness signature)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23
February 2024</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
: &#9;&nbsp;&nbsp;&nbsp;&nbsp;SK SHIPHOLDING SA</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Edificio
Comosa</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Avenidas
Samuel Lewis y Manuel M Ycaza</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O.
Box 4150</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Panama
City, Panama</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Sirs</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>GUARANTEE</U></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
the undersigned, Globus Maritime Limited, a corporation duly organised and existing under the laws of the Marshall Islands, with registered
office at Trust Company Complex, Ajeltake Road, Ajeltake Islands, Marshall Islands, refer to:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><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">a
                                            certain Memorandum of Agreement dated 23 February, 2024 (hereinafter called, together with
                                            any and all addendum and amendments thereto from time to time in force, the &quot;<B>MOA</B>&quot;)
                                            made by and between Daxos Maritime Limited, a corporation incorporated under the laws of
                                            the Marshall Islands and having its registered address at Trust Company Complex, Ajeltake
                                            Road, Ajeltake Island, Marshall Islands (hereinafter called the &quot;<B>Charterer</B>&quot;)
                                            as sellers and SK Shipholding SA, a corporation incorporated under the laws of Panama having
                                            its registered offices at Edificio Comosa, Avenidas Samuel Lewis y Manuel M Ycaza, P.O. Box
                                            4150, Panama City, Panama (hereinafter called the &quot;<B>Owner</B>&quot;) as buyers, under
                                            which the Charterer is to sell and the Owner is to purchase the Marshall Islands flagged
                                            m/v &quot;GLBS MIGHT&quot; having IMO number 9972804 (hereinafter called the &quot;<B>Vessel</B>&quot;);
                                            and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><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">a
                                            certain Bareboat Charter Party dated 23 Februray, 2024 (hereinafter, together with any and
                                            all addendum and amendments thereto from time to time in force, called the &quot;<B>BBC</B>&quot;)
                                            made by and between the Charterer as charterers and the Owner as owners, under which the
                                            Owner is to let to the Charterer and the Charterer is to charter the Vessel from the Owner
                                            on a bareboat charter basis.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Words
not otherwise defined herein shall have the meaning set out in the BBC.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration of your entering into the MOA and the BBC and for other good and valuable consideration (the receipt and sufficiency of
which we hereby acknowledge), we, as primary obligor and not as surety only, hereby irrevocably, absolutely and unconditionally guarantee
to you the full and prompt performance by the Charterer of, and compliance by the Charterer with, all its obligations, liabilities and
responsibilities, covenants, terms, conditions, representations, warranties, duties and undertakings under the MOA and the BBC which
the Charterer may now or at any later time have under the MOA and the BBC and any supplement, amendment, changes or modifications hereafter
made thereto (collectively the &quot;<B>Obligations</B>&quot;).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
and whenever the Charterer fails to timely and appropriately perform or comply with any of the Obligations under and in accordance with
the terms of the MOA and/or the BBC (as the case may be), we shall forthwith, upon demand by you to us, perform the Obligations or cause
the Obligations to be performed by the Charterer, including payments, without any set-off or counterclaim and in such manner as prescribed
in the MOA or the BBC (as the case may be).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prejudice to the foregoing and in addition thereto, we, as principal obligor and as a separate and independent obligation, agree to indemnify
and keep you indemnified in full from and against all and any documented losses, costs, claims, liabilities, damages, demands and expenses
suffered or reasonably incurred by you arising out of, or in connection with, any failure of the Charterer to fully and timely perform
and discharge any one or more of the Obligations unless such losses, costs, claims, liabilities, damages, demands or expenses are due
to your gross negligence or wilful misconduct</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
obligations hereunder shall be absolute and unconditional and this Guarantee shall not be discharged, nor shall our liability hereunder
be howsoever affected or diminished by any amendments, additions or variations to or extensions or novation or unenforceability of the
MOA and/or the BBC, or by the granting of any additional time or other forbearance to the Charterer, or by any act or omission or waiver
by you, or by the insolvency, dissolution, amalgamation, reconstruction, re-organisation, change in status, function, control or ownership,
liquidation, bankruptcy, winding-up, cessation of business (or equivalent or analogous proceedings) of the Charterer, or by any dispute
between the Charterer and you with regard to any of the Obligations or otherwise, or by any legal limitation, disability, incapacity
or want of any contracting powers of or by the Charterer, or want of authority of any director, officer or other person appearing to
be acting for the Charterer in any matter in respect of the Obligations, or by any other act, omission, fact or circumstances whatsoever,
which could or might, but for the foregoing, affect or diminish in any way our obligations and liability hereunder.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Guarantee shall be binding on us and our successors and assigns. Neither party may assign or transfer any of its rights or obligations
under this Guarantee without the prior written consent of the other party.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby represent and warrant to you that the giving of this Guarantee has been validly authorised by the appropriate corporate action
of us and constitutes our legal, valid and binding obligations enforceable upon us in accordance with its terms.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
notice or demand to us under this Guarantee shall be in writing and in English and sent to the following address, fax or e-mail or to
such other address, fax or e-mail as we hereafter may notify you in writing:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;GLOBUS
MARITIME LIMITED</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust
Company Complex, Ajeltake Road, Ajeltake Island, Majuro,</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
Islands, MH96960</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
Globus Shipmanagement Corp</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128,
Vouliagmenis Ave</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16674
Glyfada</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens
&ndash; Greece</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Guarantee is and shall at all times be a continuing security and shall be valid and enforceable until the earlier of (i) the fulfilment
of all obligations of the Charterer under the MOA and the BBC, (ii) the termination of the MOA in accordance with its terms or the BBC
as a result of an Owner's Default, (iii) the termination of the BBC in accordance with its terms (other than as a result of a Termination
Event) and (vi) the receipt by the Owner of the sum guaranteed pursuant to this Guarantee.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Guarantee, in conjunction with any other guarantee and indemnity granted by us in relation to the MOA and the BBC, constitutes the entire
agreement between ourselves and yourselves and supersedes all previous agreements, understandings and arrangements between us, whether
in writing or oral in respect of its subject matter.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
accepting this Guarantee, you acknowledge that you shall have no remedies against us as the guarantor in respect of any representation
or warranty that is not expressly set out in this <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantee
or any other guarantee and indemnity provided by us in relation to the MOA and the BBC.</FONT></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Guarantee, and all rights and obligations arising hereunder shall be construed and determined and may be enforced in accordance with
the laws of England. Any dispute arising out of or in connection with this Guarantee shall be referred to arbitration in London in accordance
with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the
provisions of this Clause. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms
current at the time when the arbitration proceedings are commenced. The reference shall be to three arbitrators. A party wishing to refer
a dispute to arbitration shall appoint its arbitrator each of which shall be either a full member of the LMAA, a practising barrister
of King's Counsel and member of the Commercial Bar Association or a retired High Court Judge practising as an arbitrator, in each case
who carries on business in London) and send notice of such appointment in writing to the other party requiring the other party to appoint
its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the
other party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not
appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring such dispute to arbitration
may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise
the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement.
If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator within seven (7) days after the appointment
of the second arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator
within fourteen (14) days of such request. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide
for the appointment of a sole arbitrator. In cases where neither the claim nor any counterclaim each exceeds the sum of US$100,000 (or
such other sum as the parties may agree), the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current
at the time when the arbitration proceedings are commenced.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, we have executed this Guarantee as a Deed on the date appearing at the beginning of this Guarantee.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><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="text-align: justify; width: 36%"><B>SIGNED AND DELIVERED as a Deed on behalf of GLOBUS MARITIME LIMITED</B></TD>
    <TD STYLE="text-align: justify; width: 5%"><P STYLE="margin-top: 0; margin-bottom: 0">)</P></TD>
    <TD STYLE="text-align: justify; width: 25%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>by its duly authorized </TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT>)</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">)</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: justify">/s/ Angelos Michas<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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"></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Angelos
    Michas&nbsp;</FONT></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></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>Title: Attorney-in-fact</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"></FONT></TD>
    <TD STYLE="text-align: justify">)</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>Name: Georgia Asimakopoulos</TD><TD STYLE="text-align: left">)</TD><TD STYLE="text-align: justify"></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>Address Solicitor</TD><TD STYLE="text-align: left"></TD><TD STYLE="border-bottom: Black 0.5pt solid; text-align: justify">/s/ Georgia Asimakopoulos</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><P STYLE="margin-top: 0; margin-bottom: 0">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Watson Farley &amp; Williams</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">
    &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;348 Syngrou Avenue</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;17674 Kallithea,</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Athens
    - Greece&nbsp;</P></TD><TD STYLE="text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD><TD STYLE="text-align: justify">(Witness signature)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left"></TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>






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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>8
<FILENAME>exhibit81.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
8.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><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: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUBSIDIARIES
OF GLOBUS MARITIME LIMITED</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 33%; padding-top: 2pt; padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jurisdiction
    of Incorporation</B></FONT></TD>
    <TD STYLE="width: 1%; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    Under Which the</B><BR>
    <B>Subsidiaries do Business</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus
    Shipmanagement Corp.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus
    Shipmanagement Corp.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Devocean
    Maritime Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Devocean
    Maritime Ltd.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domina
    Maritime Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domina
    Maritime Ltd.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dulac
    Maritime S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dulac
    Maritime S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Artful
    Shipholding S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Artful
    Shipholding S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Longevity
    Maritime Limited</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malta</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Longevity
    Maritime Limited</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Serena
    Maritime Limited</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Serena
    Maritime Limited</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Talisman
    Maritime Limited</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Talisman
    Maritime Limited</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daxos
    Maritime Limited</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daxos
    Maritime Limited</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Argo
    Maritime Limited</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Argo
    Maritime Limited</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Salaminia
    Maritime Limited</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Salaminia
    Maritime Limited</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Paralus
    Shipholding S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Paralus
    Shipholding S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Calypso
    Shipholding S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Calypso
    Shipholding S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Olympia
    Shipholding S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Olympia
    Shipholding S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Thalia
    Shipholding S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Thalia
    Shipholding S.A.</FONT></TD></TR>
  </TABLE>
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<TYPE>EX-11.1
<SEQUENCE>9
<FILENAME>exhibit111.htm
<DESCRIPTION>EXHIBIT 11.1
<TEXT>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
11.1</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Globus
Maritime Limited</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Policies
and Procedures to Detect and Prevent Insider Trading</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Effective:
March 14, 2024</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introduction</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase or sale of securities while aware of material nonpublic information, or the disclosure of material nonpublic information to
others who then trade in the Company&rsquo;s securities, is prohibited by the U.S. federal securities laws. Insider trading violations
are pursued vigorously by the SEC and the U.S. Department of Justice and are punished severely. While the regulatory authorities concentrate
their efforts on the individuals who trade, or who tip inside information to others who trade, the U.S. federal securities laws also
impose potential liability on companies and other &ldquo;controlling persons&rdquo; if they fail to take reasonable steps to prevent
insider trading by company personnel.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors (the &ldquo;<B>Board</B>&rdquo;) of Globus Maritime Limited (the &ldquo;<B>Company</B>&rdquo;) has adopted this policy
(this &ldquo;<B>Trading Policy</B>&rdquo;) both to satisfy the Company&rsquo;s obligation to prevent insider trading and to help Company
personnel avoid the severe consequences associated with violations of the insider trading laws. This Trading Policy also is intended
to prevent even the appearance of improper conduct on the part of anyone employed by or associated with the Company (not just so-called
insiders). All previous insider trading policies of the Company are hereby revoked and replaced with this Trading Policy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Company employee, officer or director, whether or not a citizen or resident of the United States (the &ldquo;<B>Covered Persons</B>&rdquo;),
may, directly or indirectly, purchase or sell any security while in possession of material nonpublic information (known as &ldquo;inside
information&rdquo;) regarding such security, whether or not such information was obtained in the course of employment. The term &ldquo;Covered
Persons&rdquo; also includes certain other persons who are, from time to time, designated by the Company as Covered Persons and provided
notice as to their status. This prohibition extends to communicating such inside information to others with respect to trading in securities
based on such information (known as &ldquo;tipping&rdquo;), and covers securities of the Company and of other issuers.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this Trading Policy, &ldquo;material&rdquo; information means information relating to an issuer of securities, its business
operations or its securities, the public dissemination of which would be likely to affect the market price of any of its securities,
or which would likely be considered important by a reasonable investor in determining whether to buy, sell or hold such securities. The
source of the material information is irrelevant.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Nonpublic
information&rdquo; means information that has not been widely disseminated to the public (e.g., through the television, radio or print
media of wide circulation, the Dow Jones broad tape or through widely circulated disclosure documents filed with the Securities and Exchange
Commission (the &ldquo;<B>SEC</B>&rdquo;)). Information that is available only to a select group of analysts, brokers or institutional
investors and undisclosed facts or rumors, even if widely circulated, constitute &ldquo;nonpublic&rdquo; information.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a condition of employment with, or in connection with appointment to the Board of, the Company, every Covered Person is required to read,
understand and agree to be bound by this Trading Policy throughout the term of their employment with, or in connection with appointment
to the Board of, the Company. Every employee will also be required to sign the Acknowledgement of Compliance attached hereto as a condition
of employment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>This
Trading Policy applies to you and all members of your household irrespective of whether you and/or such individuals are citizens or residents
of the United States.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Failure
to comply with this Trading Policy can have serious consequences for the individuals who fail to comply and for the Company.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Post-Termination
Transactions</B>. This Trading Policy continues to apply to your transactions in any securities even after termination of employment.
If you are in possession of material nonpublic information when your employment terminates, you may not trade in those securities until
that information has become public or is no longer material.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Company
Assistance</B>. Any person who has a question about this Trading Policy or its application to any proposed transaction may obtain additional
guidance from the Chief Financial Officer of the Company (or if such questions involve the Chief Financial Officer, to the Chief Executive
Officer, and if the Chief Executive Officer and Chief Financial Officer are the same person, to the Secretary). Ultimately, however,
the responsibility for adhering to this Trading Policy and avoiding unlawful transactions rests with the individual Covered Persons.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
May Not Trade on Material Nonpublic Information</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            you are aware of any material information relating to the Company or any company, whether
                                            or not it is a public company, that has not been made available to the public through such
                                            media as Dow Jones, The Wall Street Journal, the Associated Press or other similar news services,
                                            or through widely circulated disclosure documents filed with the SEC, for at least two business
                                            days, you must not trade directly or indirectly in the debt or equity securities (or options,
                                            warrants or similar instruments related to such securities) of any such company, and you
                                            must not disclose such information to another person who may trade in such securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
                                            by your spouse, minor child or other family members living in your household while you are
                                            in possession of material nonpublic information is likewise prohibited and can give rise
                                            to legal and company-imposed sanctions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suspicious
                                            trading by a friend or family member not living in your household while you are in possession
                                            of material nonpublic information can give rise to an inquiry into whether you illegally
                                            &ldquo;tipped&rdquo; that person and, if so, legal and company sanctions could be imposed.</FONT></TD></TR></TABLE>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
May Not Disclose Material Nonpublic Information to Anyone Except Other Company Employees</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covered
                                            Persons should not discuss material nonpublic information with anyone outside the Company.
                                            Inquiries from third parties, such as industry analysts or members of the media, about the
                                            Company should be directed to the Company&rsquo;s Chairman, Chief Executive Officer, or Chief
                                            Financial Officer.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
                                            must take precautions to safeguard material nonpublic information. Accordingly, you should
                                            conduct business and other activities so as not to risk inadvertent disclosure of material
                                            information. Material nonpublic information should not be discussed with other Covered Persons
                                            not working on such matters or with friends or relatives.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
                                            should assume that information is material if a reasonable investor would consider the information
                                            to be important in deciding whether to buy, sell, or hold securities of the relevant company
                                            or if disclosure of such information would be likely to result in a change in the price of
                                            the traded securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
                                            should consider all information, from whatever source, to be nonpublic until it has been
                                            made available to investors through such media as Dow Jones, The Wall Street Journal, the
                                            Associated Press or other similar news services, or through widely circulated disclosure
                                            documents filed with the SEC, for at least two business days.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
May Not Trade in the Securities of the Company (i) Near Earnings Announcements and other Material Nonpublic Events and (ii) Without First
Pre-Clearing that Trade in accordance with this Trading Policy</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
                                            and your family members may not trade in any securities of the Company (i) during the period
                                            commencing at the close of the Nasdaq trading market on the last day of each fiscal quarter
                                            of the Company and ending at the open of the Nasdaq trading market on the trading day immediately
                                            following the completion of two (2) full trading sessions after the public release of the
                                            Company&rsquo;s financial results for such quarter and (ii) during other material nonpublic
                                            events concerning the Company.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            addition, you must pre-clear through the Company any purchase or sale of securities of the
                                            Company in accordance with this Trading Policy.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
in Doubt, You Should Consult the Company&rsquo;s Chief Financial Officer</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
                                            any Company personnel are confronted with a situation where they have any questions as to
                                            what the result should be under these policies and procedures, they should consult immediately
                                            with the Company&rsquo;s Chief Financial Officer (or if such questions involve the Chief
                                            Financial Officer, with the Chief Executive Officer,
and if the Chief Financial Officer and Chief Executive Officer are the same person, with the Secretary).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 72pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Policies
                                            and Procedures to Prevent Insider Trading</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following policies and procedures have been established to aid in the prevention of insider trading. Section (a) provides an overview;
Section (b) sets forth the Company&rsquo;s policies prohibiting insider trading; Section (c) explains insider trading; Section (d) consists
of additional prohibited transactions; Section (e) consists of certain procedures that have been put in place by the Company to prevent
insider trading; and Section (f) consists of an explanation of permitted transactions in the Company&rsquo;s securities that are not
subject to this Trading Policy.</FONT></P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><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"><U>Overview</U></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preventing
insider trading is necessary to comply with the U.S. federal securities laws and to preserve the reputation and integrity of the Company.
&ldquo;Insider trading&rdquo; occurs when any person purchases or sells a security while in possession of inside information relating
to the security. As explained in Section (c) below, &ldquo;inside information&rdquo; is information that is considered to be both &ldquo;material&rdquo;
and &ldquo;nonpublic.&rdquo; Insider trading is a crime and the penalties for violating the law include imprisonment, disgorgement of
profits, civil fines of up to three times the profit gained or loss avoided, and criminal fines of up to $5,000,000 for individuals and
$25,000,000 for entities. Insider trading is also prohibited by this Trading Policy and could result in serious sanctions by the Company,
including dismissal. Supervisors may also be held liable for the conduct of their subordinates.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Trading Policy applies to all Covered Persons, whether or not a citizen or resident of the United States, and extends to all activities
within and outside an individual&rsquo;s duties at, or with respect to, the Company. Every Covered Person must review this Trading Policy.
Questions regarding the Trading Policy should be directed to the Company&rsquo;s Chief Financial Officer (or if such questions involve
the Chief Financial Officer, to the Chief Executive Officer, and if the Chief Financial Officer and Chief Executive Officer are the same
person, to the Secretary).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
personal trading activity of the Chief Financial Officer will be reviewed and pre-cleared by the Chief Executive Officer or if the Chief
Financial Officer and Chief Executive Officer are the same person, by the Secretary.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><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"><U>Statement
                                            of Policies Prohibiting Insider Trading</U></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General</B>.
It is the policy of the Company that no Covered Person who is aware of material nonpublic information relating to the Company or to any
other company, whether or not it is a public company, may, directly or through family members or other persons or entities, (a) buy or
sell securities of the Company or of any other company, whether or not it is a public company, (other than pursuant to a pre-approved
trading plan that complies with SEC Rule 10b5-1, as described below in Section (e)), or engage in any other action to take personal advantage
of that information, or (b) pass that information on to others outside the Company, including family and friends. In addition, it is
the policy of the Company that no Covered Person who, in the course of working for the Company, learns of material nonpublic information
about a company with which the Company does business, including a customer or supplier of the Company, may trade in that company&rsquo;s
securities until the information becomes public or is no longer material.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
that may be necessary or justifiable for independent reasons (such as the need to raise money for an emergency expenditure) are not excepted
from this Trading Policy. The U.S. federal securities laws do not recognize such mitigating circumstances, and, in any event, even the
appearance of an improper transaction must be avoided to preserve the Company&rsquo;s reputation for adhering to the highest standards
of conduct.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transactions
by Family Members. </B>This Trading Policy also applies to your family members who reside with you, anyone else who lives in your household,
and any family members who do not live in your household but whose transactions in a company&rsquo;s securities are directed by you or
are subject to your influence or control (such as parents or children who consult with you before they trade in a company&rsquo;s securities).
You are responsible for the transactions of these other persons (whether or not citizens or residents of the United States) and therefore
should make them aware of the need to confer with you before they trade in a company&rsquo;s securities.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Disclosure
of Information to Others. </B>The Company is required under Regulation FD of the U.S. federal securities laws to avoid the selective
disclosure of material nonpublic information. The Company has established procedures for releasing material information in a manner that
is designed to achieve broad public dissemination of the information immediately upon its release. You may not, therefore, disclose information
to anyone outside the Company, including family members and friends, other than in accordance with those procedures. You also may not
discuss the Company or its business in an internet &ldquo;chat room&rdquo; or similar internet-based forum.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><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"><U>Explanation
                                            of Insider Trading</U></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above, &ldquo;insider trading&rdquo; refers to the purchase or sale of a security while in possession of &ldquo;material&rdquo;
&ldquo;nonpublic&rdquo; information relating to the security. &ldquo;Securities&rdquo; include not only shares, bonds, notes and debentures,
but also options, warrants and similar instruments. &ldquo;Purchase&rdquo; and &ldquo;sale&rdquo; are defined broadly under the U.S.
federal securities law. &ldquo;Purchase&rdquo; includes not only the actual purchase of a security, but any contract to purchase or otherwise
acquire a security. &ldquo;Sale&rdquo; includes not only the actual sale of a security, but any contract to sell or otherwise dispose
of a security.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
definitions extend to a broad range of transactions including conventional cash-for-stock transactions, conversions, the grant and exercise
of stock options and acquisitions and exercises of warrants or puts, calls, swaps or other options related to a security. It is generally
understood that insider trading includes the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">trading
                                            by insiders while in possession of material nonpublic information;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">trading
                                            by persons other than insiders while in possession of material nonpublic information where
                                            the information either was given in breach of an insider&rsquo;s fiduciary duty to keep it
                                            confidential or was misappropriated; or</FONT></TD></TR></TABLE>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">communicating
                                            or tipping material nonpublic information to anyone, including recommending the purchase
                                            or sale of a security while in possession of such information.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>What
Facts are Material? </B>The materiality of a fact depends upon the circumstances. A fact is considered &ldquo;material&rdquo; if there
is a substantial likelihood that a reasonable investor would consider it important in making a decision to buy, sell or hold a security
or where the fact is likely to have a significant effect on the market price of the security. Material information can be positive or
negative and can relate to virtually any aspect of a company&rsquo;s business or to any type of security, debt or equity.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Examples
of material information include (but are not limited to):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Projections
                                            of future earnings or losses, or other earnings guidance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
                                            that are inconsistent with the consensus expectations of the investment community;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending
                                            or proposed merger, acquisition or tender offer;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending
                                            or proposed acquisition or disposition of a significant asset;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
                                            in dividend policy, the declaration of a stock split, or an offering of additional securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
                                            in management;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development
                                            of a significant new product or process;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impending
                                            bankruptcy or the existence of severe liquidity problems;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
                                            or loss of a significant customer or supplier.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
material information does not have to be related to a company&rsquo;s business. For example, the contents of a forthcoming newspaper
column that is expected to affect the market price of a security can be material.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>What
is Nonpublic Information? </B>Information is &ldquo;nonpublic&rdquo; if it is not available to the general public. In order for information
to be considered public, it must be widely disseminated in a manner making it generally available to investors through such media as
Dow Jones, Reuters Economic Services, The Wall Street Journal, Associated Press or United Press International, or through widely circulated
disclosure documents filed with the SEC. The circulation of rumors, even if accurate and reported in the media, does not constitute effective
public dissemination.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>When
Information is &ldquo;Public.&rdquo; </B>If you are aware of material nonpublic information, you may not trade until the information
has been disclosed broadly to the marketplace (such as by press release through such media as Dow Jones, Reuters Economic Services, The
Wall Street Journal, Associated Press, or United Press International), or through widely circulated disclosure documents
filed with the SEC, and the investing public has had time to absorb the information fully. To avoid the appearance of impropriety, as
a general rule, information should not be considered fully absorbed by the marketplace until after the second business day after the
information is released. If, for example, a company were to make an announcement on a Monday during the trading day, you should not trade
in that company&rsquo;s securities until Thursday. If an announcement were made on a Friday or after the trading day, Wednesday generally
would be the first eligible trading day.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Who
is an Insider? </B>&ldquo;Insiders&rdquo; include officers, directors and employees of a company and anyone else who has material inside
information about a company. An affiliate of a company can also be an insider. Insiders have independent fiduciary duties to their company
and its shareholders not to trade on material nonpublic information relating to a company&rsquo;s securities. All Covered Persons should
consider themselves insiders with respect to material nonpublic information about the business activities and securities of the Company.
Covered Persons may not trade securities while in possession of material nonpublic information relating to the Company&rsquo;s securities
or tip (or communicate except on a need-to-know basis and subject to an obligation of confidentiality) such information to others. Trading
by your spouse, minor child or by other family members living in your household while you are in possession of material nonpublic information
is likewise prohibited and can give rise to legal and company-imposed sanctions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading
by Persons Other than Insiders. </B>Insiders may be liable for communicating or tipping material nonpublic information to a third party
(&ldquo;tippee&rdquo;), and insider trading violations are not limited to trading or tipping by insiders. Persons other than insiders
also can be liable for insider trading, including tippees who trade on material nonpublic information tipped to them or individuals who
trade on material nonpublic information that has been misappropriated.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tippees
inherit an insider&rsquo;s duties and are liable for trading on material nonpublic information illegally tipped to them by an insider.
Similarly, just as insiders are liable for the insider trading of their tippees, so are tippees who pass the information along to others
who trade. In other words, a tippee&rsquo;s liability for insider trading is no different from that of an insider. Tippees can obtain
material nonpublic information by receiving overt tips from others or through, among other things, conversations at social, business
or other gatherings.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Penalties
for Engaging in Insider Trading. </B>Penalties for trading on or tipping material nonpublic information can extend significantly beyond
any profits made or losses avoided, both for individuals engaging in such unlawful conduct and their employers. The SEC and the U.S.
Department of Justice have made the civil and criminal prosecution of insider trading violations a top priority. Enforcement remedies
available to the government or private plaintiffs under the U.S. federal securities laws include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
                                            administrative sanctions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
                                            industry self-regulatory organization sanctions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Civil
                                            injunctions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Damage
                                            awards to private plaintiffs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disgorgement
                                            of all profits;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Civil
                                            fines for the violator of up to three times the amount of profit gained or loss avoided;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Civil
                                            fines for the employer or other controlling person of a violator (i.e., where the violator
                                            is an employee or other controlled person) of up to the greater of $1,000,000 or three times
                                            the amount of profit gained or loss avoided by the violator;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Criminal
                                            fines for individual violators of up to $5,000,000 ($25,000,000 for an entity); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jail
                                            sentences of up to 20 years.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, insider trading violations are not limited to violations of the U.S. federal securities laws: other U.S. federal and state
civil or criminal laws, such as the laws prohibiting mail and wire fraud and the Racketeer Influenced and Corrupt Organizations Act,
also may be violated upon the occurrence of insider trading.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Company-Imposed
Sanctions</B>. A Covered Person&rsquo;s failure to comply with this Trading Policy may subject the Covered Person to company-imposed
sanctions, including dismissal, or removal, as the case may be, for cause, whether or not the Covered Person&rsquo;s failure to comply
results in a violation of law. Needless to say, a violation of law, or even an SEC investigation that does not result in prosecution,
can tarnish one&rsquo;s reputation and irreparably damage one&rsquo;s career.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Examples
of Insider Trading. </B>Examples of insider trading cases include actions brought against: corporate officers, directors, and employees
who traded a company&rsquo;s securities after learning of significant confidential corporate developments; friends, business associates,
family members and other tippees of such officers, directors, and employees who traded the securities after receiving such information;
government employees who learned of such information in the course of their employment; and other persons who misappropriated, and took
advantage of, confidential information from their employers.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are illustrations of insider trading violations. These illustrations are hypotheticals and, consequently, not intended to reflect
on the actual activities or business of the Company or any other entity.</FONT></P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading
                                            by Insider. </B>A director of X Corporation learns that earnings to be reported by X Corporation
                                            will increase dramatically. Prior to the public announcement of such earnings, the director
                                            purchases X Corporation&rsquo;s stock. The director, an insider, is liable for all profits
                                            as well as penalties of up to three times the amount of all profits. The director is also
                                            subject to, among other things, criminal prosecution and fines.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading
                                            by Tippee. </B>A director of X Corporation tells a friend that X Corporation is about to
                                            publicly announce that it has concluded an agreement for a major acquisition.
This tip causes the friend to purchase X Corporation&rsquo;s stock in advance of the announcement. The director is jointly liable with
his friend for all of the friend&rsquo;s profits and each is liable for all penalties of up to three times the amount of the friend&rsquo;s
profits. In addition, the director and his friend are subject to, among other things, criminal prosecution, as described above.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 72pt; text-align: justify"></P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Misappropriation.
                                            </B>An employee of an investment advisor learns of a prospective recommendation of a particular
                                            stock by his employer and purchases that stock in advance of the recommendation. The employee
                                            has used his position to deceive those who entrusted him with confidential information. This
                                            undisclosed misappropriation of such confidential information is viewed as fraud akin to
                                            embezzlement. The employee is liable for all profits and penalties, and is subject to criminal
                                            prosecution.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prohibition
of Records Falsification and False Statements. </B>U.S. federal law also requires public companies to maintain proper internal books
and records and to devise and maintain an adequate system of internal accounting controls. The SEC has supplemented the statutory requirements
by adopting rules that prohibit (1) any person from falsifying records or accounts subject to the above requirements and (2) officers
or directors from making any materially false, misleading, or incomplete statement to any accountant in connection with any audit or
filing with the SEC. These provisions reflect the SEC&rsquo;s intent to discourage officers, directors and other persons with access
to a public company&rsquo;s books and records from taking action that might result in the communication of materially misleading financial
information to the investing public.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>After-The-Fact
Scrutiny. </B>Anyone scrutinizing your transactions will be doing so after the fact, with the benefit of hindsight. As a practical matter,
before engaging in any transaction, you should carefully consider how enforcement authorities and others might view the transaction in
hindsight. A helpful general rule to follow is that if you are in doubt about the legality or propriety of the transaction, do not trade
or tip.</FONT></P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><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"><U>Additional
                                            Prohibited Transactions </U></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers it improper and inappropriate for any of its directors, officers or other employee to engage in short-term or speculative
transactions in the Company&rsquo;s securities. Therefore, it is the Company&rsquo;s policy that directors, officers and other employees
may not engage, except as otherwise set forth in this Trading Policy, in any of the following transactions:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Short
Sales. </B>Short sales are sales of securities that the seller does not own at the time of the sale or, if owned, that will not be delivered
within 20 days of the sale. One usually sells short when one thinks the market is going to decline substantially or the stock will otherwise
drop in value. If the stock falls in price as expected, the person selling short can then buy the stock at a lower price for delivery
at the earlier sale price (this is called &ldquo;covering the short&rdquo;) and pocket the difference in price as profit. The Company
believes that it is inappropriate for its insiders to bet against the securities of the Company in this way. Puts, calls and options
for common shares of the Company (other than options granted pursuant to employee benefit plans) also afford the opportunity to profit
from a market view that is adverse to the Company, and they carry a high risk of inadvertent securities law violations. All such transactions
are prohibited, unless approved in accordance with the Pre-clearance Procedures set forth in Section (e).</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Publicly
Traded Options. </B>A transaction in options is, in effect, a bet on the short-term movement of the Company&rsquo;s shares and therefore
creates the appearance that the Covered Person is trading based on inside information. Transactions in options also may focus the Covered
Person&rsquo;s attention on short-term performance at the expense of the Company&rsquo;s long-term objectives. Accordingly, transactions
in puts, calls or other derivative securities, on an exchange or in any other organized market, are prohibited by this Trading Policy
unless approved in accordance with the Pre-clearance Procedures set forth in Section (e). Option positions arising from certain types
of hedging transactions are governed by the section below captioned &ldquo;Hedging Transactions.&rdquo;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Hedging
Transactions. </B>Certain forms of hedging or monetization transactions, such as zero-cost collars and forward sale contracts, allow
a Covered Person to lock in much of the value of his or her stock holdings, often in exchange for all or part of the potential for upside
appreciation in the stock. These transactions allow the Covered Person to continue to own the covered securities, but without the full
risks and rewards of ownership. When that occurs, the Covered Person may no longer have the same objectives as the Company&rsquo;s other
shareholders. Therefore, the Company prohibits you from engaging in such transactions. Any person wishing to enter into such an arrangement
must first pre-clear the proposed transaction in accordance with the Pre-clearance Procedures set forth in Section (e). Any request for
pre-clearance of a hedging or similar arrangement must be submitted to the Chief Financial Officer (or, in the case of the Chief Financial
Officer, to the Chief Executive Officer, or if the Chief Financial Officer and Chief Executive Officer are the same person, to the Secretary)
at least two weeks prior to the proposed execution of documents evidencing the proposed transaction and must set forth a justification
for the proposed transaction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Margin
Accounts and Pledges. </B>Securities held in a margin account may be sold by a broker without the customer&rsquo;s consent if the customer
fails to meet a margin call. Similarly, securities pledged (or hypothecated) as collateral for a loan may be sold in foreclosure if the
borrower defaults on the loan. Because a margin sale or foreclosure sale may occur at a time when the pledgor is aware of material nonpublic
information or otherwise is not permitted to trade in the Company&rsquo;s securities, Covered Persons are prohibited from holding the
Company&rsquo;s securities in a margin account or pledging the Company&rsquo;s securities as collateral for a loan. An exception to this
prohibition may be granted where a person wishes to pledge the Company&rsquo;s securities as collateral for a loan (not including margin
debt) and clearly demonstrates the financial capacity to repay the loan without resort to the pledged securities. Any person who wishes
to pledge the Company&rsquo;s securities as collateral for a loan must first pre-clear the transaction in accordance with the Pre-clearance
Procedures set forth in Section (e). Any request for pre-clearance to pledge securities must be submitted to the Chief Financial Officer
(or, in the case of the Chief Financial Officer, to the Chief Executive Officer, or if the Chief Financial Officer and Chief Executive
Officer are the same person, to the Secretary) at least two weeks prior to the proposed execution of documents evidencing the proposed
pledge.</FONT></P>


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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><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"><U>Statement
                                            of Procedures Preventing Insider Trading</U></FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-clearance
Procedures</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
help prevent inadvertent violations of the U.S. federal securities laws and to avoid even the appearance of trading on inside information,
Covered Persons, together with their family members, may not engage in any transaction involving the Company&rsquo;s securities (including
a share plan transaction such as an option exercise, gift, loan or pledge or hedge, contribution to a trust, or any other transfer),
even if not during a Quarterly Blackout Period or Event-Specific Blackout Period (described below), without first submitting a Trading
Authorization Request (a form of which is attached as <U>Exhibit A</U> to this Trading Policy) to the Chief Financial Officer and obtaining
the written approval of the transaction on such Trading Authorization Request by the Chief Financial Officer (and in the case of transactions
by the Chief Financial Officer, such Trading Authorization Request shall be submitted to and approved by the Chief Executive Officer,
or, if the Chief Financial Officer and Chief Executive Officer are the same person, submitted to and approved by the Secretary) (the
&ldquo;<B>Pre-clearance Procedures</B>&rdquo;). Except as otherwise provided in this Trading Policy, a request for pre-clearance on the
Trading Authorization Request form should be submitted in accordance with the Pre-clearance Procedures at least two business days in
advance of the proposed transaction. None of the Chief Financial Officer, Chief Executive Officer, Secretary, or anyone else is under
any obligation to approve a trade submitted for pre-clearance, and may determine not to permit the trade.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post-Trading
Reporting</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Covered Persons are required to report to the Chief Financial Officer any transaction in the Company&rsquo;s securities undertaken by
them or members of their immediate families and personal household not later than the end of the business day immediately following the
date of the transaction. Each report made to the Chief Financial Officer should include the date of the transaction, quantity, price
and broker-dealer through which the transaction was effected. This reporting requirement may be satisfied by sending (or having your
broker send) duplicate confirmations of trades to the Chief Financial Officer so long as the Chief Financial Officer receives that information
by the required date.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Blackout
Periods</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Quarterly
Blackout Periods. </B>The Company&rsquo;s announcement of its quarterly financial results almost always has the potential to have a material
effect on the market for the Company&rsquo;s securities. To assure compliance with this Trading Policy and applicable securities laws,
the Company requires that all Covered Persons refrain from conducting transactions (including purchase or sale) involving the Company&rsquo;s
securities during the period commencing at the close of the Nasdaq trading market on the last day of each fiscal quarter of the Company
and ending at the open of the Nasdaq trading market on the trading day immediately following the completion of two (2) full trading sessions
after the public release of the Company&rsquo;s financial results for such quarter (the &ldquo;<B>Quarterly Blackout Period</B>&rdquo;).
The Quarterly Blackout Period is subject to adjustment in the discretion of any of the Chairman, Chief Executive Officer or Chief Financial
Officer, provided that any such person making such adjustment notifies the other two persons of the adjustment.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may on occasion issue interim earnings guidance or other potentially material information by means of a press release, SEC filing
on Form 6-K or other means designed to achieve widespread dissemination of the information. You should anticipate that trades are unlikely
to be pre-cleared while the Company is in the process of assembling the information to be released and until the information has been
released and fully absorbed by the market.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Event-specific
Blackout Periods. </B>From time to time, an event may occur that is material to the Company and is known by only a few directors or executives.
Such events might include the negotiation of the purchase or sale of vessels, renegotiation of material contracts, such as charters or
ship management contracts, or debt or equity issuances. As long as the event remains material and nonpublic, the Company may impose a
special blackout period during which Covered Persons may not trade in the Company&rsquo;s securities (an &ldquo;<B>Event-Specific Blackout
Period</B>&rdquo;). The existence of an Event-Specific Blackout Period will not be announced, other than to those who are aware of the
event giving rise to the blackout. If, however, a Covered Person requests pre-clearance permission to trade in the Company&rsquo;s securities
during an Event-Specific Blackout Period, the Chief Financial Officer, having consulted with the Secretary and Chief Executive Officer,
will inform the requester of the existence of an Event-Specific Blackout Period, without disclosing the reason for the blackout. Any
person made aware of the existence of an Event-Specific Blackout Period should not disclose the existence of the blackout to any other
person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remember:
Even if there is no Quarterly Blackout Period or Event-Specific Blackout Period in effect, any person possessing material nonpublic information
concerning the Company should not engage in any transactions in securities of the Company until such information has been made public
and absorbed by the market.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Hardship
Exceptions. </B> The Company may, on a case-by-case basis, authorize trading in the Company&rsquo;s securities during a Quarterly Blackout
Period (but in no event during an Event Specific Blackout Period) due to financial hardship or other hardships only after:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 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
                                            individual trading has notified the Chief Financial Officer in writing, at least three business
                                            days prior to the proposed trade(s), of the circumstances of the hardship and the amount
                                            and nature of the proposed trade(s); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 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">The
                                            individual has certified to the Company in writing, no more than two business days prior
                                            to the proposed trade(s), that he or she is not aware of material nonpublic information about
                                            the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
hardship exception may be granted only if the Chief Financial Officer <I><U>and</U></I> either the Chairman, Secretary or the Chief Executive
Officer conclude, based on information provided by the requesting individual, that such individual is not in possession of material nonpublic
information about the Company. None of the Chief Financial Officer, Chairman, Secretary or Chief Executive Officer is under any obligation
to grant a hardship exception. In the case of financial hardship or other hardships of the Chief Financial Officer, the hardship exception
may be granted only if the Chief Executive Officer (if not the same person as the Chief Financial Officer, and if the same person as
the Chief Financial Officer, then the Secretary) and the Chairman or Secretary conclude, based on information provided by the requesting
individual, that such individual is not in possession of material nonpublic information about the Company.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rule
10b5-1 Plan.</B> Blackout periods shall not prohibit transfers of Company securities made pursuant to a written contract, letter of instruction
or plan that (a) complies with the requirements of SEC Rule 10b5-1 (a &ldquo;<B>Rule 10b5-1 Plan</B>&rdquo;), and (b) has been approved
by the Company&rsquo;s Chief Financial Officer (or in the case of a Rule 10b5-1 Plan adopted by the Chief Financial Officer, by the Chief
Executive Officer, and if the Chief Financial Officer and Chief Executive Officer are the same person, by the Secretary) at least two
weeks prior to the first trade under the Rule 10b5-1 Plan. In order to receive such approval from the Company&rsquo;s Chief Financial
Officer, Chief Executive Officer or Secretary, as applicable, a Covered Person must certify in writing that (i) such Covered Person was
not in possession of material nonpublic information about the Company at the time the Rule 10b5-1 Plan was adopted, (ii) that all trades
made under the Rule 10b5-1 Plan will comply with Rule 10b5-1 Plan and applicable securities laws, and (iii) the Rule 10b5-1 Plan complies
with the requirements of Rule 10b5-1. No such approval by the Chief Financial Officer, Chief Executive Officer or Secretary shall be
considered any such officer&rsquo;s or the Company&rsquo;s determination that the Rule 10b5-1 Plan satisfies the requirements of Rule
10b5-1. It shall be the sole responsibility of the person establishing the Rule 10b5-1 Plan to ensure that such plan complies with the
requirements of Rule 10b5-1.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to be afforded the defense of using a trading plan, Covered Persons and other persons have a mandatory cooling-off period between
Rule 10b5-1 Plan adoption and execution of a trade, as noted below:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
                                            and officers (as defined in &sect; 240.16a-1(f) (Rule 16a-1(f) of the Securities Exchange
                                            Act of 1934, as amended) of the Company &ndash; The mandatory cooling-off period is the later
                                            of (i) 90 days following plan adoption or (ii) two business days following disclosure of
                                            the Company&rsquo;s financial results for the fiscal quarter in which the plan was adopted
                                            (maximum of 120 days).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
                                            Employees and All Other Persons &ndash; 30 days following plan adoption.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post-Termination
Transactions</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you are aware of material nonpublic information when you terminate service as a Covered Person, you may not trade in the Company&rsquo;s
securities (or any other company&rsquo;s securities, whether or not that company is a public company) until that information has become
public or is no longer material. In all other respects, the procedures set forth in this Trading Policy will cease to apply to your transactions
in the Company&rsquo;s securities upon the expiration of any Quarterly Blackout Period or Event-Specific Blackout Period that is applicable
to your transactions at the time of your termination of service.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><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"><U>Permitted
                                            Transactions Under Company Plans</U></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Share
Option Exercises. </B>This Trading Policy does not apply to the exercise of an employee share option, or to the exercise of a tax withholding
right pursuant to which you elect to have the Company withhold shares subject to an option to satisfy tax withholding requirements. This
Trading Policy does apply, however, to any sale of shares as part of a broker-assisted cashless exercise of an option, or any other market
sale for the purpose of generating the cash needed to pay the exercise price of an option.<B><BR STYLE="clear: both"></B></FONT></P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acknowledgement
of Compliance</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
Personal Commitment to the Company&rsquo;s Trading Policy</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
acknowledge that I have received and read the Globus Maritime Limited (the &ldquo;<B>Company</B>&rdquo;) Policies and Procedures to Detect
and Prevent Insider Trading (the &ldquo;<B>Trading Policy</B>&rdquo;), and understand my obligations thereunder and hereby undertake,
as a condition to my present and continued employment at, appointment to the Board, or other affiliation with the Company, to comply
with the principles, policies and laws outlined in the Trading Policy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
hereby certify, to the best of my knowledge, that I have complied fully with all policies and procedures set forth in the Trading Policy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
hereby certify, to the best of my knowledge, that I will continue to comply with the Trading Policy for as long as I am subject to the
Trading Policy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that I obtain knowledge of any violations of the Trading Policy, I will report such violations to the Chief Financial Officer
of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
understand that my agreement to comply with the Trading Policy does not constitute a contract of employment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
    sign here:</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 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; padding-left: 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; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
    print your name:</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 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; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 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; padding-left: 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; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 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; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 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; padding-left: 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; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 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; padding-left: 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; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
Authorization Request</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section
I: To be completed by the officer, director or employee</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 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; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Position:</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 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; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    and type of securities to be purchased or sold:</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 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; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Type
    of Transaction:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sale</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT>&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certification</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
certify that I am not in possession of material, nonpublic information about Globus Maritime Limited.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature:</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 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; padding-left: 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; padding-left: 5.4pt; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 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; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section
II: Approval</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Approval
#1</I></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
    approve</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">disapprove</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    above transaction.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    / Title</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Approval
#2</I> (if applicable/in the case of a hardship exception)</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
    approve</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">disapprove</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    above transaction.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    / Title</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:
This procedure must be repeated if the transaction is not completed within four business days beginning with the latest approval date
in Section II.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>10
<FILENAME>exhibit121.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<HTML>
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     <TITLE></TITLE>
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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: 40pt">&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: 40pt">&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: 40pt">&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: 40pt">&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: 40pt">&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: 40pt">&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 15, 2024</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="border-bottom: Black 0.5pt solid; width: 47%; 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>11
<FILENAME>exhibit122.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
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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 12.2</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: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: 40pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; width: 24px"><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: 40pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; width: 24px"><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: 40pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; width: 24px"><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: 40pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; width: 24px"><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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: justify; 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: 40pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; width: 24px"><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; 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: 40pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; width: 24px"><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;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">Date: March 15, 2024</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="border-bottom: Black 0.5pt solid; width: 47%; 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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>12
<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, 2023 as filed with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) 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 15, 2024</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="border-bottom: Black 0.5pt solid; width: 47%; 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>

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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>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>13
<FILENAME>exhibit132.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>
<HTML>
<HEAD>
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</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 &#8220;Company&#8221;) on Form 20-F for the year ended December 31,
2023 as filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on or about the date hereof (the &#8220;Report&#8221;),
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 15, 2024</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="border-bottom: Black 0.5pt solid; width: 47%; 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>

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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>14
<FILENAME>exhibit151.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
15.1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consent
of Independent Registered Public Accounting Firm</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the incorporation by reference in the following Registration Statements:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Registration Statement (Form F-3 No.&nbsp;333-239250) of Globus Maritime Limited,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
Registration Statement (Form F-3 No. 333-240042) of Globus Maritime Limited, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
Registration Statement (Form F-3 No. 333- 273249) of Globus Maritime Limited</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
our report dated March&nbsp;15, 2024, 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, 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Ernst&nbsp;&amp; Young (Hellas) Certified Auditors Accountants S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens,
Greece</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><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: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;15,
2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<DESCRIPTION>EXHIBIT 97.1
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
97.1</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GLOBUS
MARITIME LIMITED</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Policy
for the Recovery of Erroneously Awarded Compensation</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Effective:
November 8, 2023</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introduction</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors (the &ldquo;<B>Board</B>&rdquo;) of Globus Maritime Limited (the &ldquo;<B>Company</B>&rdquo;) has adopted this policy,
which provides for the recovery of certain executive compensation in the event of certain accounting restatements (the &ldquo;<B>Policy</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Policy is designed to comply with Section 10D, as implemented by Rule 10D-1, of the Securities Exchange Act of 1934, as amended (the
&ldquo;<B>Exchange Act</B>&rdquo;) and is made in accordance with the applicable listing rules (the &ldquo;<B>Nasdaq Rules</B>&rdquo;)
of the Nasdaq Stock Market (&ldquo;<B>Nasdaq</B>&rdquo;).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covered
                                            Executives</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Policy applies to the Company&rsquo;s current and former executive officers, as determined by the Committee (as defined below) in accordance
with Section 10D of the Exchange Act and the Nasdaq Rules, who, for the avoidance of doubt, will include, at a minimum, executive officers
identified pursuant to 17 C.F.R. 229.401(b), as well as the principal financial officer and principal accounting officer (or, if there
is no principal accounting officer, the controller), and such other senior executives/employees who may from time to time be deemed subject
to the Policy by the Committee (&ldquo;<B>Covered Executives</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Policy shall be binding and enforceable against all Covered Executives, as described herein, and, to the extent required by applicable
law or guidance from the United States Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) or Nasdaq, Covered Executives&rsquo;
beneficiaries, heirs, executors, administrators or other legal representatives.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recovery
                                            of Erroneously Awarded Compensation</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event the Company is required to prepare an Accounting Restatement of its financial statements, the Remuneration Committee (if composed
entirely of independent directors, or in the absence of such a committee, a majority of independent directors serving on the Board) (the
&ldquo;<B>Committee</B>&rdquo;) will determine the amount of Erroneously Awarded Incentive Compensation (defined below) and the Company
will promptly notify each Covered Executive who received Erroneously Awarded Incentive Compensation of the amount of Erroneously Awarded
Incentive Compensation received by such Covered Executive and will require reimbursement or forfeiture of not less than the full amount
of any Erroneously Awarded Incentive Compensation received or deemed received by any Covered Executive, except to the extent determined
impracticable in Section 7 below.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
such recovery shall apply to Incentive Compensation Eligible for Recovery paid during the three (3) completed fiscal years immediately
preceding the Restatement Date and, if the Company
changes its fiscal year, any transition period of less than nine months within or immediately following those three completed fiscal
years (the &ldquo;<B>Recovery Period</B>&rdquo;).</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incentive
Compensation shall be deemed received in the Company&rsquo;s fiscal period during which the Financial Reporting Measure specified in
the Incentive Compensation award is attained, even if the payment or grant of the Incentive Compensation to the Covered Executive occurs
after the end of that period.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
recovery under this Policy shall be made reasonably promptly and in accordance with the Exchange Act and Nasdaq Rules.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incentive
                                            Compensation and Financial Reporting Measures</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this Policy:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Accounting
Restatement</B>&rdquo; means an accounting restatement due to the material noncompliance of the Company with any financial reporting
requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial
statements that is material to the previously issued financial statements (a &ldquo;Big R&rdquo; restatement), or that would result in
a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a &ldquo;little
r&rdquo; restatement).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Financial
Reporting Measures</B>&rdquo; are measures that are determined and presented in accordance with the accounting principles used in preparing
the Company&rsquo;s financial statements, and all other measures that are derived wholly or in part from such measures. Share price and
total shareholder return (and any measures that are derived wholly or in part from share price or total shareholder return) shall, for
purposes of this Policy, be considered Financial Reporting Measures. For the avoidance of doubt, a Financial Reporting Measure need not
be presented in the Company&rsquo;s financial statements or included in a filing with the SEC.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Incentive
Compensation</B>&rdquo; means any compensation that is granted, earned, or vested based wholly or in part on the attainment of a Financial
Reporting Measure, including, but not limited to, the following:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Annual bonuses and other short- and long-term cash incentives;<SUP>1</SUP></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stock options;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Restricted stock;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Restricted stock units; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Performance shares.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Incentive
Compensation Eligible for Recovery</B>&rdquo; means Incentive Compensation received by a Covered Executive:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
after beginning service as a Covered Executive;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
who served as a Covered Executive at any time during the performance period for the applicable Incentive Compensation (regardless of
whether such individual is serving as a Covered Executive at the time the Erroneously Awarded Incentive Compensation is required to be
repaid);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
while the Company had a class of securities listed on a national securities exchange or a national securities association;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
during the applicable Recovery Period; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
on or after the effective date of the applicable Nasdaq Rules (i.e., October 2, 2023).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Restatement
Date</B>&rdquo; means the earlier to occur of (i) the date the Board, a committee of the Board or the officers of the Company authorized
to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to
prepare an Accounting Restatement, or (ii) the date a court, regulator or other legally authorized body directs the Company to prepare
an Accounting Restatement.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><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; font-size: 10pt">Erroneously
                                            Awarded Incentive Compensation &ndash; Amount Subject to Recovery</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount to be recovered will be the excess of the Incentive Compensation Eligible for Recovery paid to the Covered Executive based on
the erroneous data over the Incentive Compensation Eligible for Recovery that would have been paid to the Covered Executive had it been
based on the restated results (calculated without regard to any taxes paid), as determined by the Committee (the &ldquo;<B>Erroneously
Awarded Incentive Compensation</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Committee cannot determine the amount of Erroneously Awarded Incentive Compensation received by the Covered Executive directly from
the information in the Accounting Restatement (i.e., the Erroneously Awarded Incentive Compensation is not subject to mathematical recalculation
directly from the information in the applicable Accounting Restatement), then it will make its determination based on a reasonable estimate
of the effect of the Accounting Restatement. The Company shall maintain documentation of the determination of such reasonable estimate
and provide the relevant documentation to Nasdaq.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall promptly notify each Covered Executive with a written notice containing the amount of any Erroneously Awarded Incentive
Compensation and a demand for repayment or return of such compensation, as applicable.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><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">Method
                                            of Recovery</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Committee will determine, in its sole discretion, the method for recouping Erroneously Awarded Incentive Compensation hereunder which
may include, without limitation, any of the following or combination thereof:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 requiring reimbursement of cash Incentive Compensation Eligible for Recovery previously paid;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based
awards;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
offsetting the recouped amount from any compensation otherwise owed by the Company to the Covered Executive;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
cancelling outstanding vested or unvested equity awards; and/or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
taking any other remedial and recovery action permitted by law, as determined by the Committee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as set forth in Section 7 below, in no event may the Company accept an amount that is less than the amount of Erroneously Awarded Incentive
Compensation in satisfaction of a Covered Executive&rsquo;s obligations hereunder. To the extent that a Covered Executive fails to repay
all Erroneously Awarded Incentive Compensation to the Company when due, the Company shall take all actions reasonable and appropriate
to recover such Erroneously Awarded Incentive Compensation from the applicable Covered Executive. The applicable Covered Executive shall
be required to reimburse the Company for any and all expenses reasonably incurred (including legal fees) by the Company in recovering
such Erroneously Awarded Incentive Compensation in accordance with the immediately preceding sentence.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the Covered Executive has already reimbursed the Company for any Erroneously Awarded Incentive Compensation received
under any duplicative recovery obligations established by the Company or applicable law, it shall be appropriate for any such reimbursed
amount to be credited to the amount of Erroneously Awarded Incentive Compensation that is subject to recovery under this Policy.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impracticality</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall recover any Erroneously Awarded Incentive Compensation in accordance with this Policy, unless such recovery would be duplicative
of compensation recovered by the Company from the Covered Executive pursuant to Section 304 of the Sarbanes-Oxley Act or would be impracticable,
as determined by the Committee in accordance with Rule 10D-1 of the Exchange Act and the Nasdaq Rules, <U>and</U> any of the following
conditions are satisfied:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Committee has determined that the direct expenses paid to a third party to assist in enforcing the Policy would exceed the amount
to be recovered. Before making this determination, the Company must make a reasonable attempt to recover the Erroneously Awarded Incentive
Compensation, documented such attempt(s) and provide such documentation to Nasdaq; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Recovery would violate home country law where that law was adopted prior to November 28, 2022, provided that, before determining
that it would be impracticable to recover any amount of Erroneously Awarded Incentive Compensation based on violation of home
country law,
the Company has obtained an opinion of home country counsel, acceptable to Nasdaq, that recovery would result in such a violation and
a copy of the opinion is provided to Nasdaq; or</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the
Company, to fail to meet the requirements of Section 401(a)(13) or Section 411(a) of the Internal Revenue Code of 1986, as amended, and
regulations thereunder.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            Indemnification</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall not insure or indemnify any Covered Executive against the loss of any Erroneously Awarded Incentive Compensation that is
repaid, returned or recovered in accordance with the terms of this Policy, or for any claims relating to the Company&rsquo;s enforcement
of any of its rights under this Policy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall not enter into any agreement or arrangement that exempts any Incentive Compensation that is granted, paid or awarded to
any Covered Executive from the application of this Policy or that waives the Company&rsquo;s right to recover any Incentive Compensation
Eligible for Recovery, and this Policy shall supersede any such agreement (whether entered into before, on or after the Effective Date
of this Policy).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
                                            Recovery Rights</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Committee intends that this Policy will be applied to the fullest extent required by applicable law. Any employment agreement, equity
award agreement, compensatory plan or any other agreement or arrangement with a Covered Executive shall be deemed to include, as a condition
to the grant of any benefit thereunder, an agreement by the Covered Executive to abide by the terms of this Policy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Committee may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective
Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this
Policy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
right of recovery under this Policy is in addition to, and not in lieu of, any other remedies or rights of recovery that may be available
to the Company under applicable law, regulation or rule or pursuant to the terms of any similar policy in any employment agreement, equity
award agreement, or similar agreement and any other legal remedies available to the Company.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
                                            Requirements</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall file all disclosures with respect to this Policy required by applicable SEC filings and rules.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interpretation</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Committee is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for
the administration of this Policy, and for </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Company&rsquo;s compliance with Nasdaq Rules, Section 10D, Rule 10D-1 and any other applicable law, regulation, rule or interpretation
of the SEC or Nasdaq promulgated or issued in connection therewith. It is intended that this Policy be interpreted in a manner that is
consistent with the requirements of Section 10D of the Exchange Act and any applicable rules or standards adopted by the SEC or Nasdaq.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
                                            and Termination</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Committee may amend or terminate this Policy from time to time in its discretion; provided, that, no amendment or termination of this
Policy shall be effective if such amendment or termination would cause the Company to violate any applicable federal securities laws,
SEC rule or Nasdaq Rule.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
                                            Date</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 18pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Policy shall be effective as of November 8, 2023 (the &ldquo;<B>Effective Date</B>&rdquo;) and shall apply to Incentive Compensation
that is approved, awarded or granted to Covered Executives on or after October 2, 2023.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Policy
                                            Administration</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Policy shall be administered by the Committee, and any determinations made by the Committee shall be final and binding on all affected
individuals.&nbsp;</FONT></P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U></U></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>ANNEX
A</U></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus
Maritime Limited</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Policy
for the Recovery of Erroneously Awarded Compensation</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acknowledgement
Form</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
signing below, the undersigned acknowledges and confirms they have received and reviewed a copy of the Globus Maritime Limited Policy
for the Recovery of Erroneously Award Compensation (the &ldquo;<B>Policy</B>&rdquo;). Capitalized terms used but not otherwise defined
in this Acknowledgement Form shall have the meanings given to such terms in the Policy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
signing this Acknowledgement Form, the undersigned acknowledges and agrees that they are and will continue to be subject to the Policy
and that the Policy will apply both during and after the undersigned&rsquo;s employment with the Company. Further, by signing below,
the undersigned agrees to abide by the terms of the Policy, including, without limitation, by returning any Erroneously Awarded Incentive
Compensation (as defined in the Policy) to the Company to the extent required by, and in a manner permitted by, the Policy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the avoidance of doubt, any recovery affected under the Policy shall not constitute grounds to terminate the undersigned&rsquo;s employment
for &ldquo;Good Reason&rdquo; (or any term of similar meaning) under any employment, change in control or severance, equity award or
compensation arrangements, agreements, plans or programs.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 252pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">________________________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 252pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signed</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 252pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 252pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">________________________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 252pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
(Printed)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 252pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 252pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">________________________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 252pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">___________</FONT><FONT STYLE="font-size: 10pt">______</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[1]
</SUP>To the extent that a Covered Executive receives a salary increase earned wholly or in part based on the attainment of a Financial
Reporting Measure performance goal, such a salary increase is subject to recovery as a non-equity incentive plan award for purposes of
Rule 10D-1.</FONT></P>


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          <link:usedOn>link:calculationLink</link:usedOn>
          <link:usedOn>link:definitionLink</link:usedOn>
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          <link:usedOn>link:calculationLink</link:usedOn>
          <link:usedOn>link:definitionLink</link:usedOn>
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          <link:usedOn>link:calculationLink</link:usedOn>
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          <link:usedOn>link:calculationLink</link:usedOn>
          <link:usedOn>link:definitionLink</link:usedOn>
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>17
<FILENAME>glbs-20231231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_ComponentsOfEquityAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfEquityAxis_lbl" xml:lang="en-US">Components of equity [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IssuedCapitalMember" xlink:label="ifrs-full_IssuedCapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapitalMember" xlink:to="ifrs-full_IssuedCapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapitalMember_lbl" xml:lang="en-US">Issued capital [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SharePremiumMember" xlink:label="ifrs-full_SharePremiumMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SharePremiumMember" xlink:to="ifrs-full_SharePremiumMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SharePremiumMember_lbl" xml:lang="en-US">Share premium [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_AccumulatedDeficitMember" xlink:label="glbs_AccumulatedDeficitMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccumulatedDeficitMember" xlink:to="glbs_AccumulatedDeficitMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AccumulatedDeficitMember_lbl" xml:lang="en-US">Accumulated Deficit [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_TotalMember" xlink:label="glbs_TotalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_TotalMember" xlink:to="glbs_TotalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_TotalMember_lbl" xml:lang="en-US">Total [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:to="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl" xml:lang="en-US">Subsidiaries [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_GlobusShipmanagementCorpMember" xlink:label="glbs_GlobusShipmanagementCorpMember" />
      <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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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="glbs-20231231.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-20231231.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-20231231.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-20231231.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-20231231.xsd#glbs_ThaliaShipholdingSAMember" xlink:label="glbs_ThaliaShipholdingSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ThaliaShipholdingSAMember" xlink:to="glbs_ThaliaShipholdingSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ThaliaShipholdingSAMember_lbl" xml:lang="en-US">Thalia Shipholding S.A. [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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-20231231.xsd#glbs_DominaShipholdingLtdMember" xlink:label="glbs_DominaShipholdingLtdMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DominaShipholdingLtdMember" xlink:to="glbs_DominaShipholdingLtdMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DominaShipholdingLtdMember_lbl" xml:lang="en-US">Domina Shipholding Ltd [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.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="glbs-20231231.xsd#glbs_RentCharged2022CyberonicaFGMember" xlink:label="glbs_RentCharged2022CyberonicaFGMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_RentCharged2022CyberonicaFGMember" xlink:to="glbs_RentCharged2022CyberonicaFGMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_RentCharged2022CyberonicaFGMember_lbl" xml:lang="en-US">Rent charged 2022 | Cyberonica and F.G. Europe [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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">Series B Preferred Shares [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.xsd#glbs_SkyGlobeMember" xlink:label="glbs_SkyGlobeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SkyGlobeMember" xlink:to="glbs_SkyGlobeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_SkyGlobeMember_lbl" xml:lang="en-US">Sky Globe [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_StarGlobeMember" xlink:label="glbs_StarGlobeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_StarGlobeMember" xlink:to="glbs_StarGlobeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_StarGlobeMember_lbl" xml:lang="en-US">Star Globe [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_TwoNewBulkCarriersMember" xlink:label="glbs_TwoNewBulkCarriersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_TwoNewBulkCarriersMember" xlink:to="glbs_TwoNewBulkCarriersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_TwoNewBulkCarriersMember_lbl" xml:lang="en-US">Two newbuild bulk carriers [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.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-20231231.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="glbs-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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., Artful Shipholding S.A., Serena Maritime Limited, Salaminia Maritime Limited, Talisman Maritime Limited and Argo Maritime Limited.</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:to="ifrs-full_ClassesOfFinancialInstrumentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis_lbl" xml:lang="en-US">Classes of financial instruments [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_PrincipalMember" xlink:label="glbs_PrincipalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PrincipalMember" xlink:to="glbs_PrincipalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PrincipalMember_lbl" xml:lang="en-US">Principal [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_DeferredfinancecostsMember" xlink:label="glbs_DeferredfinancecostsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DeferredfinancecostsMember" xlink:to="glbs_DeferredfinancecostsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DeferredfinancecostsMember_lbl" xml:lang="en-US">Deferred Finance Costs [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_ModificationOfLoanMember" xlink:label="glbs_ModificationOfLoanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ModificationOfLoanMember" xlink:to="glbs_ModificationOfLoanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ModificationOfLoanMember_lbl" xml:lang="en-US">Modification Of Loan [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_AmortizedCostMember" xlink:label="glbs_AmortizedCostMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AmortizedCostMember" xlink:to="glbs_AmortizedCostMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AmortizedCostMember_lbl" xml:lang="en-US">Amortized Cost [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_AccruedInterestMember" xlink:label="glbs_AccruedInterestMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccruedInterestMember" xlink:to="glbs_AccruedInterestMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AccruedInterestMember_lbl" xml:lang="en-US">Accrued Interest [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.xsd#glbs_SwapAggrementCiTLoanFacilityMember" xlink:label="glbs_SwapAggrementCiTLoanFacilityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SwapAggrementCiTLoanFacilityMember" xlink:to="glbs_SwapAggrementCiTLoanFacilityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_SwapAggrementCiTLoanFacilityMember_lbl" xml:lang="en-US">SWAP Agreement [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.xsd#glbs_August2023AgreementMember" xlink:label="glbs_August2023AgreementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_August2023AgreementMember" xlink:to="glbs_August2023AgreementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_August2023AgreementMember_lbl" xml:lang="en-US">August 2023 Agreement [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_SunGlobe1Member" xlink:label="glbs_SunGlobe1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SunGlobe1Member" xlink:to="glbs_SunGlobe1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_SunGlobe1Member_lbl" xml:lang="en-US">Sun Globe [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_FirstFourTranchesMember" xlink:label="glbs_FirstFourTranchesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_FirstFourTranchesMember" xlink:to="glbs_FirstFourTranchesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_FirstFourTranchesMember_lbl" xml:lang="en-US">First four tranches [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_FinalTwoTranchesMember" xlink:label="glbs_FinalTwoTranchesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_FinalTwoTranchesMember" xlink:to="glbs_FinalTwoTranchesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_FinalTwoTranchesMember_lbl" xml:lang="en-US">Final two tranches [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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/verboseLabel" xlink:label="glbs_SWAPAgreementMember_lbl" xml:lang="en-US">SWAP Agreement [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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 occurs on or before August 10, 2024 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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 of the tranche financing either Diamond Globe or Power Globe occurs on or before August 2024 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_PrepaymentOnOrBeforeAugust2023ButAfterMay2024Member" xlink:label="glbs_PrepaymentOnOrBeforeAugust2023ButAfterMay2024Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PrepaymentOnOrBeforeAugust2023ButAfterMay2024Member" xlink:to="glbs_PrepaymentOnOrBeforeAugust2023ButAfterMay2024Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PrepaymentOnOrBeforeAugust2023ButAfterMay2024Member_lbl" xml:lang="en-US">Prepayment occurs therafter until August 2025 [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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="glbs-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis" xlink:label="ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis" xlink:to="ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis_lbl" xml:lang="en-US">Property, plant and equipment by operating lease status [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xlink:label="ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xlink:to="ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_lbl" xml:lang="en-US">Property, plant and equipment subject to operating leases [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfAssetsAxis" xlink:label="ifrs-full_ClassesOfAssetsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfAssetsAxis" xlink:to="ifrs-full_ClassesOfAssetsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfAssetsAxis_lbl" xml:lang="en-US">Classes of assets [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_OfficeLeaseContractMember" xlink:label="glbs_OfficeLeaseContractMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OfficeLeaseContractMember" xlink:to="glbs_OfficeLeaseContractMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_OfficeLeaseContractMember_lbl" xml:lang="en-US">Office Lease Contract [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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="glbs-20231231.xsd#glbs_TwoFuelEfficientBulkCarrierSAMember" xlink:label="glbs_TwoFuelEfficientBulkCarrierSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_TwoFuelEfficientBulkCarrierSAMember" xlink:to="glbs_TwoFuelEfficientBulkCarrierSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_TwoFuelEfficientBulkCarrierSAMember_lbl" xml:lang="en-US">Two fuel efficient bulk carrier vessels [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.xsd#glbs_LevelIMember" xlink:label="glbs_LevelIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LevelIMember" xlink:to="glbs_LevelIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LevelIMember_lbl" xml:lang="en-US">Level 1 [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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-20231231.xsd#glbs_LevelIIIMember" xlink:label="glbs_LevelIIIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LevelIIIMember" xlink:to="glbs_LevelIIIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LevelIIIMember_lbl" xml:lang="en-US">Level 3 [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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="glbs-20231231.xsd#glbs_FinancialLiabilitiesAtFairValueIMember" xlink:label="glbs_FinancialLiabilitiesAtFairValueIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_FinancialLiabilitiesAtFairValueIMember" xlink:to="glbs_FinancialLiabilitiesAtFairValueIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_FinancialLiabilitiesAtFairValueIMember_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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.xsd#glbs_MvGLBSHerosMember" xlink:label="glbs_MvGLBSHerosMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MvGLBSHerosMember" xlink:to="glbs_MvGLBSHerosMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_MvGLBSHerosMember_lbl" xml:lang="en-US">m/v GLBS Hero [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_GLBSMightMember" xlink:label="glbs_GLBSMightMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_GLBSMightMember" xlink:to="glbs_GLBSMightMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_GLBSMightMember_lbl" xml:lang="en-US">GLBS MIGHT [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_ConsultantAffiliatedwithChiefExecutiveOfficerMember" xlink:label="glbs_ConsultantAffiliatedwithChiefExecutiveOfficerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ConsultantAffiliatedwithChiefExecutiveOfficerMember" xlink:to="glbs_ConsultantAffiliatedwithChiefExecutiveOfficerMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ConsultantAffiliatedwithChiefExecutiveOfficerMember_lbl" xml:lang="en-US">Consultant affiliated with Chief Executive Officer [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_GlobusMaritimeLimited2024Member" xlink:label="glbs_GlobusMaritimeLimited2024Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_GlobusMaritimeLimited2024Member" xlink:to="glbs_GlobusMaritimeLimited2024Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_GlobusMaritimeLimited2024Member_lbl" xml:lang="en-US">Globus Maritime Limited 2024 Equity Incentive Plan [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="dei_Extension" />
      <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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.xsd#dei_DocumentFinStmtErrorCorrectionFlag" xlink:label="dei_DocumentFinStmtErrorCorrectionFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFinStmtErrorCorrectionFlag" xlink:to="dei_DocumentFinStmtErrorCorrectionFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFinStmtErrorCorrectionFlag_lbl" xml:lang="en-US">Document Financial Statement Error Correction [Flag]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.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/2023/dei-2023.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/2023/dei-2023.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Revenue" xlink:label="ifrs-full_Revenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Revenue_lbl" xml:lang="en-US">Total Revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_MaterialIncomeAndExpenseAbstract" xlink:label="ifrs-full_MaterialIncomeAndExpenseAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaterialIncomeAndExpenseAbstract" xlink:to="ifrs-full_MaterialIncomeAndExpenseAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaterialIncomeAndExpenseAbstract_lbl" xml:lang="en-US">EXPENSES &amp; OTHER OPERATING INCOME:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ServicesExpense" xlink:label="ifrs-full_ServicesExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ServicesExpense" xlink:to="ifrs-full_ServicesExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ServicesExpense_lbl" xml:lang="en-US">Voyage expenses&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OperatingExpenseExcludingCostOfSales" xlink:label="ifrs-full_OperatingExpenseExcludingCostOfSales" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OperatingExpenseExcludingCostOfSales" xlink:to="ifrs-full_OperatingExpenseExcludingCostOfSales_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OperatingExpenseExcludingCostOfSales_lbl" xml:lang="en-US">Vessel operating expenses&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DepreciationExpense" xlink:label="ifrs-full_DepreciationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationExpense" xlink:to="ifrs-full_DepreciationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DepreciationExpense_lbl" xml:lang="en-US">Depreciation&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_DepreciationOfDryDockingCosts" xlink:label="glbs_DepreciationOfDryDockingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DepreciationOfDryDockingCosts" xlink:to="glbs_DepreciationOfDryDockingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="glbs_DepreciationOfDryDockingCosts_lbl" xml:lang="en-US">Depreciation of dry-docking costs&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdministrativeExpense" xlink:label="ifrs-full_AdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdministrativeExpense_lbl" xml:lang="en-US">Administrative expenses&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_AdministrativeExpenseRelatedPartyTransactions" xlink:label="glbs_AdministrativeExpenseRelatedPartyTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AdministrativeExpenseRelatedPartyTransactions" xlink:to="glbs_AdministrativeExpenseRelatedPartyTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="glbs_AdministrativeExpenseRelatedPartyTransactions_lbl" xml:lang="en-US">Administrative expenses payable to related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_DirectorsCompensationSharebasedPayment" xlink:label="glbs_DirectorsCompensationSharebasedPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DirectorsCompensationSharebasedPayment" xlink:to="glbs_DirectorsCompensationSharebasedPayment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="glbs_DirectorsCompensationSharebasedPayment_lbl" xml:lang="en-US">Share-based payments</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:label="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xml:lang="en-US">Reversal of impairment</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment" xlink:label="ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment" xlink:to="ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment_lbl" xml:lang="en-US">Gain from sale of vessel</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherOperatingIncomeExpense" xlink:label="ifrs-full_OtherOperatingIncomeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherOperatingIncomeExpense" xlink:to="ifrs-full_OtherOperatingIncomeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherOperatingIncomeExpense_lbl" xml:lang="en-US">Other (expenses)/income, net&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProfitLossFromOperatingActivities" xlink:label="ifrs-full_ProfitLossFromOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossFromOperatingActivities" xlink:to="ifrs-full_ProfitLossFromOperatingActivities_lbl" xlink:type="arc" />
      <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</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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="glbs-20231231.xsd#glbs_GainsOnRestructuringOfDebt" xlink:label="glbs_GainsOnRestructuringOfDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_GainsOnRestructuringOfDebt" xlink:to="glbs_GainsOnRestructuringOfDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_GainsOnRestructuringOfDebt_lbl" xml:lang="en-US">Gain from the modification of the Loan</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:to="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_lbl" xlink:type="arc" />
      <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 on derivative financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:to="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_lbl" xlink:type="arc" />
      <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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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 FOR THE YEAR</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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 FOR THE YEAR</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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">Earnings per share (U.S.$):</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_lbl" xml:lang="en-US">&#160;&#160;Accrued liabilities and other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentLeaseLiabilities" xlink:label="ifrs-full_CurrentLeaseLiabilities" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DeferredIncomeIncludingContractLiabilities" xlink:label="ifrs-full_DeferredIncomeIncludingContractLiabilities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredIncomeIncludingContractLiabilities_lbl" xml:lang="en-US">&#160;&#160;Deferred revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" />
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      <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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="ifrs-full_StatementOfChangesInEquityTable" />
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      <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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems" />
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      <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>
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      <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: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">Total comprehensive income</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:label="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" />
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      <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</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity" xlink:label="ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity" />
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      <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-20231231.xsd#glbs_IssueOfPreferredShares" xlink:label="glbs_IssueOfPreferredShares" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ShareIssueRelatedCost" xlink:label="ifrs-full_ShareIssueRelatedCost" />
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      <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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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>
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      <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-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/label" 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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_lbl" xml:lang="en-US">Reversal of impairment</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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 on derivative financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xlink:label="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xlink:to="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets_lbl" xml:lang="en-US">Gain on sale of vessel</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdjustmentsForFinanceCosts" xlink:label="ifrs-full_AdjustmentsForFinanceCosts" />
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      <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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_GainsOnRestructuringOfDebt" xlink:to="glbs_GainsOnRestructuringOfDebt_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="glbs_GainsOnRestructuringOfDebt_2_lbl" xml:lang="en-US">Gain from the modification of the Loan</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/label" 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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/label" 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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/label" 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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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/label" 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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/label" 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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Vessel acquisition</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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">Net Proceeds from sale of vessel</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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">Advances for vessel acquisition</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xlink:type="arc" />
      <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 generated from / (used in) investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xlink:type="arc" />
      <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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <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-20231231.xsd#glbs_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="glbs_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="glbs_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="glbs_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Prepayment of long-term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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="glbs-20231231.xsd#glbs_DecreaseIncreaseInRestrictedCashAndCashEquivalents" xlink:label="glbs_DecreaseIncreaseInRestrictedCashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DecreaseIncreaseInRestrictedCashAndCashEquivalents" xlink:to="glbs_DecreaseIncreaseInRestrictedCashAndCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DecreaseIncreaseInRestrictedCashAndCashEquivalents_lbl" xml:lang="en-US">(Increase)/decrease in restricted cash</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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" />
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      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract" xlink:label="glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract" xlink:to="glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract_lbl" xml:lang="en-US">Commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfCommitmentsExplanatory" xlink:label="ifrs-full_DisclosureOfCommitmentsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCommitmentsExplanatory" xlink:to="ifrs-full_DisclosureOfCommitmentsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfCommitmentsExplanatory_lbl" xml:lang="en-US">Commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:label="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:to="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract_lbl" xml:lang="en-US">Major components of tax expense (income) [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:label="ifrs-full_DisclosureOfIncomeTaxExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:to="ifrs-full_DisclosureOfIncomeTaxExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIncomeTaxExplanatory_lbl" xml:lang="en-US">Income Tax</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsAbstract_lbl" xml:lang="en-US">Disclosure of detailed information about financial instruments [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:to="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_lbl" xml:lang="en-US">Financial risk management objectives and policies</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsAbstract" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsAbstract" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsAbstract_lbl" xml:lang="en-US">Disclosure of fair value measurement of assets [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementExplanatory_lbl" xml:lang="en-US">Fair values</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:to="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract_lbl" xlink:type="arc" />
      <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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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">Accounting policies, judgments, estimates and assumptions:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.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="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForHedgingExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForHedgingExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForHedgingExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForHedgingExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForHedgingExplanatory_lbl" xml:lang="en-US">Interest Rate Swap:</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.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&#8217;s Non-Executive Directors</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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-20231231.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-20231231.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="glbs-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.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/label" xlink:label="glbs_DisclosureOfEarningsPerShareTableExplanatory_lbl" xml:lang="en-US">Earnings/(Loss) per Share</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SummaryQuantitativeDataAboutEntitysExposureToRisk" xlink:label="ifrs-full_SummaryQuantitativeDataAboutEntitysExposureToRisk" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SummaryQuantitativeDataAboutEntitysExposureToRisk" xlink:to="ifrs-full_SummaryQuantitativeDataAboutEntitysExposureToRisk_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SummaryQuantitativeDataAboutEntitysExposureToRisk_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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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 or other means of identification</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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="glbs-20231231.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ComprehensiveIncome_3_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_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CashAndCashEquivalents_4_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023/dei-2023.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-20231231.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">Allowance For Doubtful Trade Receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.xsd#glbs_IncreaseDecreaseInDepreciationPropertyPlantAndEquiment" xlink:label="glbs_IncreaseDecreaseInDepreciationPropertyPlantAndEquiment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInDepreciationPropertyPlantAndEquiment" xlink:to="glbs_IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_lbl" xml:lang="en-US">Decrease in depreciation expense due to changes in scrap rate</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OperatingLeaseIncome" xlink:label="ifrs-full_OperatingLeaseIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OperatingLeaseIncome" xlink:to="ifrs-full_OperatingLeaseIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OperatingLeaseIncome_lbl" xml:lang="en-US">Lease components</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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_5_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashAndCashEquivalents_5_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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 at fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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">Amount pledged as collaterals</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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 at fair value</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</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/verboseLabel" xlink:label="ifrs-full_CurrentRestrictedCashAndCashEquivalents_2_lbl" xml:lang="en-US">Current restricted cash</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/verboseLabel" xlink:label="glbs_DirectorsCompensationSharebasedPayment_2_lbl" xml:lang="en-US">Share-based payments</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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="glbs-20231231.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-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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 (decrease) in number of shares outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.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-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Reversal of Impairment</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:label="ifrs-full_DisposalsPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:to="ifrs-full_DisposalsPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DisposalsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Sale of vessel</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount" xlink:label="glbs_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount" xlink:to="glbs_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="glbs_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_lbl" xml:lang="en-US">Sale of vessel</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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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&#8217; depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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 16)</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="glbs-20231231.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-20231231.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_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_2_lbl" xml:lang="en-US">Purchase price</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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: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">Vessel cost</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_2_lbl" xml:lang="en-US">Proceeds from sales of property, plant and equipment, classified as investing activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_3_lbl" xml:lang="en-US">Reversal of impairment loss recognised in profit or loss, property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainsOnDisposalsOfNoncurrentAssets" xlink:label="ifrs-full_GainsOnDisposalsOfNoncurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsOnDisposalsOfNoncurrentAssets" xlink:to="ifrs-full_GainsOnDisposalsOfNoncurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsOnDisposalsOfNoncurrentAssets_lbl" xml:lang="en-US">Gains on disposals of non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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:loc xlink:type="locator" xlink:href="glbs-20231231.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-20231231.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-20231231.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="glbs-20231231.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-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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">Value Of Shares Authorised</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.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-20231231.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: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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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:loc xlink:type="locator" xlink:href="glbs-20231231.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">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-20231231.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-20231231.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="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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SharePremium" xlink:to="ifrs-full_SharePremium_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_SharePremium_2_lbl" xml:lang="en-US">Share premium</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EarningsPerShareAbstract" xlink:label="ifrs-full_EarningsPerShareAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EarningsPerShareAbstract" xlink:to="ifrs-full_EarningsPerShareAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EarningsPerShareAbstract_lbl" xml:lang="en-US">Earnings per share [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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 attributable to common equity holders</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DilutedEarningsLossPerShare" xlink:to="ifrs-full_DilutedEarningsLossPerShare_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DilutedEarningsLossPerShare_2_lbl" xml:lang="en-US">Diluted earnings (loss) per share</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicEarningsLossPerShare" xlink:to="ifrs-full_BasicEarningsLossPerShare_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BasicEarningsLossPerShare_2_lbl" xml:lang="en-US">Basic earnings (loss) per share</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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">Principal</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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">Deferred Finance Costs</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_ModificationOfLoan" xlink:label="glbs_ModificationOfLoan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ModificationOfLoan" xlink:to="glbs_ModificationOfLoan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="glbs_ModificationOfLoan_lbl" xml:lang="en-US">Modification of loan</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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">Amortized Cost</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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">Principal - Current Portion</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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">Deferred Finance Costs - Current Portion</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_CurrentPortionOfModificationOfLoan" xlink:label="glbs_CurrentPortionOfModificationOfLoan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CurrentPortionOfModificationOfLoan" xlink:to="glbs_CurrentPortionOfModificationOfLoan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CurrentPortionOfModificationOfLoan_lbl" xml:lang="en-US">Modification of Loan - Current Portion</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings_2_lbl" xml:lang="en-US">Amortized Cost - Current Portion</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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">Principal - Long-Term Portion</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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">Deferred finance costs - Long-Term Portion</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_NonCurrentPortionOfModificationOfLoan" xlink:label="glbs_NonCurrentPortionOfModificationOfLoan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NonCurrentPortionOfModificationOfLoan" xlink:to="glbs_NonCurrentPortionOfModificationOfLoan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_NonCurrentPortionOfModificationOfLoan_lbl" xml:lang="en-US">Modification of Loan - Loan-Term Portion</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_AccruedInterestNonCurrent" xlink:label="glbs_AccruedInterestNonCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccruedInterestNonCurrent" xlink:to="glbs_AccruedInterestNonCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="glbs_AccruedInterestNonCurrent_lbl" xml:lang="en-US">Accrued Interest - 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">Amortized Cost - Long-Term Portion</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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: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">Loan balance</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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:loc xlink:type="locator" xlink:href="glbs-20231231.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_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LineOfCreditFacilityInitiationDate2_lbl" xml:lang="en-US">Line of Credit Facility, Initiation Date</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_LineOfCreditFacilityBorrowingCapacity" xlink:label="glbs_LineOfCreditFacilityBorrowingCapacity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LineOfCreditFacilityBorrowingCapacity" xlink:to="glbs_LineOfCreditFacilityBorrowingCapacity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LineOfCreditFacilityBorrowingCapacity_lbl" xml:lang="en-US">Line Of Credit Facility Borrowing Capacity</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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/label" xlink:label="glbs_BorrowingsDefaultInterestRate_lbl" xml:lang="en-US">Borrowings Default Interest Rate</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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="glbs-20231231.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: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 (losses) on change in fair value of derivatives</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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, adjustment to interest rate basis</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="glbs_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_2_lbl" xml:lang="en-US">Prepayments of borrowing</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfCollateralHeldAsSecurityAndOtherCreditEnhancements2014" xlink:label="ifrs-full_DescriptionOfCollateralHeldAsSecurityAndOtherCreditEnhancements2014" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfCollateralHeldAsSecurityAndOtherCreditEnhancements2014" xlink:to="ifrs-full_DescriptionOfCollateralHeldAsSecurityAndOtherCreditEnhancements2014_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfCollateralHeldAsSecurityAndOtherCreditEnhancements2014_lbl" xml:lang="en-US">Description of collateral held as security and other credit enhancements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_OperatingCosts" xlink:label="glbs_OperatingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OperatingCosts" xlink:to="glbs_OperatingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="glbs_OperatingCosts_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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 17)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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 payable on long-term borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances_lbl" xml:lang="en-US">Amortization of gain of Loan modification</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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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">2024</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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">2025</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_ContractualObligationsDueInThirdYear" xlink:label="glbs_ContractualObligationsDueInThirdYear" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ContractualObligationsDueInThirdYear" xlink:to="glbs_ContractualObligationsDueInThirdYear_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ContractualObligationsDueInThirdYear_lbl" xml:lang="en-US">2026</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.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_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 from rendering of services</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OperatingLeaseIncome" xlink:to="ifrs-full_OperatingLeaseIncome_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OperatingLeaseIncome_2_lbl" xml:lang="en-US">Operating lease income</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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_3_lbl" xml:lang="en-US">Consideration amount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" xlink:to="ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_3_lbl" xml:lang="en-US">Instalment amount</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-20231231.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-20231231.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-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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-20231231.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-20231231.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfServices_3_lbl" xml:lang="en-US">Revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/label" 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_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:to="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_3_lbl" xml:lang="en-US">Accrued liabilities and other payables</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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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 portion of fair value of derivative financial instruments</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 portion of fair value of derivative financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Borrowings_3_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/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_3_lbl" xml:lang="en-US">Remaining amount paid</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OneTimeCashBonusPayment" xlink:to="glbs_OneTimeCashBonusPayment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_OneTimeCashBonusPayment_2_lbl" xml:lang="en-US">One time bonus</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_CommonStockSharesIssued1" xlink:label="glbs_CommonStockSharesIssued1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CommonStockSharesIssued1" xlink:to="glbs_CommonStockSharesIssued1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CommonStockSharesIssued1_lbl" xml:lang="en-US">Shares issued</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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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-20231231.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-20231231.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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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-20231231.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-20231231.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-20231231.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-20231231.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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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-20231231.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:loc xlink:type="locator" xlink:href="glbs-20231231.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_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DescriptionOfAccountingPolicyForInterestRateSwapExplanatory_doc" xml:lang="en-US">The description of the entity's accounting policy for interest rate swaps.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory" xlink:to="glbs_DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory_doc" xml:lang="en-US">The description of the entity's accounting policy for management and consulting 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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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 and vessel operating 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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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:loc xlink:type="locator" xlink:href="glbs-20231231.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_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: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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="glbs_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_doc" xml:lang="en-US">The cash outflow for prepayments to settle borrowings, classified as financing activities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ContractualObligationsDueInThirdYear" xlink:to="glbs_ContractualObligationsDueInThirdYear_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ContractualObligationsDueInThirdYear_doc" xml:lang="en-US">Amount of contractual obligation to be paid in third 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:loc xlink:type="locator" xlink:href="glbs-20231231.xsd#glbs_DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory2" xlink:label="glbs_DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory2" xlink:to="glbs_DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory2_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory2_doc" xml:lang="en-US">The disclosure of contractual annual payments per subsidiary.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount" xlink:to="glbs_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_doc" xml:lang="en-US">The reversal of the amount of accumulated deprecation due to the disposal of property plant and equipment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory" xlink:to="glbs_DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory_doc" xml:lang="en-US">The disclosure of contractual annual payments per subsidiary.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DecreaseIncreaseInRestrictedCashAndCashEquivalents" xlink:to="glbs_DecreaseIncreaseInRestrictedCashAndCashEquivalents_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DecreaseIncreaseInRestrictedCashAndCashEquivalents_doc" xml:lang="en-US">The cash inflow (outflow) due to a decrease (increase) in restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_GainsOnRestructuringOfDebt" xlink:to="glbs_GainsOnRestructuringOfDebt_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_GainsOnRestructuringOfDebt_doc" xml:lang="en-US">For a debtor, the aggregate gain (loss) recognized on the restructuring of payables arises from the difference between the book value of the debt before the restructuring and the fair value of the payments on the debt after restructuring is complete.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ModificationOfLoan" xlink:to="glbs_ModificationOfLoan_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ModificationOfLoan_doc" xml:lang="en-US">The amount of modification of the loan.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CurrentPortionOfModificationOfLoan" xlink:to="glbs_CurrentPortionOfModificationOfLoan_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CurrentPortionOfModificationOfLoan_doc" xml:lang="en-US">The current portion of the modification of loan.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NonCurrentPortionOfModificationOfLoan" xlink:to="glbs_NonCurrentPortionOfModificationOfLoan_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NonCurrentPortionOfModificationOfLoan_doc" xml:lang="en-US">The non-current portion of the modification of loan.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccruedInterestNonCurrent" xlink:to="glbs_AccruedInterestNonCurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AccruedInterestNonCurrent_doc" xml:lang="en-US">The non-current amount of total accrued interest.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInDepreciationPropertyPlantAndEquiment" xlink:to="glbs_IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_doc" xml:lang="en-US">Increase/decrease of depreciation expense recognised during the period,due to changes in scrap rates.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CommonStockSharesIssued1" xlink:to="glbs_CommonStockSharesIssued1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CommonStockSharesIssued1_doc" xml:lang="en-US">Number of common stock issued.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SunGlobe1Member" xlink:to="glbs_SunGlobe1Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_SunGlobe1Member_2_lbl" xml:lang="en-US">Sun Globe [Member] [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SWAPAgreementMember" xlink:to="glbs_SWAPAgreementMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_SWAPAgreementMember_2_lbl" xml:lang="en-US">SWAP Agreement [member] [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_FinancialLiabilitiesAtFairValueIMember" xlink:to="glbs_FinancialLiabilitiesAtFairValueIMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_FinancialLiabilitiesAtFairValueIMember_2_lbl" xml:lang="en-US">Financial liabilities not measured at fair value [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="ifrs-full_OperatingExpenseExcludingCostOfSales" xlink:to="ifrs-full_OperatingExpenseExcludingCostOfSales_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OperatingExpenseExcludingCostOfSales_2_lbl" xml:lang="en-US">Operating expense excluding cost of sales</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="glbs_DirectorsCompensationSharebasedPayment" xlink:to="glbs_DirectorsCompensationSharebasedPayment_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DirectorsCompensationSharebasedPayment_4_lbl" xml:lang="en-US">Directors Compensation Share based Payment</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_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_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_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_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_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xlink:to="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets_2_lbl" xml:lang="en-US">Adjustments for losses (gains) on disposal of non-current assets</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" />
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      <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" />
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      <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" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_2_lbl" xml:lang="en-US">Cash flows from (used in) investing activities</link:label>
      <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_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_DisposalsPropertyPlantAndEquipment" xlink:to="ifrs-full_DisposalsPropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisposalsPropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Disposals, property, plant and equipment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount" xlink:to="glbs_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_3_lbl" xml:lang="en-US">AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount</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>
      <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_ModificationOfLoan" xlink:to="glbs_ModificationOfLoan_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ModificationOfLoan_3_lbl" xml:lang="en-US">ModificationOfLoan</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_AccruedInterestNonCurrent" xlink:to="glbs_AccruedInterestNonCurrent_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AccruedInterestNonCurrent_3_lbl" xml:lang="en-US">AccruedInterestNonCurrent</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="glbs_OperatingCosts" xlink:to="glbs_OperatingCosts_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_OperatingCosts_3_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_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>
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      <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:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>20
<FILENAME>glbs-20231231_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: 5.21b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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    <link:roleRef roleURI="http://globusmaritime.gr/role/StatementsOfChangesInEquity" xlink:href="glbs-20231231.xsd#StatementsOfChangesInEquity" xlink:type="simple" />
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    <link:roleRef roleURI="http://globusmaritime.gr/role/BasisOfPreparationAndAccountingPolicies" xlink:href="glbs-20231231.xsd#BasisOfPreparationAndAccountingPolicies" xlink:type="simple" />
    <link:roleRef roleURI="http://globusmaritime.gr/role/CashAndCashEquivalentsAndRestrictedCash" xlink:href="glbs-20231231.xsd#CashAndCashEquivalentsAndRestrictedCash" xlink:type="simple" />
    <link:roleRef roleURI="http://globusmaritime.gr/role/TransactionsWithRelatedParties" xlink:href="glbs-20231231.xsd#TransactionsWithRelatedParties" xlink:type="simple" />
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    <link:roleRef roleURI="http://globusmaritime.gr/role/TradeAccountsPayable" xlink:href="glbs-20231231.xsd#TradeAccountsPayable" xlink:type="simple" />
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    <link:roleRef roleURI="http://globusmaritime.gr/role/ShareCapitalAndSharePremium" xlink:href="glbs-20231231.xsd#ShareCapitalAndSharePremium" xlink:type="simple" />
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898310624">
<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, 2023 </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,  2023<span></span>
</td>
</tr>
<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">2023<span></span>
</td>
</tr>
<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, including the preferred stock purchase rights<span></span>
</td>
</tr>
<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_DocumentFinStmtErrorCorrectionFlag', window );">Document Financial Statement Error Correction [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_AuditorFirmId', window );">Auditor Firm ID</a></td>
<td class="text">1457<span></span>
</td>
</tr>
<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_AuditorName', window );">Auditor Name</a></td>
<td class="text">Ernst & Young (Hellas) Certified Auditors Accountants S.A.<span></span>
</td>
</tr>
<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_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="ro">
<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="re">
<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.<span></span>
</td>
</tr>
<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_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Glyfada, Attica<span></span>
</td>
</tr>
<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_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">GR<span></span>
</td>
</tr>
<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_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">166 74<span></span>
</td>
</tr>
<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_CityAreaCode', window );">City Area Code</a></td>
<td class="text">+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_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">210 960 8300<span></span>
</td>
</tr>
<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_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_DocumentFinStmtErrorCorrectionFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates whether any of the financial statement period in the filing include a restatement due to error correction.</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-K<br> -Number 229<br> -Section 402<br> -Subsection w<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 3: 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 4: 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_DocumentFinStmtErrorCorrectionFlag</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>24
<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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898608352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Comprehensive Income - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</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_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">$ 30,840<span></span>
</td>
<td class="nump">$ 61,390<span></span>
</td>
<td class="nump">$ 43,211<span></span>
</td>
</tr>
<tr class="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">365<span></span>
</td>
<td class="nump">170<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">31,205<span></span>
</td>
<td class="nump">61,755<span></span>
</td>
<td class="nump">43,381<span></span>
</td>
</tr>
<tr class="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">(3,936)<span></span>
</td>
<td class="num">(5,373)<span></span>
</td>
<td class="num">(1,128)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OperatingExpenseExcludingCostOfSales', window );">Vessel operating expenses&#160;</a></td>
<td class="num">(16,090)<span></span>
</td>
<td class="num">(18,012)<span></span>
</td>
<td class="num">(13,808)<span></span>
</td>
</tr>
<tr class="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">(4,725)<span></span>
</td>
<td class="num">(5,600)<span></span>
</td>
<td class="num">(3,910)<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">(4,185)<span></span>
</td>
<td class="num">(4,646)<span></span>
</td>
<td class="num">(2,751)<span></span>
</td>
</tr>
<tr class="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">(3,541)<span></span>
</td>
<td class="num">(2,876)<span></span>
</td>
<td class="num">(2,610)<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">(713)<span></span>
</td>
<td class="num">(1,412)<span></span>
</td>
<td class="num">(1,361)<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="nump">0<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_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Reversal of impairment</a></td>
<td class="nump">4,400<span></span>
</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_GainsOnDisposalsOfPropertyPlantAndEquipment', window );">Gain from sale of vessel</a></td>
<td class="nump">3,876<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_OtherOperatingIncomeExpense', window );">Other (expenses)/income, net&#160;</a></td>
<td class="num">(14)<span></span>
</td>
<td class="num">(204)<span></span>
</td>
<td class="nump">171<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_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">6,277<span></span>
</td>
<td class="nump">23,632<span></span>
</td>
<td class="nump">17,944<span></span>
</td>
</tr>
<tr class="re">
<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">2,634<span></span>
</td>
<td class="nump">375<span></span>
</td>
<td class="nump">8<span></span>
</td>
</tr>
<tr class="ro">
<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">(4,354)<span></span>
</td>
<td class="num">(2,320)<span></span>
</td>
<td class="num">(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_GainsOnRestructuringOfDebt', window );">Gain from the modification of the Loan</a></td>
<td class="nump">417<span></span>
</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_GainsLossesOnChangeInFairValueOfDerivatives', window );">Gain on derivative financial instruments</a></td>
<td class="nump">388<span></span>
</td>
<td class="nump">2,520<span></span>
</td>
<td class="nump">181<span></span>
</td>
</tr>
<tr class="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="num">(90)<span></span>
</td>
<td class="nump">73<span></span>
</td>
<td class="nump">79<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 FOR THE YEAR</a></td>
<td class="nump">5,272<span></span>
</td>
<td class="nump">24,280<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>
</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 FOR THE YEAR</a></td>
<td class="nump">$ 5,272<span></span>
</td>
<td class="nump">$ 24,280<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_glbs_LossEarningsPerShareAbstract', window );"><strong>Earnings per share (U.S.$):</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DilutedEarningsLossPerShare', window );">-Diluted income per share for the period</a></td>
<td class="nump">$ 0.26<span></span>
</td>
<td class="nump">$ 1.18<span></span>
</td>
<td class="nump">$ 1.01<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BasicEarningsLossPerShare', window );">-Basic income per share for the period</a></td>
<td class="nump">$ 0.26<span></span>
</td>
<td class="nump">$ 1.18<span></span>
</td>
<td class="nump">$ 1.01<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_GainsOnRestructuringOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 a debtor, the aggregate gain (loss) recognized on the restructuring of payables arises from the difference between the book value of the debt before the restructuring and the fair value of the payments on the debt after restructuring is complete.</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_GainsOnRestructuringOfDebt</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_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_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 2023-01-01<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-2023-en-r&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_BasicEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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).</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 2023-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2023-01-01<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicEarningsLossPerShare</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_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 2023-01-01<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-2023-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2023-01-01<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 52<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 35<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_GainsOnDisposalsOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 the disposal of 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 1<br> -IssueDate 2023-01-01<br> -Paragraph 98<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_98_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsOnDisposalsOfPropertyPlantAndEquipment</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_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_OperatingExpenseExcludingCostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 expense excluding the cost of sales. [Refer: Cost of sales]</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 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OperatingExpenseExcludingCostOfSales</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_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 2023-01-01<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-2023-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 17<br> -IssueDate 2023-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph IE33<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<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 2023-01-01<br> -Paragraph 23<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_e&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<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>
</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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 reversal of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Reversal of 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 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vi<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e_vi&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</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_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 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898404448">
<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, 2023</div></th>
<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_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 );">&#160;&#160;Vessels, net</a></td>
<td class="nump">$ 100,557<span></span>
</td>
<td class="nump">$ 129,461<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Advances for vessel purchase</a></td>
<td class="nump">47,246<span></span>
</td>
<td class="nump">28,172<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Office furniture and equipment</a></td>
<td class="nump">85<span></span>
</td>
<td class="nump">90<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Right of use asset</a></td>
<td class="nump">182<span></span>
</td>
<td class="nump">493<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;&#160;Restricted cash</a></td>
<td class="nump">3,530<span></span>
</td>
<td class="nump">3,590<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Fair value of derivative financial instruments</a></td>
<td class="nump">495<span></span>
</td>
<td class="nump">1,315<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Other non-current assets</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 );">&#160;&#160;Total non-current assets</a></td>
<td class="nump">152,105<span></span>
</td>
<td class="nump">163,131<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Current portion of fair value of derivative financial instruments</a></td>
<td class="nump">808<span></span>
</td>
<td class="nump">1,092<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Trade accounts receivable, net</a></td>
<td class="nump">1,151<span></span>
</td>
<td class="nump">109<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Inventories</a></td>
<td class="nump">1,256<span></span>
</td>
<td class="nump">3,028<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_CurrentPrepaymentsAndOtherCurrentAssets', window );">&#160;&#160;Prepayments and other assets</a></td>
<td class="nump">1,789<span></span>
</td>
<td class="nump">2,887<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Restricted cash</a></td>
<td class="nump">90<span></span>
</td>
<td class="nump">2,378<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Cash and cash equivalents</a></td>
<td class="nump">74,202<span></span>
</td>
<td class="nump">52,833<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 );">&#160;&#160;&#160;Total current assets</a></td>
<td class="nump">79,296<span></span>
</td>
<td class="nump">62,327<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">231,401<span></span>
</td>
<td class="nump">225,458<span></span>
</td>
</tr>
<tr class="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</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 );">&#160;&#160;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 );">&#160;&#160;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 );">&#160;&#160;Accumulated deficit</a></td>
<td class="num">(108,518)<span></span>
</td>
<td class="num">(113,790)<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">175,970<span></span>
</td>
<td class="nump">170,698<span></span>
</td>
</tr>
<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 );">&#160;&#160;Long-term borrowings, net of current portion</a></td>
<td class="nump">45,759<span></span>
</td>
<td class="nump">37,522<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Provision for staff retirement indemnities</a></td>
<td class="nump">171<span></span>
</td>
<td class="nump">148<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Lease liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">188<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 );">&#160;&#160;Total non-current liabilities</a></td>
<td class="nump">45,930<span></span>
</td>
<td class="nump">37,858<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_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 );">&#160;&#160;Current portion of long-term borrowings</a></td>
<td class="nump">6,500<span></span>
</td>
<td class="nump">6,803<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Trade accounts payable and other</a></td>
<td class="nump">362<span></span>
</td>
<td class="nump">3,548<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Accrued liabilities and other payables</a></td>
<td class="nump">1,763<span></span>
</td>
<td class="nump">5,814<span></span>
</td>
</tr>
<tr class="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 );">&#160;&#160;Current portion of lease liabilities</a></td>
<td class="nump">188<span></span>
</td>
<td class="nump">321<span></span>
</td>
</tr>
<tr class="ro">
<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 );">&#160;&#160;Deferred revenue</a></td>
<td class="nump">688<span></span>
</td>
<td class="nump">416<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_CurrentLiabilities', window );">&#160;&#160;Total current liabilities</a></td>
<td class="nump">9,501<span></span>
</td>
<td class="nump">16,902<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_Liabilities', window );">TOTAL LIABILITIES</a></td>
<td class="nump">55,431<span></span>
</td>
<td class="nump">54,760<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_EquityAndLiabilities', window );">TOTAL EQUITY AND LIABILITIES</a></td>
<td class="nump">$ 231,401<span></span>
</td>
<td class="nump">$ 225,458<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 2023-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>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/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<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-2023-en-r&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<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-2023-en-r&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 37<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_37_h&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph IG6<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 that do not meet the definition of investment property. 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 2023-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 47<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_47_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 37<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_37_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036896690384">
<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, 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="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 );">Total comprehensive income</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</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="re">
<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</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>
<tr class="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">5,272<span></span>
</td>
<td class="nump">5,272<span></span>
</td>
</tr>
<tr class="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="re">
<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</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">5,272<span></span>
</td>
<td class="nump">5,272<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, 2023</a></td>
<td class="nump">$ 82<span></span>
</td>
<td class="nump">$ 284,406<span></span>
</td>
<td class="num">$ (108,518)<span></span>
</td>
<td class="nump">$ 175,970<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 2023-01-01<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-2023-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<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-2023-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<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-2023-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<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-2023-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 17<br> -IssueDate 2023-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</div>
</body>
</html>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898661600">
<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, 2023</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_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>Operating 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_ProfitLoss', window );">Income for the year</a></td>
<td class="nump">$ 5,272<span></span>
</td>
<td class="nump">$ 24,280<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_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">4,725<span></span>
</td>
<td class="nump">5,600<span></span>
</td>
<td class="nump">3,910<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">4,185<span></span>
</td>
<td class="nump">4,646<span></span>
</td>
<td class="nump">2,751<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">(10,433)<span></span>
</td>
<td class="num">(2,995)<span></span>
</td>
<td class="num">(3,664)<span></span>
</td>
</tr>
<tr class="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">23<span></span>
</td>
<td class="nump">35<span></span>
</td>
<td class="nump">83<span></span>
</td>
</tr>
<tr class="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 );">Reversal of impairment</a></td>
<td class="num">(4,400)<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_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives', window );">Gain on derivative financial instruments</a></td>
<td class="num">(388)<span></span>
</td>
<td class="num">(2,520)<span></span>
</td>
<td class="num">(181)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets', window );">Gain on sale of vessel</a></td>
<td class="num">(3,876)<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_AdjustmentsForFinanceCosts', window );">Interest expense and finance costs</a></td>
<td class="nump">4,354<span></span>
</td>
<td class="nump">2,320<span></span>
</td>
<td class="nump">3,262<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_GainsOnRestructuringOfDebt', window );">Gain from the modification of the Loan</a></td>
<td class="num">(417)<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_AdjustmentsForInterestIncome', window );">Interest income</a></td>
<td class="num">(2,634)<span></span>
</td>
<td class="num">(375)<span></span>
</td>
<td class="num">(8)<span></span>
</td>
</tr>
<tr class="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="nump">64<span></span>
</td>
<td class="num">(26)<span></span>
</td>
<td class="num">(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_AdjustmentsForSharebasedPayments', window );">Share based payment</a></td>
<td class="nump">0<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_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable', window );">Trade accounts receivable</a></td>
<td class="num">(1,042)<span></span>
</td>
<td class="nump">894<span></span>
</td>
<td class="num">(850)<span></span>
</td>
</tr>
<tr class="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="nump">1,772<span></span>
</td>
<td class="num">(2,176)<span></span>
</td>
<td class="nump">396<span></span>
</td>
</tr>
<tr class="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="nump">1,098<span></span>
</td>
<td class="num">(1,663)<span></span>
</td>
<td class="num">(197)<span></span>
</td>
</tr>
<tr class="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="num">(3,385)<span></span>
</td>
<td class="nump">2,721<span></span>
</td>
<td class="num">(1,917)<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="nump">355<span></span>
</td>
<td class="num">(2,207)<span></span>
</td>
<td class="nump">503<span></span>
</td>
</tr>
<tr class="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="nump">272<span></span>
</td>
<td class="num">(1,628)<span></span>
</td>
<td class="nump">1,759<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="num">(4,455)<span></span>
</td>
<td class="nump">26,906<span></span>
</td>
<td class="nump">20,750<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_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_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Vessel acquisition</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(71,600)<span></span>
</td>
</tr>
<tr class="re">
<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 );">Net Proceeds from sale of vessel</a></td>
<td class="nump">35,097<span></span>
</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_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities', window );">Advances for vessel acquisition</a></td>
<td class="num">(19,074)<span></span>
</td>
<td class="num">(28,172)<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_CashPaymentsForImprovements', window );">Vessels&#8217; improvements</a></td>
<td class="num">(161)<span></span>
</td>
<td class="num">(1,178)<span></span>
</td>
<td class="num">(332)<span></span>
</td>
</tr>
<tr class="ro">
<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">(37)<span></span>
</td>
<td class="num">(33)<span></span>
</td>
<td class="num">(36)<span></span>
</td>
</tr>
<tr class="re">
<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">2,634<span></span>
</td>
<td class="nump">375<span></span>
</td>
<td class="nump">8<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_CashFlowsFromUsedInInvestingActivities', window );">Net cash generated from / (used in) investing activities</a></td>
<td class="nump">18,459<span></span>
</td>
<td class="num">(29,008)<span></span>
</td>
<td class="num">(71,960)<span></span>
</td>
</tr>
<tr class="re">
<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="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 loans</a></td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">18,000<span></span>
</td>
<td class="nump">34,250<span></span>
</td>
</tr>
<tr class="re">
<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">(6,250)<span></span>
</td>
<td class="num">(5,375)<span></span>
</td>
<td class="num">(3,993)<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_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Prepayment of long-term debt</a></td>
<td class="num">(10,505)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(35,507)<span></span>
</td>
</tr>
<tr class="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 issuance of share capital</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">89,580<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_ProceedsFromWarrantExercises', window );">Proceeds from exercise of Warrants</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">25<span></span>
</td>
</tr>
<tr class="re">
<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="nump">0<span></span>
</td>
<td class="num">(401)<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_DecreaseIncreaseInRestrictedCashAndCashEquivalents', window );">(Increase)/decrease in restricted cash</a></td>
<td class="nump">2,348<span></span>
</td>
<td class="num">(744)<span></span>
</td>
<td class="num">(3,158)<span></span>
</td>
</tr>
<tr class="re">
<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">(406)<span></span>
</td>
<td class="num">(259)<span></span>
</td>
<td class="num">(545)<span></span>
</td>
</tr>
<tr class="ro">
<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">(321)<span></span>
</td>
<td class="num">(286)<span></span>
</td>
<td class="num">(241)<span></span>
</td>
</tr>
<tr class="re">
<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">(2,501)<span></span>
</td>
<td class="num">(1,614)<span></span>
</td>
<td class="num">(2,624)<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_CashFlowsFromUsedInFinancingActivities', window );">Net cash generated from financing activities</a></td>
<td class="nump">7,365<span></span>
</td>
<td class="nump">9,722<span></span>
</td>
<td class="nump">77,386<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_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges', window );">Net increase in cash and cash equivalents</a></td>
<td class="nump">21,369<span></span>
</td>
<td class="nump">7,620<span></span>
</td>
<td class="nump">26,176<span></span>
</td>
</tr>
<tr class="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 beginning 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>
<tr class="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 end of the year</a></td>
<td class="nump">$ 74,202<span></span>
</td>
<td class="nump">$ 52,833<span></span>
</td>
<td class="nump">$ 45,213<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_DecreaseIncreaseInRestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 a decrease (increase) in 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>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_DecreaseIncreaseInRestrictedCashAndCashEquivalents</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_GainsOnRestructuringOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 a debtor, the aggregate gain (loss) recognized on the restructuring of payables arises from the difference between the book value of the debt before the restructuring and the fair value of the payments on the debt after restructuring is complete.</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_GainsOnRestructuringOfDebt</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_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_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 prepayments to settle borrowings, 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_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities</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 2023-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 20<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 losses (gains) on disposal of non-current assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Non-current 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 2023-01-01<br> -Paragraph 14<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_14&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets</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_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 2023-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<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-2023-en-r&amp;doctype=Illustrative%20Examples&amp;dita_xref=IAS07_IE_A_TI<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 16<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 31<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 31<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 17<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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</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 2023-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</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_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 sales of property, plant and equipment, classified as investing activities. [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 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</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 2023-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 17<br> -IssueDate 2023-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
<td>duration</td>
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<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 2023-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities</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>
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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_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 property, plant and equipment, classified as investing activities. [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 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</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>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 2023-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036930941952">
<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, 2023</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_805_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_zlG5me9hfOub" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_824_zJslnH4XIaRl">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements include the financial statements of <span id="xdx_90B_eifrs-full--NameOfReportingEntityOrOtherMeansOfIdentification_c20230101__20231231_z854fsFrSl12"><b><i>Globus
Maritime Limited</i></b></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&#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_902_eifrs-full--DomicileOfEntity_c20230101__20231231_zT48WQhOo7qe">Marshall
Islands</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and its common 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">The
registered address 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-family: Times New Roman, Times, Serif; 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 id="xdx_90F_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231_zfCwylJJOjW8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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, 2023:</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_892_eifrs-full--DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_zYevfwZ2xUSb" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span id="xdx_8B1_zWRwMx3ymUi1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
of presentation and general information</span><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 0 0 36pt; text-align: justify; text-indent: 0cm"></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; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 11pt Baskerville Win95BT; padding-bottom: 1pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vessel
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<tr style="vertical-align: bottom; background-color: White">
    <td style="font: 11pt Baskerville Win95BT; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 11pt Baskerville Win95BT"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr id="xdx_41F_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GlobusShipmanagementCorpMember_zVhuK8qQt6I4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus Shipmanagement Corp.</span></td><td><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">Marshall Islands</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0571"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&#160;</span></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_416_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DevoceanMaritimeLtdMember_zcUcBaoQqj1c" style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Devocean Maritime Ltd.</span></td>
    <td style="text-align: left; vertical-align: bottom"></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 18, 2007</span></td>
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<tr id="xdx_410_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArtfulShipholdingSAMember_z0sVOydUoC78" 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">Artful Shipholding S.A.</span></td>
    <td><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">Marshall Islands</span></td>
    <td><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">June 22, 2011</span></td>
    <td><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">m/v Moon Globe&#160;</span></td></tr>
<tr id="xdx_418_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SerenaMaritimeLimitedMember_zQXVhJgVR3s9" style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Serena Maritime Limited</span></td>
    <td><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">Marshall Islands</span></td>
    <td><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">October 29, 2020</span></td>
    <td><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">m/v Galaxy Globe</span></td></tr>
<tr id="xdx_410_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TalismanMaritimeLimitedMember_zsNzzr6DPQzh" 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">Talisman Maritime Limited</span></td>
    <td><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">Marshall Islands</span></td>
    <td><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">July 20, 2021</span></td>
    <td><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">m/v Power Globe</span></td></tr>
<tr id="xdx_412_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArgoMaritimeLimitedMember_z0T8srkha5g2" 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-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">Marshall Islands</span></td>
    <td><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">June 9, 2021</span></td>
    <td><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">m/v Diamond Globe</span></td></tr>
<tr id="xdx_413_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SalaminiaMaritimeLimitedMember_zyG30dXMCWIe" 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-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">Marshall Islands</span></td>
    <td><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">November 29, 2021</span></td>
    <td><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">m/v Orion Globe</span></td></tr>
<tr id="xdx_41E_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CalypsoShipholdingSAMember_zxvCPP9nldd4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calypso Shipholding S.A.</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0592"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></span></td><td><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">Hull No: S-1885*</span></td></tr>
<tr id="xdx_415_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DaxosMaritimeLimitedMember_zNMJ5o4SfOTd" 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">Daxos Maritime Limited</span></td>
    <td><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">Marshall Islands</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0595"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></span></td>
    <td><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">Hull No: NE-442*</span></td></tr>
<tr id="xdx_416_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--OlympiaShipholdingSAMember_zAoVbwNzNAdd" style="vertical-align: top; background-color: White">
    <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-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">Marshall Islands</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0598"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></span></td>
    <td><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">Hull No: S-K192*</span></td></tr>
<tr id="xdx_41D_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ParalusShipholdingSAMember_zWnLJM0NlKhl" 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">Paralus Shipholding S.A.</span></td>
    <td><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">Marshall Islands</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0601"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></span></td>
    <td><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">Hull No: NE-443*</span></td></tr>
<tr id="xdx_414_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ThaliaShipholdingSAMember_zqL5E4UxCVd5" style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thalia Shipholding S.A.</span></td>
    <td><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">Marshall Islands</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0604"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></span></td>
    <td><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">Hull No: S-3012*</span></td></tr>
<tr id="xdx_419_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LongevityMaritimeLimitedMember_zyrvBUgRTTfe" 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">Longevity Maritime Limited</span></td>
    <td><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">Malta</span></td>
    <td><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">September 15, 2011</span></td>
    <td><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">**</span></td></tr>
<tr id="xdx_411_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DominaShipholdingLtdMember_z56S6qbHkt6" 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 Maritime Ltd.</span></td>
    <td><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">Marshall Islands</span></td>
    <td><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">May 19, 2010</span></td>
    <td><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">***</span></td></tr>
<tr id="xdx_41C_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DulacMaritimeSAMember_z5XnFoxg9N5d" 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-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">Marshall Islands</span></td>
    <td><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">May 25, 2010</span></td>
    <td><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">****</span></td></tr>
</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 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 0 0 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify">&#8239;&#8239;&#8239;&#8239;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
New building vessels</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;**
m/v Sun Globe was sold and delivered to her new owners on June 5, 2023 (Note 5)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;***
m/v Sky Globe was sold and delivered to her new owners on September 7, 2023 (Note 5)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;****
m/v Star Globe was sold and delivered to her new owners on September 13, 2023 (Note 5)</span></p>

<p id="xdx_8A1_zh4ws2GkMle7" 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">&#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: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements as at December 31, 2023 and 2022 and for the three years in the period ended December 31, 2023, were
approved for issuance by the Board of Directors on March 14, 2024.</span></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"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; color: blue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036930976576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Preparation and Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</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_NotesAndOtherExplanatoryInformationAbstract', window );"><strong>Notes and other explanatory information [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_DisclosureOfMaterialAccountingPolicyInformationExplanatory', window );">Basis of Preparation and Accounting Policies</a></td>
<td class="text"><p id="xdx_80E_eifrs-full--DisclosureOfMaterialAccountingPolicyInformationExplanatory_zUojQe4FBnW8" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_82E_zz3tFkRZGJdf">Basis
of Preparation and Accounting Policies</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_840_eifrs-full--DisclosureOfGoingConcernExplanatory_zlfe0Uz4P39b" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.1
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_864_zcHLSnXbG6b4">Basis of Preparation:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, the Company reported a total comprehensive income for the year of $<span id="xdx_906_eifrs-full--ComprehensiveIncome_pn3n3_c20230101__20231231_z25sOBI9biSf">5,272</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
Cash and cash equivalents of $<span id="xdx_90C_eifrs-full--CashAndCashEquivalents_iI_pn3n3_c20231231_zIoW75vZbBb5">74,202</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
a working capital surplus of $<span id="xdx_904_eifrs-full--CurrentAssetsLiabilities_iI_pn3n3_c20231231_zCsUgmOZzp9e" title="Working capital surplus">69,795</span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><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: 0; text-align: justify"><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 0 0 35.45pt; 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 and cash flows. Currently there is no
effect on the Company&#8217;s operations. Furthermore, the intensity and duration of the recently declared war between Israel and
Hamas is difficult to predict and its impact on the world economy and drybulk industry is uncertain. While much uncertainty remains
regarding the global impact of the war between Israel and Hamas, it is possible that such tensions could result in the eruption of
further hostilities in other regions, including the Red Sea, and could adversely affect the Company&#8217;s business, financial
conditions, operating results, and cash flows.</span></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">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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-family: Times New Roman, Times, Serif; 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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and  Accounting Policies (continued)</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-family: Times New Roman, Times, Serif; 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; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement
of Compliance: </b>These consolidated financial statements of the Company have been prepared in accordance with <span id="xdx_90F_edei--EntityAccountingStandard_c20230101__20231231_zNn7Tvud2JZh">International
Financial Reporting Standards</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&#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-family: Times New Roman, Times, Serif; 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: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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"></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-family: Times New Roman, Times, Serif; 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>

<p id="xdx_842_eifrs-full--DescriptionOfInitialApplicationOfStandardsOrInterpretations_z6ml3exxHsCc" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;&#8239;&#160;&#160;
<span id="xdx_86A_zRKFenwwRwyc">Standards amendments and interpretations:</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></b></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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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, 2023:</span></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">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IAS
                                            1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting
                                            policies (Amendments)</b></span></td></tr>
</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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. The Company
revisited and updated its accounting policies to apply the requirements of the amendments to IAS 1. The amendments had no material 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"></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"></span></p>


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

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></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: 49.5pt"></td><td style="width: 40.5pt"><span style="font-family: Symbol; font-size: 9pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>IFRS
                                            17 insurance contracts,</b></span></td></tr>
<tr style="vertical-align: top">
<td style="width: 49.5pt"></td><td style="width: 40.5pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>IAS
                                            8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
                                            Estimates (Amendments),</b></span></td></tr>
<tr style="vertical-align: top">
<td style="width: 49.5pt"></td><td style="width: 40.5pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><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></td></tr>
<tr style="vertical-align: top">
<td style="width: 49.5pt"></td><td style="width: 40.5pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>IAS
                                            12 Income taxes: International Tax Reform - Pillar Two Model Rules (Amendments)</b></span></td></tr></table>

<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 0 0 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
newly adopted IFRS and amendments to IFRS did not have a material impact on the Company&#8217;s accounting policies.</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; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; 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 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IAS
                                            1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
                                            (Amendments)</b></span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0pt 53.3pt; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 53.3pt; text-align: justify"><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 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IAS
                                            7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance
                                            Arrangements (Amendments).</b></span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 54pt; 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: 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"><b>IAS
                                            21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments).
                                            </b></span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted. 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 54pt; 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: 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"><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></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><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 0 0 54pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; 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: 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"><b>IFRS
                                            16 Leases: Lease Liability in a Sale and Leaseback (amendments). </b></span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 54pt; text-align: justify"><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 0 0 54pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company plans to adopt these standards on their respective effective dates.&#160;</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><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 0 0 53.3pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Accounting Policies (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b>&#160;</span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"></p>

<p id="xdx_84B_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zFC8RJeDy1Jg" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.3
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_865_zaqATTJEznEh">Accounting policies, judgments, estimates
and assumptions:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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 of such vessel.</span></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"></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">&#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; and</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"></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">&#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"><span style="font-family: Times New Roman, Times, Serif; 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, 2023 and 2022, the Company
concluded that no indicators for impairment were present as of December 31, 2023 and 2022 and no impairment was recorded for the
years ended December 31, 2023 and 2022. Following the agreement to sell Sun Globe and given the significant increase in the
vessel&#8217;s market value, the Company assessed that there were indications that impairment losses recognized in the previous
periods with respect to this vessel have decreased. Therefore, the carrying amount of the vessel was increased to its recoverable
amount, determined based on selling price less cost to sell, and the Company recorded reversal of impairment amounting $<span id="xdx_909_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20230101__20231231_zqeqio5fV3hg" title="Reversal of impairment">4,400</span>,
during the first quarter of 2023. <span id="xdx_907_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_do_c20220101__20221231_z2KMh2M6Lrsf" title="Reversal of impairment">No</span>
reversal of previously recognized impairment losses was recorded for the year ended December 31, 2022 (Note 5).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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 0 0 1cm; text-align: justify"></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">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -40pt; text-align: justify">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -40pt; text-align: justify"><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; 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-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 0 0 35.45pt; text-align: justify"><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 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-family: Wingdings; font-size: 10pt">&#216;</span> <span style="font-size: 10pt"><i>
                                                                                                   &#8239;&#8239;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, 2023 and 2022. 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>


<p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zbckekjUskY8" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;2.4
&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_86A_zyLhgdk6KI4e">Accounting for revenue and related expenses:</span></b></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generates its revenues from charterers for the
charter hire of its vessels. Vessels are chartered using time charters, 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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zK2cKLkfvbU9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;2.5
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_86E_zOiVgv2mRa1">Foreign currency translation:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; 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.</span></p>

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


<p id="xdx_84B_eifrs-full--DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_zMgPpwxn1WDd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>2.6
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_86B_zmU1IS0Km7J7">Cash and cash equivalents:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_zguP4OoxNgad" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;2.7
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_867_zm0MAcaY7Ss2">Trade accounts receivable, net:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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, 2023 and 2022 was nil.&#160;&#160;<span id="xdx_902_ecustom--AllowanceForDoubtfulTradeReceivables_d0_c20220101__20221231_zYKUlh2PBnt" style="display: none">0</span></span></p>

<p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForMeasuringInventories_z11u604Osh1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;2.8&#8239;
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_868_zwMnpoR4PGgk">Inventories:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b></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>



<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-family: Times New Roman, Times, Serif; 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 style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b></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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zQ7Gz6XOKdu4" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.9&#160;
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_866_zjgbttAN5HR2">Vessels, net:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_zWMXx9qxYjKj" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.10&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_86F_zMmKEDjhnfPa">
Dry-docking costs:</span></b></span> <span style="font: normal 10pt Times New Roman, Times, Serif">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_90E_ecustom--IntervalBetweenVesselDrydockingSpecialSurvey_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_zX5vyTlJbNga" title="Interval Between Vessel Drydocking Special Survey">2.5 </span></span><span style="font: normal 10pt Times New Roman, Times, Serif">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_908_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_z7MliaVx3jb4">straight-line
basis</span></span> <span style="font: normal 10pt Times New Roman, Times, Serif">over
the remaining period through the estimated dry-docking date.&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_zuXgT4rF0yFl" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.11
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_866_z3R55CMWPuP6">Depreciation:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of each of the Company&#8217;s vessels is depreciated on a <span id="xdx_903_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_z1BDU8fSh9ta" title="Depreciation method">straight-line
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <span id="xdx_90D_eifrs-full--DescriptionOfUsefulLifePropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zDeYSMP1lFKc" title="Useful life">25
years</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 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 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_zAu0z0ca9oNe">380</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/ton
(absolute amount) due to the increased scrap rates worldwide. This resulted to a decrease of $<span id="xdx_90B_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zb5RlQE2eUJj">145
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the depreciation charge included in the consolidated
statement of comprehensive income 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_zjWPZabpOfv3">440</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/ton
(absolute amount) due to the increased scrap rates worldwide. This resulted to a lower amount of $<span id="xdx_902_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zoTU81CT5yPk">118
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the depreciation charge included in the consolidated
statement of comprehensive income for 2022. During the fourth quarter of 2023, the Company adjusted the scrap rate from $440/ton to $<span id="xdx_90E_ecustom--VesselsScrapRatePerTon_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zdPuLd6jopJ1" title="Vessels scrap rate per ton">480</span>/ton,
due to the increased scrap rates worldwide. This resulted in a decrease of approximately $<span id="xdx_906_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zcaH3BcOHv8i" title="Decrease in depreciation expense due to changes in scrap rate">62</span> to the depreciation charge included in the
consolidated statement of comprehensive income for 2023.</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-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_znCFPmeZIxN2" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.12
&#160; &#160; &#160;&#160;<span id="xdx_86C_zMrsspvdaMY3">Impairment of Long-Lived Assets and Reversal of previously recognized
impairment losses:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company assesses
at each reporting date whether there is an indication that a vessel may be impaired. The Company has considered various indicators, including but not
limited to the current level of market hire rates, the market price of its vessels, the economic outlook, technological, regulatory and
environmental developments. 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.
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 a reversal is recognized in the consolidated statement of comprehensive income. 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; text-indent: -20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p id="xdx_84B_eifrs-full--DescriptionOfAccountingPolicyForBorrowingsExplanatory_zZb1GTPwRuni" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>2.13
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_86B_zDY01tc7oXI">Long-term debt:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFinanceCostsExplanatory_zi4a2zLAf508" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.14
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_862_zQOwuVDZIuBk">Financing costs:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 2023, the Company deferred financing costs of $<span id="xdx_90E_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zprKOkPWMNN8">406</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which relate to the costs incurred for the top up loan amount of $<span id="xdx_901_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zkKq5BDRbYlc">25,000
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with First Citizens Bank &amp; Trust Company
(formerly known as CIT Bank N.A.) (&#8220;First-Citizens Bank&#8221;) (This loan facility is referred to as the &#8220;CIT Loan Facility&#8221;,
see Note 11 for more details). For the year ended December 31, 2022, the Company deferred financing costs of $<span id="xdx_907_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_znZYWenv99hl">259</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which relate to the costs incurred for the top up loan amount of $<span id="xdx_901_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zXFcxmlsZdol">18,000
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">under the CIT Loan Facility (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_z3dG8Na7AhIe">545</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which relate to the costs incurred for CIT Loan Facility (see Note 11 for more details).&#160;</span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></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-family: Times New Roman, Times, Serif; 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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Accounting Policies (continued)&#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><p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;&#160;</i></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>

<p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_z5sLE4Gk9bBi" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_860_zvCNWV0RV7t9">Borrowing costs:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForSegmentReportingExplanatory_zwObdavi09E4" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_865_zevxBImQboJl">Operating segment:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_903_ecustom--NumberOfOperatingSegments_dc_uPure_c20230101__20231231_z1b1Al6wn7V6">one
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-indent: -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForProvisionsExplanatory_z9NARCJEMZO3" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.17&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_862_zaM0LPjhiAp6">Provisions
and contingencies:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; 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.&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"></p>

<p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_z2iSVapD3f2i" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.18&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
&#8239;<span id="xdx_861_zr0XPynzrKuh">Offsetting of financial assets and liabilities:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_zGzFMso3J9a2" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.19&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_861_zfUnxEiCoX8h">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>



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





<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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 36pt; text-align: justify"></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; text-align: justify"></p>

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

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Impairment of financial assets</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company considers a financial asset to be in default when:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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: 36pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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>
<tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; 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 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>iii.
&#8239;&#8239;&#8239;&#8239;&#8239;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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></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: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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-family: Times New Roman, Times, Serif; 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: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>iv.
Derecognition of Financial liabilities: </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 35.45pt"><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; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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>

<p id="xdx_84B_ecustom--DescriptionOfAccountingPolicyForLesseeExplanatory_zpGb2lFIJ5Hd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.20&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_860_zkoKydYt94tg">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-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; 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. 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. </span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -36pt"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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. 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 or a change in the lease payments.</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; 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 (see also Note 2.4).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 as 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: 0 0 0 36pt; text-align: justify"><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 0 0 36pt; text-align: justify"></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"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_90B_eifrs-full--DirectOperatingExpenseFromInvestmentProperty_pn3n3_c20230101__20231231_zmdJd4bDClCk" title="Direct operating expense from investment property">16,473</span> for the year ended December 31, 2023.
                                            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_90F_eifrs-full--OperatingLeaseIncome_pn3n3_c20230101__20231231_zs7BXhTP5apb" title="Lease components">14,367</span> for the year ended
                                            December 31, 2023.</span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: -40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">&#160;</span></p>




<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; 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>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"></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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><b>2.21
                                            &#160;&#8239;&#8239;&#8239;&#8239;&#8239; </b></span><b><span id="xdx_867_zye2gUsVvxg7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
                                            capital and Warrants:</span></b> <span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_z1xMFxR8g7Ld" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.22
&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_860_zE2CHcz06kfk">Fair value measurement:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 0pt; text-align: justify; text-indent: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">&#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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">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 0pt; 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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 60pt; text-align: justify; text-indent: -45pt"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; 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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
assets and liabilities that are recognized at fair value 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 0 0 -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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>

<p id="xdx_841_ecustom--DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_zvhc05K51dDj" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.23
&#8239;&#8239;&#8239;&#160;&#8239;<span id="xdx_86A_zkgYMnwKd2Xl">Current versus non-current classification:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 0pt; text-indent: -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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">&#8226;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
                                            to be realized or intended to be sold or consumed in a normal operating cycle; </span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">held
                                            primarily for the purpose of trading; </span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
                                            to be realized within twelve months after the reporting period; or </span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cash
                                            or cash equivalent</span></td></tr></table>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -35.45pt"><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 0 0 0pt; text-align: justify; text-indent: -35.45pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 36pt; text-align: justify"><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 0 0 36pt; 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-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            liability is current when:</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-family: Times New Roman, Times, Serif; 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">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it is expected to be
                                                                                         settled in a normal operating cycle;</span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                            is held primarily for the purpose of trading; </span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it is due to be settled within
                                                                                         twelve months after the reporting period;</span></td></tr>

<tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 36pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
other liabilities are classified as non-current.</span></p>

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


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>





<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b>&#160;</span></p>

<p id="xdx_84B_ecustom--DescriptionOfAccountingPolicyForRestrictedCashExplanatory_zVnmukaLsj3f" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.24
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_861_z3YhXeEbqJta">Restricted Cash:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.&#160;</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForHedgingExplanatory_zjDixvpPCOug" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.25
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_863_zHDiV1PhtW2l">Interest Rate Swap:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 19). 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -35.45pt"><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 0 0 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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
 on derivative financial instruments&#8221; in the consolidated statement of comprehensive income. Realized gains or losses resulting
from interest rate swaps are recognized in profit or loss under &#8220;Gain   on derivative financial instruments&#8221; in the
consolidated statement of comprehensive income.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_84A_ecustom--DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory_zcKlnUeHYbA9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.26
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_869_zHYxUtGFueV3">Management &amp; consulting fee income:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 under management &amp; consulting fee income.&#160;</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>


<p id="xdx_85C_z8V8fHiezv11" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<span></span>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036894880192">
<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, 2023</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_80E_eifrs-full--DisclosureOfCashAndCashEquivalentsExplanatory_zt2l4MJUwoOk" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#160;&#160;<span id="xdx_82C_zXwuQiLG272k">Cash
and cash equivalents and Restricted cash</span></b></span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 7.1pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_89A_ecustom--DisclosureOfCashAndBankBalancesExplanatory_z5ouH2tMfOW1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -20pt; text-align: justify"><span id="xdx_8B5_zWwAWr3UeB02" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents and Restricted cash</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <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">&#160;</span></td>
    <td id="xdx_492_20231231_zqx2BZhZZkya" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"><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 id="xdx_492_20221231_zB3709HUiU06" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="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; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td></tr>
  <tr id="xdx_407_eifrs-full--CashOnHand_iI_pn3n3_maCACEzwtA_zFYVu9Fljz9c" 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">Cash
    on hand</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">11</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">36</span></td></tr>
  <tr id="xdx_40E_eifrs-full--BalancesWithBanks_iI_pn3n3_maCACEzwtA_zVn8D3rjudTc" 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">Cash
    at banks</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">74,191</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">52,797</span></td></tr>
  <tr id="xdx_40E_eifrs-full--CashAndCashEquivalents_iTI_pn3n3_mtCACEzwtA_z90GW7zmPUVg" 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</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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>74,202</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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>52,833</b></span></td></tr>
  </table>
<p id="xdx_8A3_z4TNJoGRNbT" style="font: 9pt Times New Roman, Times, Serif; margin: 0; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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: 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 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: -0.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                                                                                             fair value of cash and cash equivalents as at December 31, 2023 and   2022, was $<span id="xdx_901_ecustom--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20231231_zcJGV7XgeAwa" title="Cash and cash equivalents at fair value">74,202 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                                                                                             $<span id="xdx_90F_ecustom--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20221231_zzMcDrFfRF66">52,833</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                                                                                             respectively.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 and 2022, the Company had pledged an amount of $<span id="xdx_90D_eifrs-full--RestrictedCashAndCashEquivalents_iI_pn3n3_c20231231_zORZfl3eTtJ5" title="Amount pledged as collaterals">3,620 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_90A_eifrs-full--RestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_zl4KUa23wfhi">5,968</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, in order to fulfill collateral requirements. The fair value of the restricted cash as at December 31, 2023 was $<span id="xdx_903_ecustom--RestrictedCashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20231231_z5XpqZihZ3Ie" title="Restricted cash at fair value">3,620</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_901_eifrs-full--NoncurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20231231_zSpQ4tHtOhJ9">3,530</span>  included in non-current assets and $<span id="xdx_908_eifrs-full--CurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20231231_zU8lPoaTfOXk">90</span> included in current assets as at December 31, 2023. The fair value of the
restricted cash as at December 31, 2022 was $<span id="xdx_90E_ecustom--RestrictedCashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20221231_zH8C7cNrXWv8">5,968</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_90F_eifrs-full--NoncurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_za9tjqh9wcmd" title="Non current restricted cash">3,590</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">included
in non-current assets and $<span id="xdx_906_eifrs-full--CurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_z7JsRYjP6R3f" title="Current restricted cash">2,378 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">included
in current assets as at December 31, 2022. 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 0 0 1cm; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<span></span>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036897857856">
<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, 2023</div></th></tr>
<tr class="re">
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<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_80E_eifrs-full--DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_zubZCYYk0QI5" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_824_z43IWqLDfgQ4">Transactions
with Related Parties</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are the major transactions which the Company has entered into with related parties during the years ended December 31, 2023,
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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_90D_ecustom--MonthlyRentalExpense_pdn3_uEuro_c20160101__20161231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zb0vGphNb5ri">10,360 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute
amount) ($<span id="xdx_900_ecustom--MonthlyRentalExpense_pdn3_uUSD_c20160101__20161231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_z7Lnf7K0spkh">11.9</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
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_900_ecustom--MonthlyRentalExpense_pp0p0_uEuro_c20210101__20210805__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zRHLUTi3G2pa">26,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute
amount) with a lease period ending <span id="xdx_904_ecustom--LeaseExpirationDate_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_z0WC9Bg4vFy">August
4, 2024</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The previous rental agreement was
terminated. 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_904_ecustom--MonthlyRentalExpense_pp0p0_uEuro_c20220101__20220630__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zJ12fjGx4fR6">26,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute
amount) and with the same lease period ending of <span id="xdx_90C_ecustom--LeaseExpirationDate_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zzcomubsKMli">August
4, 2024</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The previous rental agreement with
Cyberonica was terminated resulting in a gain of $<span id="xdx_90F_ecustom--CreditAdjustmentOfFinanceCost_pn3n3_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zIj86Pykfmoj">40 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">classified
in the income statement component of the consolidated statement of comprehensive income under interest and finance costs. The
Company does not presently own any real estate. During the years ended December 31, 2023, 2022 and 2021, the rent charged amounted
to $<span id="xdx_90F_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zc13WO33C7N">349</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_901_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--RentCharged2022CyberonicaFGMember_znFr00UZCx6a">341 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_90F_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zcfeEj7U96E9">242</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depreciation charge for right-of-use assets for the years ended December 31, 2023, 2022 and 2021, was $<span id="xdx_908_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20230101__20231231_z1rUByKVw9dh">311</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_909_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20220101__20221231_zrHxOgk7zdO3">327</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_902_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20210101__20211231_z4GLv3hhOcC">206</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, and was recognized in the income statement component of the consolidated statement of comprehensive income under depreciation.
The interest expense on lease liabilities for the years ended December 31, 2023, 2022 and 2021, was $<span id="xdx_904_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20230101__20231231_zfrA8rY8z7q6">28</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_90F_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20220101__20221231_ziyV1RFsVgRi">54</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_90C_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20210101__20211231_zyjruHtHFzv8">52</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, and recognized under interest expense and finance costs  in the income statement component of the consolidated
statement of comprehensive income. The total cash outflows for leases for the years ended December 31, 2023, 2022 and 2021, were approximately
$<span id="xdx_900_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20230101__20231231_zHgDXO9WwLm1">339</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_904_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20220101__20221231_zkn7waCI3ag3">341
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90B_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20210101__20211231_zJS1J9zF4pT2">314</span></span><span style="font-family: Times New Roman, Times, Serif; 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.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 28, 2015, Athanasios Feidakis assumed the position of Chief Executive Officer (&#8220;CEO&#8221;) and Chief Financial
Officer (&#8220;CFO&#8221;). On August 18, 2016, the Company entered into a consultancy agreement with an affiliated company
(Goldenmare Limited) of its CEO and CFO, 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 and CFO at an annual fee of Euro <span id="xdx_905_ecustom--ConsultingFeesExpense_pip0_uEuro_c20160101__20160818__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zD9PYiweJceg">200,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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_906_ecustom--ConsultingFeesExpense_pip0_uEuro_c20200101__20201203__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zBScdpOAftm5">400,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(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_ziIgnjxSyGH7">1,500 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zuj70dNIZ4bd">1,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
in September 2021 the remaining amount of $<span id="xdx_907_ecustom--RemainingOfOneTimeCashBonusPayment_pn3n3_c20210101__20210930__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zfmzpbUZCiek">500</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
In addition, in December 2021, the Company agreed to pay a one-time cash bonus of $<span id="xdx_90B_ecustom--AgreedAmountOfOneTimeCashBonus_iI_pn3n3_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_ziMtjvIuJPc2">1,500 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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,
which has been paid as of December 31, 2023. The related expense for the years ended December 31, 2023, 2022 and 2021, amounted to
$<span id="xdx_909_ecustom--ConsultingFeesExpense_pn3n3_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zI4xOUhyb6r3">432</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_90D_ecustom--ConsultingFeesExpense_pn3n3_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zgWAG7wuuagl">1,172 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_90E_ecustom--ConsultingFeesExpense_pn3n3_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zBYAUzczjQBj">1,216</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">4.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions with Related Parties (continued)</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; 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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 2, 2021, the Company entered into a stock purchase agreement and issued <span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210302__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_znlnB0N4Cdle">10,000
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zK973cn4brhf">0.001
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zpeXvfIbWKnb">130</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, and 2022, Goldenmare Limited owned <span id="xdx_90A_eifrs-full--SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zZ89YyJmtTb7"><span id="xdx_900_eifrs-full--SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zot7Au5kB1Ah">10,300</span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the Company&#8217;s Series B preferred shares.
<span id="xdx_90E_ecustom--VotingRights_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zAJcYXQ5W5l">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></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</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-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, 2022 and 2021, Mr. George Feidakis beneficially owned <span id="xdx_90A_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_zEKPE5DTv9H5">24.9</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%, <span id="xdx_902_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_z5h9g8ISF6tb">3.7</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
and <span id="xdx_90B_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_zosL87OKx90b">3.7</span>%, respectively, of Globus&#8217; common 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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_zif5G3geui72">1,000
</span></span><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">4.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions with Related Parties (continued)</span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_90F_ecustom--NoninterestExpenseDirectorsFees1_pn3n3_c20220101__20220214__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_z8GYaW65La03">80</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
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 0 0 1cm"><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 0 0 7.65pt"></p><p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
to Globus non-executive directors is analyzed as follows:</span></p>

<p id="xdx_894_ecustom--DisclosureOfCompensationOfNonExecutiveDirectors_zi1V4gAWX80e" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><span id="xdx_8B9_zYa2K2YCZQZ5" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
with Related Parties&#160;- Compensation to the Company&#8217;s Non-Executive Directors</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49F_20230101__20231231_zoBfk9EZAbbi" 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 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 id="xdx_494_20220101__20221231_z8WwZEdGLiC" 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 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 id="xdx_49E_20210101__20211231_zHNWUizdAQU9" 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></tr>
  <tr>
    <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 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="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; 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>2022</b></span></td>
    <td style="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; 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>2021</b></span></td></tr>
  <tr id="xdx_408_eifrs-full--DirectorsRemunerationExpense_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_z5hEIaYn2HL6" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">240</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">240</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">145</span></td></tr>
  <tr id="xdx_40E_ecustom--DirectorsCompensationSharebasedPayment_pn3n3_d0_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_zhRWxyg2l6h3" style="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">Share-based
    payments </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">&#8212;</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">&#8212;</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">40</span></td></tr>
  <tr id="xdx_408_eifrs-full--KeyManagementPersonnelCompensation_iT_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_mtKMPCzHgk_zv9gDiDIMCM4" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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>240</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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>240</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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>185</b></span></td></tr>
  </table>
<p id="xdx_8A1_z8evNCASZoC1" style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, and 2022, $<span id="xdx_900_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zfmTn7uogWf6"><span id="xdx_90C_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zAGWH7rRmzsi">60</span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the compensation to non-executive directors
was remaining due and unpaid, for both December 31, 2023 and 2022. 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; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
to the Company&#8217;s executive director is analyzed as follows:</span></p>

<p id="xdx_892_ecustom--DisclosureOfCompensationOfExecutiveDirector_zRS5jmgr4hsd" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span id="xdx_8BA_zxEbomKOalMa" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
with Related Parties - Compensation to the Company's Executive Director&#160;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49D_20230101__20231231_z0OHcbDmJxg1" style="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 style="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 id="xdx_49A_20220101__20221231_ziBJLi9hULGa" style="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 style="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 id="xdx_49F_20210101__20211231_zX4w0FbxHAtk" style="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></tr>
  <tr>
    <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 colspan="5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="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; 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>2022</b></span></td>
    <td style="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; 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>2021</b></span></td></tr>
  <tr id="xdx_400_eifrs-full--KeyManagementPersonnelCompensationShorttermEmployeeBenefits_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_maKMPCzSqc_zZfjChg8Po8" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">432</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">1,172</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">1,216</span></td></tr>
  <tr id="xdx_409_eifrs-full--KeyManagementPersonnelCompensation_iT_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_mtKMPCzSqc_zrPp466GlTzi" style="background-color: White">
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    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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>432</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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>1,172</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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>1,216</b></span></td></tr>
  </table>
<p id="xdx_8A8_zBmkprKNqmWg" style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, and 2022, $<span id="xdx_90D_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_zxtSuNc8cKZh">77
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_904_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_zrdwXMWXyJNf">2,088
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 disclosure of transactions between the entity and its related parties. [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/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2023-01-01<br> -Paragraph 18<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_18&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898308352">
<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, 2023</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_80A_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_zMPy0tqvOEi2" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8239;<span id="xdx_820_z45coL8VTEea">Vessels,
net</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts in the consolidated statement of financial position are analyzed as follows:</span></p>

<p id="xdx_896_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory_zXsIrZ5O0TL1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><span id="xdx_8B5_zEGDoFXjiFu1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels,
net - Consolidated Statement of Financial Position</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><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 0 0 1cm; text-indent: -20pt; text-align: justify"></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; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vessels
    cost</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vessels
    accumulated depreciation</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dry
                                            docking </b></span></p>
    <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>costs</b></span></p></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accumulated
    depreciation of dry-docking costs</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
                                            Book </b></span></p>
    <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Value</b></span></p></td></tr>
<tr style="background-color: White">
    <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>Balance
    at January 1, 2021</b></span></td>
    <td id="xdx_981_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zvjJvqPRkbRj" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>162,992</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_znvV2Yuznb24" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(104,111)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zXmfEVVNvRj9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11,883</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zG1bchJlcWm4" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(8,414)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zbP3gJPqjTT7" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>62,350</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-family: Times New Roman, Times, Serif; font-size: 10pt">Additions/
    Dry Docking Component</span></td>
    <td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zjaWnkljnt4g" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70,746</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zV6jx5k7Y4b9" 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">4,044</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zM8BMfPMncZk" 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">74,790</span></td></tr>
<tr style="background-color: White">
    <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">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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zdFb8kSIBB26" 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-family: Times New Roman, Times, Serif; font-size: 10pt">(3,665)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zP7aicBfsVO1" 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">(2,751)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zb3jiojyMsT9" 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">(6,416)</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance
    at December 31, 2021</b></span></td>
    <td id="xdx_980_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zIXbrXjKVv7b" 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>233,738</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zWkdot5GoCdd" 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>(107,776)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zDVvm7hJ8gy6" 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>15,927</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zAmLjEll6fC" 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>(11,165)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zVMX0z4moYP7" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>130,724</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-family: Times New Roman, Times, Serif; font-size: 10pt">Additions/
    Dry Docking Component</span></td>
    <td id="xdx_98B_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zMogopaLubx" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,178</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zP0uVfd0OgP7" 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">7,438</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z9YZKDH75MZ3" 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">8,616</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zsK0HGRlN8R4" 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-family: Times New Roman, Times, Serif; font-size: 10pt">(5,233)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zWz3HU9Vla9g" 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">(4,646)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zNqzxYY8dcua" 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">(9,879)</span></td></tr>
<tr style="background-color: White">
    <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>Balance
    at December 31, 2022</b></span></td>
    <td id="xdx_982_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zWXkAfHNZu38" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>234,916</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zf4SukAFNARe" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(113,009)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z8svodBYboLb" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23,365</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zIAlanezOS6" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(15,811)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zX0k49P7VhPc" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>129,461</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-family: Times New Roman, Times, Serif; font-size: 10pt">Additions/
    Dry Docking Component</span></td>
    <td id="xdx_98A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zQicAQoVt5G1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zBNbv8A2YOGb" 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">6,324</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zIIzI6zbrnha" 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">6,485</span></td></tr>
<tr style="background-color: White">
    <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">Reversal
    of Impairment</span></td>
    <td id="xdx_988_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_d0_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zUhfohS1Biod" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Reversal of Impairment"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,400</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">&#8212;</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">&#8212;</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zGfp0pQ15uqi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Reversal of Impairment"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,400</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z3g9YGKuGVX9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,372)</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zJ1OTnYVvof3" 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">(4,185)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zjor8iy1Ntob" 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">(8,557)</span></td></tr>
<tr style="background-color: White">
    <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">Sale
    of vessel</span></td>
    <td id="xdx_985_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di0_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zoR1k78K3Irc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(58,219)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zoGaTEeRFmd6" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,149</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zBgAMhXBnDx2" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,444)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_ecustom--AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z9mbtxOrWZze" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,282</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z0dntgKTBsg9" 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">(31,232)</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance
    at December 31, 2023</b></span></td>
    <td id="xdx_983_eifrs-full--Ships_iE_pn3n3_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ztUXvIIl9ZB" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>181,258</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zYtKTLzscNSh" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(86,232)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--Ships_iE_pn3n3_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zYc6ztYSyzE6" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16,245</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zMtkwqt82DH8" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(10,714)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--Ships_iE_pn3n3_c20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zfDImLMzYTee" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100,557</b></span></td></tr>
</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p id="xdx_8AD_z8MoY3k8DJk7" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Vessels, net (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of the consolidated statement of comprehensive income, depreciation, as stated in the income statement component, comprises
the following:</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_892_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory_zXz9PfwDuSj" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -20pt"><span id="xdx_8BB_zPh5r9L406Vi" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels,
net - Consolidated Statement of Comprehensive Income/ (loss)</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_497_20230101__20231231_zTZwsqEns8yh" 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 id="xdx_492_20220101__20221231_zXlSB5GG0CE6" 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 id="xdx_492_20210101__20211231_zFZC5zweDUfj" 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>
    <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 colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td></tr>
  <tr id="xdx_401_eifrs-full--DepreciationPropertyPlantAndEquipment_pn3n3_zZlu7E8hN6Bc" 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-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels&#8217;
    depreciation</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">4,372</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">5,233</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">3,665</span></td></tr>
  <tr id="xdx_40B_ecustom--DepreciationOfficeFurnitureAndEquipment_pn3n3_zcktveXiWzb9" style="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">Depreciation
    on office furniture and equipment</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">42</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">40</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">39</span></td></tr>
  <tr id="xdx_407_eifrs-full--DepreciationRightofuseAssets_pn3n3_zDbKNkO2DIQk" 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-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    of right of use asset (Note 16)</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">311</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">327</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">206</span></td></tr>
  <tr id="xdx_401_eifrs-full--DepreciationExpense_iT_pn3n3_zcvkZcaHtHIk" style="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</b></span></td>
    <td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4,725</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5,600</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3,910</b></span></td></tr>
  </table>
<p id="xdx_8A2_zwQqDUj2hL4h" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_zjdJn7pjpEF5">2011</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-built
<span id="xdx_900_ecustom--VesselType_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zpGEn0Gq4B7g">Kamsarmax
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dry bulk carrier, for a purchase price of $<span id="xdx_90B_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zHeebkv44NRe" title="Purchase price">16.2
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zKUnXpVKN50e">80,655
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dwt. On <span id="xdx_90F_ecustom--VesselDeliveryDate_dd_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zDKiVbKf6ufi">July
20, 2021</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_zvGSN4hipJsh">2018</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-built
<span id="xdx_905_ecustom--VesselType_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zavwh7o5PES9">Kamsarmax
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dry bulk carrier, for a purchase price of $<span id="xdx_908_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_z7wc6fBEOFGi">27</span>.0
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount), the vessel cost amounted
to $<span id="xdx_901_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zq1oMmYnUrvi" title="Vessel cost">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_zEySfvS1aveb">0.6
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zGovS79gDtOe">82,027
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dwt. On <span id="xdx_901_ecustom--VesselDeliveryDate_dd_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zqt5bLNCwX31">June
9, 2021</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_zqql6VWqL7M5">2015</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-built
<span id="xdx_90D_ecustom--VesselType_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zPOR7TnGRylc">Kamsarmax
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dry bulk carrier, for a purchase price of $<span id="xdx_901_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zUZlUvTqxsRf">28.4
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount), the vessel cost amounted
to $<span id="xdx_903_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_z1XILqpuUEh7" title="Vessel cost">27.9
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zF2jBnHOsqL9">0.5
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zHNfTbJoGsdj">81,837
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dwt. On <span id="xdx_907_ecustom--VesselDeliveryDate_dd_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zMWxtZ0gbxIl">November
29, 2021</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 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-family: Times New Roman, Times, Serif; 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-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_909_ecustom--VesselYearBuilt_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zH5N5JO0ivy5">2007</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-built
Sun Globe for a gross price of $<span id="xdx_90B_eifrs-full--ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zqKsxpJyP6hk">14.1
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount), before commissions,
to an unaffiliated third party.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the agreement to sell Sun Globe and given the significant increase in the vessel&#8217;s market value, the Company assessed that
there were indications that impairment losses recognised in the previous periods with respect to this vessel have decreased.
Therefore, the carrying amount of the vessel was increased to its recoverable amount, determined based on selling price less cost to
sell, which amounted to $13,617, and the Company recorded reversal of impairment amounting $<span id="xdx_906_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zit2WpIboxc6">4,400</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
during the first quarter of 2023. The vessel was delivered to its new owners on June 5, 2023 and the Company recorded a gain of
$<span id="xdx_909_eifrs-full--GainsOnDisposalsOfNoncurrentAssets_pn3n3_c20230101__20230605__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_z2OHKi42GBkl">71 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">which
is included in the consolidated statement of comprehensive income. 	</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 11, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the <span id="xdx_900_ecustom--VesselYearBuilt_c20230101__20230811__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_zFA1mgcpjAug">2009</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-built
Sky Globe for a gross price of $<span id="xdx_90C_eifrs-full--ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20230101__20230811__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_zzJGzPYt2Jve">10.7
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount), before commissions,
to an unaffiliated third party. The vessel was delivered to its new owners on September 7, 2023. The Company recognized a gain of approximately
$<span id="xdx_907_eifrs-full--GainsOnDisposalsOfNoncurrentAssets_pdn6_c20230101__20230811__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_zbrevlIU2Jt9">2.2
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount) as a result of the
sale, which is included in the income statement component of the consolidated statement of comprehensive income.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 16, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the <span id="xdx_90B_ecustom--VesselYearBuilt_c20230101__20230913__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_znwLaFq15dC4">2010</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-built
Star Globe for a gross price of $<span id="xdx_906_eifrs-full--ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20230101__20230816__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_z2wnZaHQnSzj">11.2
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount), before commissions,
to an unaffiliated third party. The vessel was delivered to its new owners on September 13, 2023. The Company recognized a gain of approximately
$<span id="xdx_903_eifrs-full--GainsOnDisposalsOfNoncurrentAssets_pdn6_c20230101__20230816__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_zfL3hNT0Ohg9">1.6
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount) as a result of the
sale, which is included in the income statement component of the consolidated statement of comprehensive income.</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-family: Times New Roman, Times, Serif; 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"></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessels,
net (continued)</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 18, 2023, the Company signed two contracts for the construction and purchase of two fuel efficient <span id="xdx_90E_ecustom--VesselType_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_zmyAidFUsush">bulk
carrier</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of about <span id="xdx_903_ecustom--VesselCapacity_pip0_uPure_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_zTtSmhUGyYg">64,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dwt
each. The two vessels will be built at a reputable shipyard in Japan and are scheduled to be delivered during the <span id="xdx_908_ecustom--VesselDeliveryDate1_uPure_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_zvWejlWLjb9i">second
half of 2026</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The total consideration for
the construction of both vessels is approximately $<span id="xdx_90F_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_zrEHIXPxWK59">75.5 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount), which the Company intends to finance with a combination of debt and equity. In August 2023 the Company paid the first
instalment of $<span id="xdx_906_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230831__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_z7st6BvhYHY">7.5 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount) for both vessels under construction.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 the Company&#8217;s vessels 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 36pt; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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_zAvJWlBXJ7Qb">1.1</span>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><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 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-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, 2022 and 2021, the Company performed an assessment on whether there were indicators that the vessels may be impaired
and no impairment indicators or indicators that previously recorded impairment needs to be reversed were identified for the Company&#8217;s
vessels.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<span></span>
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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>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036930476608">
<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>
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<tr><th class="th"><div>Dec. 31, 2023</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>
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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_DisclosureOfInventoriesExplanatory', window );">Inventories</a></td>
<td class="text"><p id="xdx_80C_eifrs-full--DisclosureOfInventoriesExplanatory_ztXViigDH0Z4" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82E_zYvmjxExza0k">
Inventories</span></span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
in the consolidated statement of financial position are analyzed as follows:</span></p>

<p id="xdx_893_ecustom--DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory_z6GjR8l1DPHi" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span id="xdx_8B0_zumPlPB7zivi" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#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; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_491_20231231_zDdhluEDQOv6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_497_20221231_zBuLK0iUivak" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <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 colspan="3" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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; 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="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>2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2022</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">533</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">1,062</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">59</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">133</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">664</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">1,833</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
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<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p id="xdx_8A0_zLYLsN91LYN8" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<span></span>
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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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<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 2023-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IAS02_g36-39_TI<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036930472464">
<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>
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<tr><th class="th"><div>Dec. 31, 2023</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_TradeAndOtherPayablesAbstract', window );"><strong>Trade and other payables [abstract]</strong></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_DisclosureOfTradeAndOtherPayablesExplanatory', window );">Trade accounts payable</a></td>
<td class="text"><p id="xdx_80E_eifrs-full--DisclosureOfTradeAndOtherPayablesExplanatory_zEm4eystff77" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82B_zdv1Xaej9ge">&#160;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-family: Times New Roman, Times, Serif; font-size: 10pt"><span><b>&#160;</b></span></span></p>

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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; 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; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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 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 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036930767616">
<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>
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<tr><th class="th"><div>Dec. 31, 2023</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>
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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_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory', window );">Accrued liabilities and other payables</a></td>
<td class="text"><p id="xdx_801_eifrs-full--DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory_zsbmDBUCwDZ6" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82C_zU7tax9GAVq6">Accrued
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<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 48pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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liabilities and other payables</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; 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="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_495_20231231_zxk0zlBEkxF2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_494_20221231_zPtsMv5E6NC3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
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<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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</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-family: Times New Roman, Times, Serif; font-size: 10pt">131</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-family: Times New Roman, Times, Serif; font-size: 10pt">117</span></td>
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<tr id="xdx_408_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iTI_pn3n3_zpTVM2dg8Wja" style="background-color: rgb(204,238,255)">
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<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p id="xdx_8AD_zEvbTTNL63Vi" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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payables are non-interest bearing.</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"><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; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of accrued expenses and other liabilities. [Refer: Accruals; Other 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 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036930499120">
<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, 2023</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_80B_eifrs-full--DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_zpbkd8u0fPEa" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_829_zbqTElrMQ2he">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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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-family: Times New Roman, Times, Serif; font-size: 10pt">The
authorized share capital of Globus consisted of the following:</span></p>

<p id="xdx_89B_eifrs-full--DisclosureOfClassesOfShareCapitalExplanatory_zuzKY34zisOb" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span id="xdx_8B5_z7bw7yLDr8zl" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
Capital and Share Premium - Authorized share capital</span><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 0 0 21.3pt; text-align: justify; text-indent: 0cm"></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;December
    31,</b></span></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; width: 68%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td></tr>
<tr>
    <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>Authorized
    share capital:</b></span></td>
    <td style="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="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="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: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span id="xdx_90C_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zZRXcXpP2Dcj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zLkLmtfe9wsf"><span id="xdx_909_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_ze4ZK90G6UHg">500,000,000</span></span>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common shares of par value $<span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zd7Mh20grWWd"><span id="xdx_90A_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zJIHrxnkZnfg"><span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zg8MAiQPGiJ1">0.004</span></span>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_90F_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_z2zsjB3iLeTh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,000</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 id="xdx_904_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zLHt1eFk13N3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,000</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 id="xdx_90E_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zFyWu7l0ltPe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,000</span></td></tr>
<tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span id="xdx_902_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zon92x8odfwf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_znY3tZxekZG8"><span id="xdx_90A_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zFau5gqtHGKd">100,000,000</span></span>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class B Common shares of par value $<span id="xdx_907_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zgT6Lt3TjHn5"><span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zLITpqH9cEGj"><span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zwQtYbyEpfV">0.001</span></span>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zrprFijtx6Ml" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</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 id="xdx_90D_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_znEwW31T13kj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</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 id="xdx_90B_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z5zV8t9X21l1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 id="xdx_900_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zO7EakZ4x1g5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_znXKNO7C0BLh"><span id="xdx_90E_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z1j5USyhxN57">100,000,000</span></span>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred shares of par value $<span id="xdx_90E_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zcAW4ETLShg1"><span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zHlO8ykFceHl"><span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zLd12FrlyQzj">0.001</span></span>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each </span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_90E_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zPh2Wpgubz78" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</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 id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zAVF5X0VcWHg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</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 id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zUOFN9t4PV8j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</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"><b>Total
    authorized share capital</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_90C_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231_zwgMUI1SIaqg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,200</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231_zGcwri8lrgng" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,200</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_900_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231_zhBRkWy0mrpd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,200</b></span></td></tr>
</table>

<p id="xdx_8AF_zHP6aMQVETr6" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; 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 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span id="xdx_90B_ecustom--VotingRights_pid_c20220101__20221231_zJKjd68bbCne" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><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; text-align: justify"></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Share
Capital and Share Premium (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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"></p>

<p id="xdx_89D_ecustom--DisclosureOfCommonSharesExplanatory_znm2KE8dMg24" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span id="xdx_8BA_zlKwoupysGt6" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">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="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 1.65pt; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
    Shares issued and fully paid</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of shares </b></span></td>
    <td style="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; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    at January 1, 2021</b></span></td>
    <td id="xdx_98B_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z5gkZoMaRiDb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3,040,123</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--IssuedCapital_iS_pn3n3_d0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zgZRcb8WZUHj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Issued
    during the year for share-based compensation (note 12)</span></td>
    <td id="xdx_984_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zajn1PcE6x1b" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issued during the year for share-based compensation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,178</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">&#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-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of new common stocks</span></td>
    <td id="xdx_98E_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zG09L8lACQlb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,905,000</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--IssueOfEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zvrMYDtr49of" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of common stock due to exercise of pre-funded warrants</span></td>
    <td id="xdx_987_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zmD55yUfEDC6" 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-family: Times New Roman, Times, Serif; font-size: 10pt">2,625,000</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zhdYSwQkWI6f" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    at December 31, 2021</b></span></td>
    <td id="xdx_983_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z5ncWbdbGVl1" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20,582,301</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--IssuedCapital_iS_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zOnCtePlDEc7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Issued
    during the year</span></td>
    <td id="xdx_988_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zkaGfZoZSKP" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1027">&#8212;</span></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">&#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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    at December 31, 2022</b></span></td>
    <td id="xdx_982_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJzhE4d0HWh9" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20,582,301</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--IssuedCapital_iS_pn3n3_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_ztkJ2oibsg5j" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Issued
    during the year</span></td>
    <td id="xdx_986_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zaQUZAD3eTkd" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1030">&#8212;</span></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    at December 31, 2023</b></span></td>
    <td id="xdx_98C_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iE_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z07U1E4kxiK2" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20,582,301</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--IssuedCapital_iE_pn3n3_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zMTNtQNqqBQf" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>82</b></span></td></tr>
</table>

<p id="xdx_8AC_zDRzGHzwR4f9" style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, Globus issued <span id="xdx_90B_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zRULiGd8CKDg">12,178 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares  (par value $<span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zakg36gA5C3e">0.004 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share) as share-based payments. For the years ended December 31, 2023 and 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 0 0 7.65pt; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, 2022 and 2021, no Class B common shares or Series A preferred shares (par value $<span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_do_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z2cbjCVBvb8d">0.001
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share) were outstanding. <span id="xdx_90B_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zZrfL4XCDiW9" style="display: none">0</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-family: Times New Roman, Times, Serif; 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"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 3, 2023, the Company entered into a Shareholders Rights Agreement between the Company and Computershare Trust Company, N.A., as
rights agent, and the Company&#8217;s board of directors authorized and declared a dividend distribution of one right for each outstanding
common share to shareholders of record as of the close of business on August 21, 2023. Each right entitles the registered holder to purchase
from the Company one one-thousandth of a share of Series C Participating Preferred Stock at an exercise price of $5.00 (absolute amount)
per one one-thousandth of a preferred share, subject to adjustment.</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-family: Times New Roman, Times, Serif; 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"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors has adopted the Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics. In general
terms, it works by imposing a significant penalty upon, subject to limited exceptions, any person or group that acquires 15% or more
of the outstanding common shares without the approval of the board of directors. If a shareholder&#8217;s beneficial ownership of the
Company&#8217;s common shares as of the time of the public announcement of the rights plan and associated dividend declaration is at
or above the applicable threshold, that shareholder&#8217;s then-existing ownership percentage would be grandfathered, but the rights
would become exercisable if at any time after such announcement, the shareholder increases its ownership percentage. The Rights Agreement
should not interfere with any merger or other business combination approved by the board of directors.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">For
persons who, prior to the time of public announcement of the Rights Agreement, beneficially own 15% or more of the outstanding common
shares, the Rights Agreement &#8220;grandfathers&#8221; their current level of ownership, so long as they do not purchase additional
shares in excess of certain limitations. In addition, Georgios Feidakis, Athanasios Feidakis, Konstantina Feidakis, Angelina Feidakis,
Firment Shipping Inc. and Goldenmare Limited, or any of their respective affiliates are excluded from the definition of &#8220;Acquiring
Person&#8221; (as defined in the Rights Agreement) and therefore may obtain beneficial ownership of 15% or more of the outstanding common
shares without causing the Rights to be exercisable.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Rights Agreement&#8217;s terms, it will expire on February 3, 2025.&#160;</span></p>

<p style="font: 9pt Book Antiqua, Times, Serif; margin: 0 0 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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_zI3BCITrQxI8">10,000
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zGf3c3aLB2E4">0.001
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zPo0qmM4HGX1">130</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
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 6.45pt 0 1cm; 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 6.45pt 0 1cm; text-align: justify; text-indent: 0cm"></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 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"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 22, 2020, the Company issued <span id="xdx_90D_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200622_zS1uobDqcsDc">342,857 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
its common shares, par value $<span id="xdx_908_eifrs-full--ParValuePerShare_iI_pip0_c20211231_zFkGMRPV1KPf">0.004 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share, in an underwritten public offering at a price of $<span id="xdx_901_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200622_zom7Vuk8ATYj">35</span> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute
amount) 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_zsxa5PWNBkph">51,429 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares, par value $<span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember__ifrs-full--MaturityAxis__custom--FortyFiveDayOptionMember_zuLtlzCpcCW3">0.004 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zXFzKXuLKd0a">51,429 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zJKnYoP3Xvb8">51,393 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares, par value $<span id="xdx_907_eifrs-full--ParValuePerShare_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_zi9nlNn5SbF4">0.004 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share and Class A warrants to purchase <span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_zenr1STb3jJh">51,393 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zyUYMAkk3Te6">35</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute
amount) per common share and expires <span id="xdx_908_eifrs-full--DescriptionOfOptionLifeShareOptionsGranted_dc_uPure_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_ztFpaTrNxI33">five </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years
from issuance. Total proceeds amounted to $<span id="xdx_90D_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_zoyfAtYJjkXb">12,695 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">before
issuance expenses.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 1cm; 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 0 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. Globus may
be required to pay certain amounts as liquidated damages as specified in the warrants in the event Globus does 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 6.45pt 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 and 2022, the Company had issued <span id="xdx_90E_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z1WzkyZobIK5"><span id="xdx_90C_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zno9YF45mKy4">5,550</span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares, par value $<span id="xdx_904_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zQMKp695gBql"><span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zltKsgsOZBJ6">0.004</span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, pursuant to exercise of outstanding
Class A Warrants, resulting to cash proceeds of $<span id="xdx_902_ecustom--ProceedsFromWarrantExercises_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z5LVvejwddEg"><span id="xdx_904_ecustom--ProceedsFromWarrantExercises_pn3n3_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zwRQtCr98NHb">194</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
and had <span id="xdx_902_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zvvkBwUZQ4Y9"><span id="xdx_900_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zFaxU556a58a">388,700</span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A Warrants outstanding to purchase an aggregate
of <span id="xdx_905_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zW06nRam4dr"><span id="xdx_904_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z9jpYtBrVRv9">388,700</span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares, par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z4nsZBAVv9e4"><span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zof32ZHV8cJ6">0.004</span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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"><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 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"></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">&#160;</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&#160;&#160;&#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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">During
June and July 2020, in two concurrent private placements with two registered direct offerings the Company issued <span id="xdx_900_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zTyHc2FkAzla">1,291,833
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares and warrants (&#8220;PP Warrants&#8221;)
to purchase <span id="xdx_909_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zFRi1vlDoftj">1,291,833
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares. The exercise price of each PP
Warrant was $<span id="xdx_90F_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zfoZC6qZRhqi">18
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute amount) per common share. The exercise
price of each PP Warrant issued in June 2020 was initially $<span id="xdx_905_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_z8NC4H9EQ008">30
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute amount) per common share but in July
2020 was reduced to $<span id="xdx_90B_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zqmwk66wEezb">18
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute amount) per common share.</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-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 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>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; 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-family: Times New Roman, Times, Serif; 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 common 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 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 and 2022, 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_zIcw3RUWvYB7"><span id="xdx_908_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zXRbLDdkpEri">1,291,833</span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PP Warrants outstanding to purchase an aggregate
of <span id="xdx_90D_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zjKaWNX4qmj1"><span id="xdx_904_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zcu0KRPbFJaa">1,291,833</span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares.</span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#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-family: Times New Roman, Times, Serif; 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 among other things (a) <span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zu85ADmGfOU4">1,256,765
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of its common shares, par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zgucRZ9ytW9l">0.004
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, and (b) 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_zZCCEqV1wbO2">1,270,587
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zUydudFGADhl">8.50
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute amount) per common share. The exercise
price was reduced to $<span id="xdx_90E_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zArrzkTGDdja">6.25</span> (absolute amount) per share on January 29, 2021.</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-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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 common 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 and 2022, no December 2020 Warrants had been exercised and the Company had December 2020 Warrants outstanding to
purchase an aggregate of <span id="xdx_90E_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_z26XRQ7uNwX"><span id="xdx_903_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zSQihocj1TJ7">1,270,587</span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 29, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to
issue among other things (a) <span id="xdx_902_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zOZgG2upvBO">2,155,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares, par value $<span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zxUUB2lOV4Kf">0.004 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share, and (b) 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_zn4TFnjlbTDc">1,950,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares, par value $<span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zyoMBfkEgUAl">0.004 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zzrVMdRpt3th">6.25</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute
amount) per common share. </span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 31.2pt; text-align: justify; text-indent: -31.2pt"></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 7.05pt 0 31.2pt; text-align: justify; text-indent: -31.2pt"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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 common 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 7.65pt; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; 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 7.65pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; 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 7.65pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.&#160;&#160;&#160;&#160;&#160;&#160;Share
Capital and Share Premium (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 and 2022, no January 2021 Warrants had been exercised and the Company had January 2021 Warrants outstanding to purchase
an aggregate of <span id="xdx_906_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zYA8GV7oA8j5"><span id="xdx_902_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_z1YuhukcPoEf">1,950,000</span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 17, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to
issue among other things (a) <span id="xdx_90C_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zChYoPxCawZ9">3,850,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zaIEtKxROrl1">0.004 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per
share, and (b) 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_ztMPasruwagg">4,800,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common
shares, par value $<span id="xdx_903_eifrs-full--ParValuePerShare_iI_pip0_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zHyl4w0D2PS5">0.004 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zXCHIiaK099b">6.25 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(absolute
amount) per common 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_zm3PEBY1hnWa">27,891</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
before issuance expenses of $<span id="xdx_90F_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zowy1Tp3c6P2">152</span></span><span style="font-family: Times New Roman, Times, Serif; 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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 common 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 and 2022, no February 2021 Warrants had been exercised and the Company had February 2021 Warrants outstanding to
purchase an aggregate of <span id="xdx_908_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zj3i4P2mFZGj"><span id="xdx_907_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zqCzlQSiPg91">4,800,000</span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_zG4xiVwAksU7">8,900,000
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zRIA9NjBsQCf">0.004
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share, and (b) 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_zUQK7fWfmYYa">10,000,000
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares, par value $<span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zJsUh2E35cua">0.004
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zOIPLWBxikua">5.00
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zBBTfiVbhM06">46,581</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
before issuance expenses of approximately $<span id="xdx_903_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210301__20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zvQHuqHE0aJ1">129</span></span><span style="font-family: Times New Roman, Times, Serif; 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"></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">&#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-family: Times New Roman, Times, Serif; 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 common 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 6.45pt 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023 and 2022, no June 2021 Warrants had been exercised and the Company had June 2021 Warrants outstanding to purchase
an aggregate of <span id="xdx_900_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zWYu43uqZkV9"><span id="xdx_901_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_z9EFOoIelNpj">10,000,000</span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">common shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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_zU4MplqDz4P6">401</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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 6.45pt 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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 and the effects of the share-based payments.
Accordingly, at December 31, 2023, 2022 and 2021, Globus share premium amounted to $<span id="xdx_905_eifrs-full--SharePremium_iI_pn3n3_c20231231_zDz6LdIm2iKj"><span id="xdx_902_eifrs-full--SharePremium_iI_pn3n3_c20221231_zfpsMc0G9DZ9"><span id="xdx_90C_eifrs-full--SharePremium_iI_pn3n3_c20211231_zAnokejTTHla">284,406</span></span></span></span><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;<b>&#160;</b></span></p>

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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 2023-01-01<br> -Paragraph 79<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036930767744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings per Share<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
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<td class="text"><p id="xdx_803_eifrs-full--DisclosureOfEarningsPerShareExplanatory_zATz8Ly5694i" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82D_zK4jdablthlh">Earnings
per Share</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
earnings per share (&#8220;EPS&#8221;) is calculated by dividing the net income 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted
earnings per share is calculated by dividing the net income 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">As
for the years ended December 31, 2023, 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,
2023, 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">The
following reflects the net income per common share:</span></p>

<p id="xdx_89E_ecustom--DisclosureOfEarningsPerShareTableExplanatory_zqD80yt5KU7j" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span id="xdx_8B9_z1beJXAGIvw2" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings/(Loss)
per Share</span><span style="font-family: Times New Roman, Times, Serif; 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="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 68%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_496_20230101__20231231_zvhtRim2doe2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_49C_20220101__20221231_zF6kJ337IRtb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_495_20210101__20211231_z8vmSFLOySa8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <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 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</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-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    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-family: Times New Roman, Times, Serif; font-size: 10pt">5,272</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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">24,280</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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">14,950</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-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average number of shares &#8211; basic and diluted</span></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,582,301</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">20,582,301</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">14,809,536</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#8239;&#8239;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earnings
per common share &#8211; basic and diluted</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eifrs-full--DilutedEarningsLossPerShare_pip0_c20230101__20231231_zWiSQeYQm4rk"><span id="xdx_908_eifrs-full--BasicEarningsLossPerShare_pip0_c20230101__20231231_zem4JVAIQgub">0.26</span></span></span></td>
    <td><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



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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 33<br> -IssueDate 2023-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IAS33_g70-73A_TI<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036930524064">
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<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, 2023</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_DisclosureOfDetailedInformationAboutBorrowingsAbstract', window );"><strong>Disclosure of detailed information about borrowings [abstract]</strong></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_DisclosureOfBorrowingsExplanatory', window );">Long-Term Debt, net</a></td>
<td class="text"><p id="xdx_80C_eifrs-full--DisclosureOfBorrowingsExplanatory_zbCa4B6DVZf5" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_823_zrVxksSd8Po3">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Long-term
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p id="xdx_897_ecustom--DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_zaLTrr5REjXa" style="margin-top: 0; margin-bottom: 0"><span id="xdx_8B6_zq3LvaPNab1h" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-Term
Debt, 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="border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 45%"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal</b></span></td>
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    <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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Modification
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    <td style="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; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accrued
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amortized
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<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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Devocean
    Maritime LTD., Artful Shipholding S.A., Serena Maritime Limited, Salaminia Maritime Limited, Talisman Maritime Limited and Argo Maritime
    Limited.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zeXdK2I8SLI1" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,620</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zFQq5jAotw01" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred finance costs"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(624)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_ecustom--ModificationOfLoan_iNI_pn3n3_di_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zmOtCNv28QK3" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of loan"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(358)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_ecustom--AccruedInterest_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zKUbZpCLaJi2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">621</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zTWy6vfi4Hi9" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized cost"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,259</span></td></tr>
<tr 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="border-bottom: Black 0.5pt solid; vertical-align: bottom; 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="border-bottom: Black 0.5pt solid; vertical-align: bottom; 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="border-bottom: Black 0.5pt solid"><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="border-bottom: Black 0.5pt solid"><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="border-bottom: Black 0.5pt solid; vertical-align: bottom; 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 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    at December 31, 2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--BorrowingsGross_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_z1LWZL2HVpe6" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>52,620</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zyFOugU6T8cl" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(624)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_ecustom--ModificationOfLoan_iNI_pn3n3_di_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_z3Jfdla0Txzl" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(358)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--AccruedInterest_iI_pn3n3_c20231231_zv75kcGrk07j" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>621</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_z7k750ANI8sc" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>52,259</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Less:
    Current Portion</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zTl847o4YiFa" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(6,258)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zQRpqD8rpHD1" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>227</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td id="xdx_985_ecustom--CurrentPortionOfModificationOfLoan_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zSNg6uAVlcff" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>152</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zNDLfIY4oQpk" 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(621)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_z6fYgntAowY9" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(6,500)</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long-Term
    Portion</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zBctO09GxJg2" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Long-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>46,362</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zoNhAX0lz0Jh" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs - Long Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(397)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--NonCurrentPortionOfModificationOfLoan_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zhVuWoOeqJM6" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Loan-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(206)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--AccruedInterestNonCurrent_iNI_pn3n3_di0_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_z8QqX27czazg" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Long-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#8212;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--LongtermBorrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zj0BHBvpC3b9" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Long-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>45,759</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; 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-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="vertical-align: bottom; 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><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><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="vertical-align: bottom; 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 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    at December 31, 2022</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zpNJkfFxioe" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>44,375</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_z4Wfj1RcLRp3" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(541)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_ecustom--ModificationOfLoan_iNI_pn3n3_di0_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zrA9069dnIJ5" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of loan"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--AccruedInterest_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zvBu0AJBeXh8" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>491</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zXA3QaiVm1P2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Less:
    Current Portion</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_z3QbwzaFlcdi" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(6,500)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zOmiqHPhQmn" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>188</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_ecustom--CurrentPortionOfModificationOfLoan_iI_pn3n3_d0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_z2cGxGxiT5t9" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zg6Bsi6RMi2g" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(491)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zmda9SmtpQB7" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Current Portion"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long-Term
    Portion</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_z5aspcdrRGel" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Long-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37,875</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zYq5EmxV2Ss6" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred finance costs - Long-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(353)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--NonCurrentPortionOfModificationOfLoan_iI_pn3n3_d0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zsjUxnjLqJ19" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Loan-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--AccruedInterestNonCurrent_iNI_pn3n3_di0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zVm1Bfd8rYO9" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Long-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#8212;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--LongtermBorrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zn3Ny34BHHG2" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Long-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37,522</b></span></td></tr>
</table>
<p id="xdx_8AA_zqCYJT2i5noc" style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; 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; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
<span id="xdx_908_ecustom--LineOfCreditFacilityInitiationDate2_pid_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_za6BKn0l4gZh">May
2021</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 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 $<span id="xdx_902_ecustom--LineOfCreditFacilityBorrowingCapacity_iI_pn3n3_c20211231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zfEbRFTnjKtj">34,250
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the &#8220;CIT Loan Facility&#8221;) with First-Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) <span id="xdx_907_ecustom--DescriptionOfBorrowingsScope_pid_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zljU9wkMpur9">for
the purpose of refinancing the existing indebtedness secured on the ships</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The CIT Loan Facility is guaranteed by Globus. The CIT Loan Facility originally bore interest at <span id="xdx_906_eifrs-full--BorrowingsInterestRateBasis_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zWz6T9oUIt95">LIBOR</span> plus a margin of <span id="xdx_905_eifrs-full--BorrowingsInterestRate_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zUG3uQxg9EG7">3.75</span>% (or <span id="xdx_90B_ecustom--BorrowingsDefaultInterestRate_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zpKRKTl8fCx">5.75</span>%
default interest) per annum.</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-family: Times New Roman, Times, Serif; 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"><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 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-family: Times New Roman, Times, Serif; 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"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Long-Term
Debt, net (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></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 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CIT Loan Facility originally consisted of <span id="xdx_904_ecustom--NumberOfLoanTranches_iI_dc_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zrwQQeLsXOL2">six</span> tranches, payable in <span id="xdx_902_ecustom--DebtInstrumentNumberOfRepaymentInstallments_uPure_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_z0VtTPPqtuwj">20</span> consecutive <span id="xdx_90D_ecustom--BorrowingsFrequencyOfPeriodicPayment_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zU0LuCT229w1">quarterly</span> instalments with each instalment in an aggregate
amount of $<span id="xdx_902_ecustom--BorrowingsPeriodicPayment_pdn6_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zIVrUmpyBFW">1.25</span> million (absolute amount) as well as a balloon payment in an aggregate amount of $<span id="xdx_909_ecustom--BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_iI_pdn6_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zycJE46uhar8">9.25</span> million (absolute amount) due
together with the 20th and final instalment in <span id="xdx_902_eifrs-full--BorrowingsMaturity_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_znpR6740MFMl">May 2026</span>. On May 10, 2021, the Company fully drew $<span id="xdx_903_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_ztLhR0MBSfub">34,250</span> under the CIT Loan Facility,
paid $<span id="xdx_90A_eifrs-full--BorrowingCostsIncurred_pn3n3_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zmfYSXBK0Qr5">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 its previous EnTrust loan facility. The Company also entered into a swap agreement with respect to <span id="xdx_901_eifrs-full--BorrowingsInterestRateBasis_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SwapAggrementCiTLoanFacilityMember_zR767ohPNvt1">LIBOR</span>. The
Company paid First-Citizens Bank an upfront fee in the amount of <span id="xdx_906_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SwapAggrementCiTLoanFacilityMember_zjUhbZyg55of">1.25</span>% of the total commitment of the loan.</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
<span id="xdx_902_ecustom--LineOfCreditFacilityInitiationDate2_pid_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zefdP7wZM9jf">August 2022</span>, the Company entered into a deed of accession, amendment and restatement of the CIT Loan Facility with First-Citizens Bank,
whereby the CIT Loan Facility was amended and restated and an additional borrower, Salaminia Maritime Limited, acceded to the CIT Loan
Facility. The CIT Loan Facility principal amount was increased to $<span id="xdx_909_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pdn6_c20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zrNcApRrVIg9">52.25</span> million (absolute amount), by a top up loan amount of $18 million
(absolute amount) <span id="xdx_908_ecustom--DescriptionOfBorrowingsScope_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zQo1rYx5CCgd">for the purpose of financing vessel Orion Globe and for general corporate and working capital purposes</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. On
August 10, 2022, the Company fully drew the $<span id="xdx_903_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pdn6_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zl8ZAcGBLZph">18</span> million (absolute amount) top up loan amount under the CIT Loan Facility and paid approximately
$<span id="xdx_90E_eifrs-full--BorrowingCostsIncurred_pn3n3_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_z6YYa6rAfzA6">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"></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; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As noted above, following
the agreement reached in August 2022 the benchmark rate of the CIT Loan Facility was amended from LIBOR to Term SOFR and the applicable
margin was decreased from 3.75% to <span id="xdx_90B_eifrs-full--BorrowingsInterestRate_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zbTbG0d2ItMi">3.35</span>% (or <span id="xdx_903_ecustom--BorrowingsDefaultInterestRate_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zcTOKzfUkXfi">5.25</span>% default interest) per annum. This amendment to the loan agreement falls within the scope of Interest Rate&#160; 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 and replaced the respective
benchmark rate from LIBOR to Term <span id="xdx_904_eifrs-full--BorrowingsInterestRateBasis_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zIIpK2X6p0Ef">SOFR</span> 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_90B_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_z7a9Zewlphdb">163</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
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-family: Times New Roman, Times, Serif; 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>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2023, the Company entered into a second deed of accession, amendment and restatement of the CIT Loan Facility with First-Citizens
Bank, whereby the CIT Loan Facility was further amended and restated and two additional borrowers, Argo Maritime Limited and Talisman
Maritime Limited, acceded to the CIT Loan Facility. The CIT Loan Facility was further increased to $<span id="xdx_906_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pdn6_c20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zXbTO8FLJqy9">77.25</span> million (absolute amount),
by a top up loan amount of $25 million (absolute amount) <span id="xdx_903_ecustom--DescriptionOfBorrowingsScope_c20230101__20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_z5kIB9LCfN7g">for the purpose of financing vessels Diamond Globe and Power Globe and for general
corporate and working capital purposes</span>. The CIT loan facility (including the new top up loan amount) became further secured by first
preferred mortgages over the vessels Diamond Globe and Power Globe. The CIT Loan Facility currently bears interest at Term <span id="xdx_902_eifrs-full--BorrowingsInterestRateBasis_c20230101__20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zxCEFENCuCMj">SOFR</span> together
with an adjustment of <span id="xdx_905_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_pip2_uPure_c20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zRmvVWUbTclf">0.1</span>% per annum plus a margin of <span id="xdx_905_eifrs-full--BorrowingsInterestRate_iI_pip2_uPure_c20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zEvzxmJRHN7">2.70</span>% (or <span id="xdx_902_ecustom--BorrowingsDefaultInterestRate_iI_pip2_uPure_c20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zDx7go7UJCt">4.70</span>% default interest) per annum. The Company considered that the August
2023 amendments to the CIT Loan Facility did not substantially modify CIT Loan Facility&#8217;s terms and the Company recognised a gain
on modification amounted to $<span id="xdx_905_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pdn3_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_z87Fu7mYKg23">417</span> that had adjusted the carrying value of the loan and classified under Gain from the modification of
the Loan in the consolidated statement of comprehensive income. On August 10, 2023, the Company fully drew the top up amount of $<span id="xdx_907_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pdn6_c20230101__20230810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zeyFyfLLPiGh">25</span> million
(absolute amount).</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 10, 2023 the Company prepaid the total remaining amount of $<span id="xdx_900_ecustom--PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20230510__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobe1Member_zEjcYVK3FLw7">3,674
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the loan of Longevity Maritime Limited (the
owning company of the vessel Sun Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took
place on <span id="xdx_907_ecustom--VesselDeliveryDate_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobe1Member_zYBJsLaDNixc">June
5, 2023</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (see Note 5).</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 29, 2023 the Company prepaid the total remaining amount of $<span id="xdx_904_ecustom--PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20230829__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_zmeTgZ5Hnrgj">3,276</span>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the loan of Domina Maritime Ltd (the owning
company of the vessel Sky Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place
on <span id="xdx_903_ecustom--VesselDeliveryDate_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_z4MCX2E2a455">September
7, 2023</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (see Note 5).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 7, 2023 the Company prepaid the total remaining amount of $<span id="xdx_904_ecustom--PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20230907__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_zMwnYHfryqNk">3,555</span>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the loan of Dulac Maritime S.A. (the owning
company of the vessel Star Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place
on <span id="xdx_905_ecustom--VesselDeliveryDate_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_zFwWLUfHXEzc">September
13, 2023</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (see Note 5).</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-family: Times New Roman, Times, Serif; 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"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the conclusion of the second amendment and restatement of the CIT Loan Facility and the sales of the vessels Sun Globe, Sky Globe and
Star Globe, described above, the vessels securing the CIT Loan Facility are the Diamond Globe, Power Globe, Orion Globe, River Globe,
Moon Globe, and Galaxy Globe. The remaining borrowers under the CIT Loan Facility are Devocean Maritime Ltd., Artful Shipholding S.A.,
Serena Maritime Limited, Salaminia Maritime Limited, Argo Maritime Limited and Talisman Maritime Limited and the CIT Loan Facility remains
guaranteed by Globus Maritime Limited.</span></p>

<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CIT Loan Facility currently bears interest at Term SOFR together with an adjustment of 0.1% per annum plus a margin of 2.70% (or 4.70%
default interest) per annum. It consists of <span id="xdx_90C_ecustom--NumberOfLoanTranches_iI_dc_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zRoUQ1DKMGS1">six
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tranches, which shall be repaid in consecutive
quarterly installments with the final installment due on the first four tranches in <span id="xdx_90C_eifrs-full--BorrowingsMaturity_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--FirstFourTranchesMember_zy3WZrsEmDuj">May 2026</span> and on the final two tranches in <span id="xdx_906_eifrs-full--BorrowingsMaturity_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--FinalTwoTranchesMember_zsZ4rEHiwOrg">August
2027</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-family: Times New Roman, Times, Serif; 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"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CIT Loan Facility may be prepaid prior to maturity. If the prepayment of the tranche financing Orion Globe occurs on or before August
10, 2024, the prepayment fee is <span id="xdx_90E_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member_zHCJG5UHxnZ4">1</span>% of the amount prepaid, subject to certain exceptions. If the prepayment of the tranche financing either
Diamond Globe or Power Globe occurs on or before August 2024, the prepayment fee is <span id="xdx_903_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member_zaU4zbbQes28">2</span>% of the amount prepaid and thereafter until August
2025, the prepayment fee is <span id="xdx_902_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2023ButAfterMay2024Member_zUEtt56jbNyh">1</span>% of the amount prepaid, subject to certain exceptions. The Company cannot reborrow any amount of the CIT
Loan Facility that is prepaid or repaid.</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-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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-family: Times New Roman, Times, Serif; font-size: 10pt">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Long-Term
Debt, net (continued)</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; 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 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>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;
                                            First preferred mortgage over m/v River Globe, m/v Moon Globe, m/v Galaxy
Globe, m/v Orion Globe, m/v Power Globe and m/v Diamond Globe.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;
pledges over the shares  of each borrower; and</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"></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 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;
pledges of bank accounts, a pledge of each borrower&#8217;s rights under any swap 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-family: Times New Roman, Times, Serif; 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><p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company is not permitted, without the written consent of First-Citizens Bank, 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-family: Times New Roman, Times, Serif; 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"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CIT Loan Facility contains various covenants requiring the borrowers and/or Globus to, among other things, ensure that:</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-family: Times New Roman, Times, Serif; 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#8226;
the borrowers maintain a minimum cash reserve at all times of not less than $500 for each mortgaged ship;</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8226;&#8239;a
minimum loan (including any exposure under a related swap agreement) to value ratio of 70% is maintained until &#8239;&#8239;&#8239;May 2024, and &#8239;thereafter
65%;</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-family: Times New Roman, Times, Serif; 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#8226;
each borrower maintains in its earnings account minimum liquidity of $150 in respect of each ship then subject to a
mortgage;</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#8226;
Globus maintains 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 Facility;</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#8226;
Globus  maintains  a maximum leverage ratio of 0.75:1.00; and</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#8226;
if Globus pays a dividend, subject to certain exceptions, then the debt service coverage ratio (i.e., aggregate EBITDA
of Globus  for any period to the debt service for such period) after such dividend and for the remaining tenure of the CIT Loan
Facility shall be at least 1.15:1.00.</span></p>







<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span id="xdx_90E_eifrs-full--DescriptionOfCollateralHeldAsSecurityAndOtherCreditEnhancements2014_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zrgtaQCAMzE1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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,Argo Maritime Limited, which is required to set aside
quarterly payments that aggregate to $675, and Talisman Limited, which is required to set aside quarterly payments that aggregate to $315.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus
is prohibited from making dividends (other than up to $1,000 annually on or in respect of its preferred shares) in cash or redeem or
repurchase its common 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 is
in compliance with the debt service coverage ratio, and Globus 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"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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  with which the directors are
obliged to comply, other than those persons disclosed to First-Citizens 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 0 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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; 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 0 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"></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&#160;&#160;&#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 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was in compliance with the covenants of the CIT Loan Facility as at December 31, 2023 and 2022.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contractual annual loan principal payments to be made subsequent to December 31, 2023, were as follows:</span></p>

<p id="xdx_89C_ecustom--DisclosureOfLongTermDebtAnnualPrincipalPayments_zwfjMXzfilEb" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span id="xdx_8B2_zW99YuZiIL5l" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-Term
Debt, net - Annual loan principal payments</span><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 0 0 21.3pt; text-align: justify; text-indent: 0cm"></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,</b></span></td>
    <td style="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"><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-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zlsZ0w6OwHs3" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,258</span></td></tr>
<tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zYy0Fkdrfo98" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,258</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zVrmT9lxByt4" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,604</span></td></tr>
<tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027
    </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zhv7y893t5V" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,500</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zHfLeE1Bota9" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>52,620</b></span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0"><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 0 0 21.3pt; text-align: justify; text-indent: 18pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contractual annual loan principal payments to be made subsequent to December 31, 2022, 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-family: Times New Roman, Times, Serif; 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"></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,</b></span></td>
    <td style="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">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-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_za8SetpxamG4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_ztSM8Cyi0HDg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zu0fTZ791dK9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zk4mGcFFaI4f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zsQmFiVactYc" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; 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: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p id="xdx_8AF_z067TDBds752" style="font: 9pt Times New Roman, Times, Serif; margin: 0"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted average interest rate for the years ended December 31, 2023 and 2022, was <span id="xdx_90D_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_uPure_c20231231__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember_zr8BjBfRGM4i">8.19</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
and <span id="xdx_90B_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_uPure_c20221231__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember_z2LpA2s4pMf3">5.58</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -1cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -1cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; 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 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>&#160;</b></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; text-align: justify"></p><p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></p>

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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036895496768">
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<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>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text"><p id="xdx_803_eifrs-full--DisclosureOfOtherOperatingExpenseExplanatory_zpjRzaPhsrmc" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82E_zAIDI565SC3">&#160;Voyage
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Voyage
expenses and vessel operating expenses in the consolidated statements of comprehensive income consisted of the following:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_89B_ecustom--DisclosureOfVoyageExpenses_z1CzlPDfmPM1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span id="xdx_8B8_zOIRt4iKYRnh" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Voyage
Expenses and Vessel Operating Expenses - Voyage expenses</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Voyage
expenses consisted of:</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></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%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49F_20230101__20231231_ztbbyoRBnSK2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_494_20220101__20221231_zFmzd6MQBQbf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_494_20210101__20211231_zCegoOgoVjv4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <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 colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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; 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="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>2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2022</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2021</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">397</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">924</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">626</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">3,083</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">3,876</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">&#8212;</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">456</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">573</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">502</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3,936</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5,373</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1,128</b></span></td></tr>
</table>

<p id="xdx_8A8_zugQNzikKzM8" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_890_ecustom--DisclosureOfVesselOperatingExpenses_z0ezeP8KWjwa" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>Vessel
operating expenses consisted of:</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>&#160;<span id="xdx_8B4_zHbNC9QteTPj" style="display: none">Voyage Expenses and Vessel Operating Expenses - Vessel operating expenses</span></span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></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%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49F_20230101__20231231_z6cgvkqnWn76" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_20220101__20221231_zCqfZOzCZqG1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_49E_20210101__20211231_zYMv5QRPPm2g" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <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 colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">8,259</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">8,952</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">7,570</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-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance
    </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">1,176</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">1,349</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">1,067</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">2,981</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">3,935</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">2,414</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">912</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">924</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">555</span></td></tr>
<tr id="xdx_406_ecustom--StoresExpense_pn3n3_maOCzIBf_z6aWUPCMkQR7" 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-family: Times New Roman, Times, Serif; font-size: 10pt">Stores</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">2,325</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">2,340</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">1,712</span></td></tr>
<tr id="xdx_40A_eifrs-full--MiscellaneousOtherOperatingExpense_pn3n3_maOCzIBf_zL8YCY3v0zK2" style="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">Other</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">437</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">512</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">490</span></td></tr>
<tr id="xdx_400_ecustom--OperatingCosts_iT_pn3n3_mtOCzIBf_zZi6SyPKcpTa" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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>16,090</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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>18,012</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; 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>13,808</b></span></td></tr>
</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></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; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;</b></span></p>

<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_DisclosureOfOtherOperatingExpenseExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 other operating expense. [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 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036931108720">
<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, 2023</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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory', window );">Administrative Expenses</a></td>
<td class="text"><p id="xdx_80D_eifrs-full--DisclosureOfGeneralAndAdministrativeExpenseExplanatory_zS3XXLl0btmg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_829_ziZCYcBNOiic">Administrative
Expenses</span></b></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount shown in the consolidated statements of comprehensive income is analyzed as follows:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_899_ecustom--DisclosureOfAdministrativeExpenses_zYCWs2RDObp5" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B6_z3vdDyI5Ea56" style="display: none">Administrative
Expenses</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49D_20230101__20231231_zpnVp9FnVZ25" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_496_20220101__20221231_zB0naL4hYz0i" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_498_20210101__20211231_zT5cmO85G2Ia" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">For
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<tr>
    <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>
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<tr id="xdx_40F_ecustom--PersonnelExpense_pn3n3_maAEzTMy_zbHrADSjV3fg" style="background-color: rgb(204,238,255)">
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    <td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,454</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,455</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-family: Times New Roman, Times, Serif; font-size: 10pt">227</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">204</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">215</span></td>
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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">Consulting
    fees</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">275</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">271</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">329</span></td>
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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">Communication</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">21</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">16</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">16</span></td>
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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">Stationery</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">3</span></td>
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    <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">3</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">6</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-family: Times New Roman, Times, Serif; font-size: 10pt">236</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">292</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">185</span></td>
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    <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">636</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">404</span></td>
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<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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3,541</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,876</b></span></td>
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    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,610</b></span></td>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_8AD_z0ougkGDheD4" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;</b></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036894918992">
<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>
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<tr><th class="th"><div>Dec. 31, 2023</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_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_803_eifrs-full--DisclosureOfInterestExpenseExplanatory_zLqp2QRFDGK8" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82B_z41Jx6FoDe8i">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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts in the consolidated statements of comprehensive income are analyzed as follows:</span></p>

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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="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_497_20220101__20221231_zOK8vfo3dnve" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt; width: 10%"><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_497_20210101__20211231_zqyw4Jwv1ql6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"></td>
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<tr>
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    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td>
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<tr id="xdx_40C_ecustom--AmortizationOfDebtDiscount_pn3n3_zkUCuvoxCo9e" style="background-color: rgb(204,238,255)">
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    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">165</span></td>
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    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</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-family: Times New Roman, Times, Serif; font-size: 10pt">(40)</span></td>
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<p id="xdx_8AD_zN2rLooEwpR1" style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

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finance expenses for 2021 include approximately $<span id="xdx_904_eifrs-full--OtherFinanceCost_pdn6_c20210101__20211231__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zE4DswtdjZf4">0.6
</span></span><span style="font-family: Times New Roman, Times, Serif; 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 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; 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 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 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036896854736">
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<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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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

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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>

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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 2023-01-01<br> -Paragraph 86<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_86&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036894528848">
<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>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</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" 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_80A_eifrs-full--DisclosureOfCommitmentsExplanatory_zYEHDbwVyppc" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_829_zSLskpAyuyj1">Commitments</span></b></span><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; 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; text-align: justify; text-indent: 1cm"><span style="font-family: Times New Roman, Times, Serif; 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: 1cm"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company enters into time charter arrangements on its vessels. As at December 31, 2023, the non-cancellable arrangements had remaining
terms between nil days to eight months, assuming redelivery at the earliest possible date. 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. Future net minimum
lease revenues receivable under non-cancellable operating leases as at December 31, 2023 and 2022, 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 style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_892_ecustom--DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_zMeuUC8xN7F" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span id="xdx_8B9_zyGEcplZBOpc" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitments
- Future minimum lease revenues receivable under non-cancellable operating leases</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></b></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="padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; font-size: 11pt; text-indent: 0cm; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; font-size: 11pt; text-indent: 0cm; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</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-family: Times New Roman, Times, Serif; font-size: 10pt">Within
    one year</span></td>
    <td id="xdx_98F_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_z4VS7IJkmEmh" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,060</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zUHXcdON9772" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,675</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td id="xdx_98A_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20231231_z71y3THgRreg" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right" title="Total"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8,060</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231_zxU20Lstbz0k" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right" title="Total"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6,675</b></span></td></tr>
</table>

<p id="xdx_8A5_zzrrRkVAZy5k" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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 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>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 in 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</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-family: Times New Roman, Times, Serif; 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"></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Commitments (continued)</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">vessel.
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 consist of the crew expenses, maintenance and consumable costs and was
approximately $<span id="xdx_906_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20230101__20231231__ifrs-full--PropertyPlantAndEquipmentByOperatingLeaseStatusAxis__ifrs-full--PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_zekzcIIU3iQl">16,473
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90A_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231__ifrs-full--PropertyPlantAndEquipmentByOperatingLeaseStatusAxis__ifrs-full--PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_zSwJivryHDDf">18,451
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for year ended December 31, 2023 and 2022, respectively.
The lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue
and was $<span id="xdx_90E_eifrs-full--OperatingLeaseIncome_pn3n3_c20230101__20231231__ifrs-full--PropertyPlantAndEquipmentByOperatingLeaseStatusAxis__ifrs-full--PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_z9hjvoNe3aU7">14,367
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90F_eifrs-full--OperatingLeaseIncome_pn3n3_c20220101__20221231__ifrs-full--PropertyPlantAndEquipmentByOperatingLeaseStatusAxis__ifrs-full--PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_z2vxwEtWm0Zd">42,939
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the year ended December 31, 2023 and 2022,
respectively.</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">The
depreciation charge for right-of-use assets for the years ended December 31, 2023, 2022 and 2021, was $<span id="xdx_90D_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zUgF6effNE0e">311</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_908_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_z18FysKM7nDc">327</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_90A_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zs0g3n5piyog">206</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, and recognized under depreciation in the income statement component of the consolidated statements of comprehensive income.
The interest expense on lease liability for the years ended December 31, 2023, 2022 and 2021, was $<span id="xdx_90D_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zdLLjXXvRys7">28</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_901_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zZBojmCjedKk">54</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_90D_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zeHP60lCWJW8">52</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively, and recognized under interest expense and finance costs in the income statement component of the consolidated statements
of comprehensive income.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023 and 2022, the current lease liability amounted to $<span id="xdx_906_eifrs-full--CurrentLeaseLiabilities_iI_pn3n3_c20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zqG2A280V1sh">188
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_903_eifrs-full--CurrentLeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zLYAfzYuh6O2">321</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively. The non-current lease liability amounted to nil and $<span id="xdx_903_eifrs-full--NoncurrentLeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zkdHTBDs5CH4">188</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively. As at December 31, 2023, and 2022, the net carrying amount of the right of use asset was $<span id="xdx_90E_eifrs-full--RightofuseAssets_iI_pn3n3_c20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zbIe8iiEgSoi">182</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
and $<span id="xdx_90E_eifrs-full--RightofuseAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zt2znnoccxt1">493</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively. These are included in the accompanying consolidated statements of financial position. The total cash outflows for leases
for the years ended December 31, 2023, 2022 and 2021, were approximately $<span id="xdx_902_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zoYrnYr7Rvl9">349</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_90A_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zJcl5RZIXcYd">341
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_904_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zD98infY08Gb">314</span></span><span style="font-family: Times New Roman, Times, Serif; 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. <span id="xdx_90F_eifrs-full--NoncurrentLeaseLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zWDuvN6QJ5k1" style="display: none">0</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitments
under shipbuilding contracts</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 1cm"><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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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_zj3v8Gs1LZob">bulk
carrier</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of about <span id="xdx_90D_ecustom--VesselCapacity_pip0_uPure_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zXqBotiNsmm8">64,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dwt
vessel. The vessel will be built at Nihon Shipyard Co. in Japan. The total consideration for the construction of the vessel is
approximately $<span id="xdx_90F_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zRlk6b3cGGE7" title="Consideration amount">37.5 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount), which the Company intends to finance with a combination of debt and equity. In May 2022 the Company paid the
first instalment of $<span id="xdx_900_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220101__20220531__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zsrobsms4Hw1" title="Instalment amount">7.4 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount), in March 2023 paid the second instalment of $<span id="xdx_901_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zgtieAR0pBbh" title="Instalment amount">3.8 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount), in September 2023 paid the third instalment of $<span id="xdx_903_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230930__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zrubXUAh5zza" title="Instalment amount">3.7 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount) and in November 2023 paid the 4th instalment of $<span id="xdx_904_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20231130__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zvjW9FIHf6Ii" title="Instalment amount">3.7 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount), which are included under Advances for vessel purchase in the consolidated statement of financial position. On
January 25, 2024, the Company paid the remaining $<span id="xdx_908_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20240101__20240125__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zE4jQGMypqSj" title="Instalment amount">18.5 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount) and took delivery of m/v GLBS Hero (see Note 20).</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_906_ecustom--VesselType_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_zhCP1akDKUl9"><span id="xdx_901_ecustom--VesselType_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zEj4VcxSaXN9">bulk
carrier</span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of about <span id="xdx_903_ecustom--VesselCapacity_pip0_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_zM8vRfxKkOs1"><span id="xdx_907_ecustom--VesselCapacity_pip0_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zhfoOJcboqV7">64,000</span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_zLxZgNLVJbmj">during
the third quarter of 2024</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and the second one scheduled
<span id="xdx_901_ecustom--VesselDeliveryDate1_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zk6j7BBJw6ag">during
the fourth quarter of 2024</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The total consideration
for the construction of both vessels is approximately $<span id="xdx_907_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zEnc3AbLwgW" title="Consideration amount">70.3
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount), which the Company
intends to finance with a combination of debt and equity. In May 2022 the Company paid the first instalment of $<span id="xdx_901_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220101__20220531__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_z72kAyrMHgD2" title="Instalment amount">13.8
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (absolute amount) and in November 2022
paid the second instalment of $<span id="xdx_903_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220601__20221130__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zCCQFMhL0Gy6" title="Instalment amount">6.9
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 18, 2023, the Company signed two contracts for the construction and purchase of two fuel efficient <span id="xdx_90B_ecustom--VesselType_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_zl7TTqOXw3Oe">bulk
carrier</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of about <span id="xdx_90E_ecustom--VesselCapacity_pip0_uPure_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_zDaBPrx1RfIf">64,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dwt
each. The two vessels will be built at a reputable shipyard in Japan and are scheduled to be delivered <span id="xdx_90B_ecustom--VesselDeliveryDate1_uPure_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_zQX1pejOX4pk">during
the second half of 2026</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The total
consideration for the construction of both vessels is approximately $<span id="xdx_90A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20230101__20230831__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_zAUVGOOo9jXf" title="Consideration amount">75.5 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount), which the Company intends to finance with a combination of debt and equity. In August 2023 the Company paid the first
instalment of $<span id="xdx_909_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_z7e4WY6lhEd" title="Instalment amount">7.5 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount) for both vessels under construction.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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 0 0 7.65pt; text-align: justify; text-indent: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
contractual annual payments per subsidiary to be made subsequent to December 31, 2023, were as follows:</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_899_ecustom--DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory_zx4bH7Leas48" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zUbuirO0u5Qc"><span id="xdx_8BB_zdjfgHB1JMEg" style="display: none">Commitments
- Future minimum contractual obligations</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="width: 34%; 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_49E_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_z5mUXGDYofP9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Calypso
    Shipholding S.A.</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49D_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zGXnIQMhFUQ1" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daxos
    Maritime Limited </b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49A_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zQFteH8YshFa" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Paralus
    Shipholding S.A.</b></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_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--OlympiaShipholdingSAMember_zYkyMz7zkZgh" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Olympia
    Shipholding S.A.</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49C_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ThaliaShipholdingSAMember_zgIh1yfspdTe" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Thalia
    Shipholding S.A.</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_495_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TotalMember_zDa9H9g3ESo4" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></p></td></tr>
  <tr id="xdx_407_ecustom--ContractualObligationsDueInNextTwelveMonths_iI_d0_maCOzWax_zyZXuO7r5svl" style="background-color: rgb(204,238,255)">
    <td style="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-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></p></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/>
    18,500</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,785</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,785</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,760</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,760</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><br/>
    75,590</b></span></td></tr>
  <tr id="xdx_400_ecustom--ContractualObligationsDueInSecondYear_iI_d0_maCOzWax_zDLYdvWwJLF6" 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">2025</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,760</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,760</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7,520</b></span></td></tr>
  <tr id="xdx_404_ecustom--ContractualObligationsDueInThirdYear_iI_d0_maCOzWax_zyilcDSAjHYc" 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">2026</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,530</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,530</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>53,060</b></span></td></tr>
  <tr id="xdx_404_ecustom--ContractualObligations_iTI_d0_mtCOzWax_zA11JbbQynP1" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18,500&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24,785&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24,785</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>34,050&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>34,050</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>136,170&#160;</b></span></td></tr>
  </table>
<p id="xdx_8A7_zGAZIZrEz9Zg" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;<b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; 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>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; 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 0 0 36pt; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-align: justify; text-indent: 20pt"></p>

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

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of commitments.</p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036897934768">
<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, 2023</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_803_eifrs-full--DisclosureOfIncomeTaxExplanatory_zAdBvTEDRo58" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_826_zF3d3hWuDxf6">Income Tax</span></b></span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -14.15pt"><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"><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-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
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, 2023, 2022 and 2021, the tax expense under the law amounted to $<span id="xdx_90E_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20230101__20231231_zHg9hdKNU6od">236</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
$<span id="xdx_901_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20220101__20221231_z31CL1gLzMxd">292</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
$<span id="xdx_902_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20210101__20211231_zckalCzHWag">185</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
respectively and is included in administrative expenses in the consolidated statements of comprehensive income.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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"><b><i>U.S.
Federal Income Tax</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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">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 0 0 1cm; text-align: justify"><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">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 2023.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><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">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 0 0 1cm; text-align: justify"><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
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 0 0 1cm; text-align: justify"><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">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-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">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.&#160;&#160;&#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 72pt; text-align: justify"><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 0 0 72pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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">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 0 0 1cm; text-align: justify; text-indent: 7.65pt"><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"><i>Qualified
Shareholder Test</i></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"><i>&#160;</i></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">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 0 0 1cm; text-align: justify; text-indent: 7.65pt"><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"><i>Publicly
Traded Test</i></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"><i>&#160;</i></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">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 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">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 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 0 0 1cm; text-align: justify"></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
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 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 0 0 1cm; text-align: justify"></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">For
the years ended December 31, 2023, 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, 2023, 2022 and 2021. </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 0 0 7.65pt; text-align: justify"></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">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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>




<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</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 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 2023-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IAS12_g79-88_TI<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036895558496">
<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, 2023</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_80F_eifrs-full--DisclosureOfFinancialRiskManagementExplanatory_zdq4yeDTWGnf" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82B_zsuvZUdwz4Jl">Financial risk management objectives
and policies</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">The
Company&#8217;s financial liabilities are long-term borrowings, trade and other payables and the financial derivative instruments. 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 instruments 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 0 0 1cm; 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"><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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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, 2023 and 2022, 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 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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"><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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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.</span></p>

<p id="xdx_89E_ecustom--DisclosureOfInterestRateRiskExplanatory_zjBXJUlOVOw4" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span id="xdx_8B9_zKPoaqLMANJ" style="display: none; font-family: Times New Roman, Times, Serif; 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; padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: top; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Increase/(Decrease)
    in basis points</b></span></td>
    <td style="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; vertical-align: bottom; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; text-indent: 0cm"><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="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><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="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$
    Term SOFR</b></span></td>
    <td id="xdx_982_ecustom--IncreaseInInterestRates_pip0_uPure_c20230101__20231231_z83anFqYtjwj" style="text-align: right; text-indent: 0cm" title="Increase in Libor/SOFR"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+15</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20230101__20231231_zMfMWU1ASC3b" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor/SOFR)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(70)</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--DecreaseInInterestRates_pip0_uPure_c20230101__20231231_zM4QIhJoREK6" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20230101__20231231_zhgpGvKjv4Oh" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor/SOFR)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><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="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$
    Libor/Term SOFR</b></span></td>
    <td id="xdx_98D_ecustom--IncreaseInInterestRates_pip0_uPure_c20220101__20221231_zGGvZjoWsos2" style="text-align: right; text-indent: 0cm" title="Increase in Libor"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+15</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231_zNFhTbZFuulg" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(55)</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--DecreaseInInterestRates_pip0_uPure_c20220101__20221231_zGGC168BSzX9" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231_zYuibHrlnnP9" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$
    Libor</b></span></td>
    <td id="xdx_98C_ecustom--IncreaseInInterestRates_pip0_uPure_c20210101__20211231_zqdvIyvK0hnf" style="text-align: right; text-indent: 0cm" title="Increase in Libor"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+15</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231_z3ITs78TS2xe" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(52)</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_ecustom--DecreaseInInterestRates_pip0_uPure_c20210101__20211231_zATO529VUOe3" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231_zehBFiEUifx" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; text-indent: 0cm"><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="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

<p id="xdx_8A4_zdszrMFUgRM1" style="margin-top: 0; margin-bottom: 0"><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; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></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"><b>Foreign
currency 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">The
following table demonstrates the sensitivity to a reasonably possible change in the Euro exchange rate, with all other variables
held constant, to the &#160;Company&#8217;s income 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, 2023, 2022 and 2021, was not
material.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_892_ecustom--DisclosureOfForeignCurrencyRiskExplanatory_zO2aNUYEB7hd" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span id="xdx_8B8_zccKo07XWOC4" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
risk management objectives and policies - Foreign currency risk</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="padding-right: 5.4pt; padding-left: 5.4pt; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Change
    in rate</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effect
    on income</b></span></td></tr>
<tr style="vertical-align: top">
    <td style="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="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></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td id="xdx_98C_ecustom--IncreaseInExchangeRates_pip0_uPure_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z8ixWJbqysv4" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+10%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zX0fyb4RKpW8" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(533)</span></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zKMBt0as0um2" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkYrVPWnFKQl" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">533</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="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></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td id="xdx_988_ecustom--IncreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z1hz53wfIwGc" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+10%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z1rLdDKT3CB5" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_ecustom--DecreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z00dQayTjYAi" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zRcSEisQgfWf" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td>
    <td id="xdx_986_ecustom--IncreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zbMic05lb3Eh" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+10%</span></td>
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    <td id="xdx_983_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zB0ZMLJNUt3a" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td id="xdx_98C_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z5RkitYVakMh" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

<p id="xdx_8A0_zPuz0eRKange" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></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"><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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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"></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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"><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; text-indent: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_899_eifrs-full--SummaryQuantitativeDataAboutEntitysExposureToRisk_zIQTWNpERkM4" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zZZ4qLk9uL64" style="display: none">Financial
risk management objectives and policies - Concentration of credit risk table</span></span></p>

<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%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td>
    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td>
    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td>
    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zpVvuTpPbu4a" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,430</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zAVJvkzLvLw" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zDqCwDpacjlh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,606</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zsYbvSmRrJij" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zuVhfX4it2h" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zQFOB86vcy13" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td></tr>
<tr style="background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zvLrYaKKmY09" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,830</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zU3az1XNeWnd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zkHqUG1vCKya" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zbM7EESopjyk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zZ6STw111Jo7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,571</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zuinmO0M8r6d" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11%</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zDE0lp5Uh5z" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zB8HuapfSR4l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zmvpgwvQd8S8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zL2iwNcPaOF6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zMGvwGjj7KMe" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,726</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_ziKksdW1aRJg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18%</span></td></tr>
<tr style="background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zUKxFebCpjn3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_z0d8tfIzwpL7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zlHOAk74D954" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,548</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zTbreQ5rEic7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zP33o3GxPTSh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zmb0FeloeXd1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zv89rTOsTGii" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,580</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zAm8c5zaQHO" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zYBbiQqGiezb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48,236</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zznaE1icGvK5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zSN1Hmi06cZ" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,914</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zZRjidq3DS8g" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71%</span></td></tr>
<tr style="background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20230101__20231231_zbBnGKQpemz4" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30,840</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20230101__20231231_z5xTXLf407k4" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231_zW12NybdwIk3" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>61,390</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231_zAS130lfKiic" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231_z8zfa90udbql" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43,211</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231_zV9sGDL0FFT1" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr>
</table>

<p id="xdx_8AD_zjDCBx1XByaf" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; 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; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></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"><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: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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 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 monitors its 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: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><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">The
table below summarizes the maturity profile of the Company&#8217;s financial liabilities (including interest) at December 31, 2023 and
2022 based on contractual undiscounted cash flows.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_89A_eifrs-full--DescriptionOfManagingLiquidityRisk_zoyTOlKf1qLj" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span id="xdx_8B3_zpIqrxHsV6v7" style="display: none; font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
    ended December 31, 2023</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Less
    than 3 months</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3
    to 12 months</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1
    to 5 years</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>More
    than 5 years</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    debt</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zrDghjE8atv9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,663</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zAooiG33QYga" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,781</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zt9DHn7DoIF4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53,583</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zmqKcjsmlIs9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231_zuRyfzeCDEcf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64,027</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">Lease
    liabilities </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zznMnk6F54Gh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zDlFaTXVquA6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_z4hUlLOas0H6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zkg0OBBmqBrg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231_zHuXiZOqM8fc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">188</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-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    liabilities and other payables</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zv8vlHZbsIva" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,763</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zm1Cf42Wkcnd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zedyhC6yS6D1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zBVbi79beiu6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20231231_zkQvWihsGXYf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,763</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">Trade
    accounts payables</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zpxGx0L2WNhk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">362</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zDMFXyvzn0Bl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zjcJkxdn5mKj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_znvTwbhsWsWf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20231231_zudGXUwpELKl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">362</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"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_ztv7nNZKGTWh" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4,869</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zU3rbIG1rLT6" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7,888</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zRAToNvIDz" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>53,583</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zb1cFeE5kDv5" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#8212;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231_z8Mpyu0SF6k5" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>66,340</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-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
    ended December 31, 2022</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3
    to 12 months</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1
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    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>More
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    debt</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zRUlcjpEinrg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,495</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zNa1B8f6wWHh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,266</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zRS6kVMaZdWa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43,816</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zvyCL0L5T40f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231_zdL4tIYSu8vb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53,577</span></td></tr>
<tr style="background-color: White">
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    liabilities </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_z2Yj519HZ0Og" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zi2wk1PV38q4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">241</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_z8TyUer5zK87" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">188</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_ztFlHjc1dQ94" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231_zpTKm9tBgO9f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    liabilities and other payables</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zELUAqlcU6h4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,814</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zLMJOGScK0kl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zm9vUtc7z8ea" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_z0K2uqwE4K4e" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231_zxfKe0SjM8H3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    accounts payables</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zqvyf2MLnLyi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,548</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zIC8KdzweDWa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zXALyPzHmZIb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zUep9rdNaWCi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zjA4yrDOz37c" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_z6FwY6Ka4iE1" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11,937</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_z3LDIOukRrL4" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7,507</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zPfZRg1Kglu3" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>44,004</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zCzUJ6L2UpUh" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#8212;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231_z76puX9r7PM8" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>63,448</b></span></td></tr>
</table>

<p id="xdx_8A2_zVhauS32dsIa" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; 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 0 0 1cm; text-align: justify"></p>




<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.&#160;&#160;&#160;&#160;&#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-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"><b>Capital
management</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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, 2023 and 2022.</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b></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 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 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036895558240">
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<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>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text"><p id="xdx_80C_eifrs-full--DisclosureOfFairValueMeasurementExplanatory_zH3WYulyjVm" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82F_zFCZjkLIWGR6">
Fair values</span></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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"><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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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 2.22). 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 id="xdx_89B_ecustom--DisclosureOfFairValuesExplanatory_zX6iRAvQt914" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B0_zYTCkA1aBd6k" style="display: none">Fair
values measurement</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"></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"><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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carrying
    amount</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
    value</b></span></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%"><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 style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; width: 9%"><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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    1</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    2</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    3</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,
    2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><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="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><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">&#160;</span></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"><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">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; 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"><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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    assets</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    assets measured at fair value</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current
    portion of fair value of derivative financial instruments</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z013FqTuhB39" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">495</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_z4wWL9BH8J93" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zayAE5uoqe9h" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">495</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zseXUYLZ1zB1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zUwtBx26xVTk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>495</b></span></td></tr>
<tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    portion of fair value of derivative financial instruments</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zUu8dC0BN7J7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">808</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zvOz47xAIBDb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zK9IqqZK8yt1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">808</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zcne5DEei3Y" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zo4U1NVAuGsg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>808</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"><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 id="xdx_989_eifrs-full--FinancialAssetsAtFairValue_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zF377UnAOGg4" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1,303</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="background-color: White">
    <td style="border-bottom: Black 0.5pt solid; 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="border-bottom: Black 0.5pt solid; text-align: right; 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="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="background-color: rgb(204,238,255)">
    <td style="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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    liabilities</b></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 style="text-align: right"><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 style="text-align: right"><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 style="text-align: right"><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 style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    liabilities not measured at fair value</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    borrowings</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zGfzfD4pHYti" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,620</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--Borrowings_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zqmy4sGEeUZ" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zTtIqJGeSOUf" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54,107</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--Borrowings_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zlHEutpJoIci" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zKWkj4fd9dab" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>54,107</b></span></td></tr>
<tr style="background-color: White">
    <td style="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 id="xdx_98E_eifrs-full--FinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_z0Gx5N5DS0x5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>52,620</b></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 style="text-align: right"><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 style="text-align: right"><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 style="text-align: right"><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>
</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"></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"><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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carrying
    amount</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
    value</b></span></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%"><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 style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; width: 9%"><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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    1</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    2</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    3</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,
    2022</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><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="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><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">&#160;</span></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"><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">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; 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"><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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    assets</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    assets measured at fair value</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current
    portion of fair value of derivative financial instruments</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_znttGlOm3M6k" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,315</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zVKajZKUbul7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zHfKzIwWHnC2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,315</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zuZsQEveJS62" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z0ADzZKfkto1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    portion of fair value of derivative financial instruments</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zOo5s01T62H7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,092</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zSBvmglWbV68" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zaB6kBXeTc0l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,092</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zgpb02k3fYS6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zZuCWvnT4ual" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; 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"><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 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,407</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="background-color: White">
    <td style="border-bottom: Black 0.5pt solid; 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="border-bottom: Black 0.5pt solid; text-align: right; 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="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="background-color: rgb(204,238,255)">
    <td style="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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    liabilities</b></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 style="text-align: right"><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 style="text-align: right"><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 style="text-align: right"><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 style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    liabilities not measured at fair value</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    borrowings</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_z5ruuSaumohc" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44,375</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--Borrowings_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zecK6EKTzUdf" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zmOYEXNymamf" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45,549</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zAvVefkcO499" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_ziK1mLtDQvg8" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>45,549</b></span></td></tr>
<tr style="background-color: White">
    <td style="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 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>44,375</b></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 style="text-align: right"><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 style="text-align: right"><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 style="text-align: right"><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>
</table>

<p id="xdx_8A0_zxBctvxGYNl3" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>




<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fair values (continued)</b></span></p>

<p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; 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"><b>Measurement
of fair values</b></span></p>

<p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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"><b>Valuation
techniques and significant unobservable inputs</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">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; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p id="xdx_892_ecustom--DisclosureOfValuationTechniquesAndSignificantUnobservableInputs_zUqgrGGzVdAg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span id="xdx_8B2_z6C9UoLfjLn5" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation
techniques and significant unobservable inputs</span></p>

<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-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    instruments measured at fair value</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt; width: 25%"><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 style="padding-left: 5.4pt; width: 25%"><span style="font-family: Times New Roman, Times, Serif; 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-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-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="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Type</span></td><td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation
    Techniques</span></td><td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-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-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="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
    financial instruments:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; 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="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    Rate Swap</span></td><td style="font-size: 9pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discounted
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    <td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; 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-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-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="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="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="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
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    <td style="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="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Type</span></td><td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation
    Techniques</span></td><td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-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-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="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    borrowings</span></td><td style="font-size: 9pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discounted
    cash flow</span></td><td style="font-size: 9pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discount
    rate</span></td></tr>
</table>

<p id="xdx_8AD_zvmhC8LIqtnb" style="font: 9pt Times New Roman, Times, Serif; margin: 0; 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; 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"><b>Transfers
between Level 1, 2 and 3</b></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">There
were no transfers between these levels in 2022 and 2023.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><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; text-align: justify; text-indent: 1cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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 2023-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IFRS13_g91-99_TI<br> -URIDate 2023-03-23<br></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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898179104">
<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, 2023</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_800_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zq9kTJ6G0u2a" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_825_zSym7cD1dPD9">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-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">On
January 22, 2024, the Company paid the remaining $<span id="xdx_90D_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_uUSD_c20240101__20240122__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MvGLBSHerosMember_zGWzowzzO641" title="Remaining amount paid">18.5 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
(absolute amount) at Nihon Shipyard Co. in Japan and on <span id="xdx_909_ecustom--VesselDeliveryDate1_c20240101__20240122__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MvGLBSHerosMember_z8ejpNDVeTW4">January 25, 2024</span> the Company took delivery of a new Ultramax with carrying
capacity of approximately <span id="xdx_90A_ecustom--VesselCapacity_pip0_uPure_c20240101__20240122__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MvGLBSHerosMember_zMluawU3wa67">64,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DWT,
of which the Company had previously announced on May 10, 2022 and was named &#8220;m/v GLBS Hero&#8221;.</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"></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
February 23, 2024, Globus, through its subsidiary Daxos Maritime Limited, entered into a $<span id="xdx_90F_ecustom--LineOfCreditFacilityBorrowingCapacity_iI_pdn6_c20240223__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GLBSMightMember_zG9zEFhXK126" title="Line Of Credit Facility Borrowing Capacity">28</span> million (absolute amount) sale and leaseback
agreement with SK Shipholding S.A., a subsidiary of Shinken Bussan Co., Ltd. of Japan, with respect to the approximately <span id="xdx_909_ecustom--VesselCapacity_pip0_uPure_c20240101__20240223__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GLBSMightMember_zU4T6ZTAGff">64,000</span> dwt bulk
carrier to be named &#8220;GLBS MIGHT,&#8221; which is scheduled to be delivered from the relevant shipyard <span id="xdx_90B_ecustom--VesselDeliveryDate1_c20240101__20240223__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GLBSMightMember_zd4ckjKykIB9">during the third quarter
of 2024</span>. The Company has an obligation to purchase back the vessel at the
end of the ten-year charter period.</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">On
March 13, 2024, the Company awarded a consultant affiliated with our chief executive officer a one-time bonus of $<span id="xdx_904_ecustom--OneTimeCashBonusPayment_pdn6_c20240101__20240313__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GLBSMightMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ConsultantAffiliatedwithChiefExecutiveOfficerMember_zVn4njimx8l9" title="One time bonus">3</span>
million (absolute amount), half of which is payable immediately upon the delivery of the newbuilding vessel Hull NE442 (i.e., the
vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the agreement dated May 13, 2022) and the balance at the
delivery of Hull NE443 (i.e., the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the other agreement
dated May 13, 2022), in each case assuming Athanasios Feidakis remains Chief Executive Officer at each such relevant
time.</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">On March 13, 2024, the Board of Directors adopted the Globus Maritime Limited
2024 Equity Incentive Plan, or the Plan. The purpose of the Plan is to provide Company&#8217;s officers, key employees, directors, consultants
and service provider, whose initiative and efforts are deemed to be important to the successful conduct of Company&#8217;s business, with
incentives to (a) enter into and remain in the service of the Company or affiliates, (b) acquire a proprietary interest in the success
of the Company, (c) maximize their performance and (d) enhance the long-term performance of the Company. The number of common shares reserved
for issuance under the Plan is <span id="xdx_906_ecustom--CommonStockSharesIssued1_iI_pip0_c20240313__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--GlobusMaritimeLimited2024Member_z7OKpkfRJWr7" title="Shares issued">2,000,000</span> shares.&#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">&#160;</span>&#160;</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"></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"></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">&#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"></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 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 2023-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=10&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IAS10_g17-22_TI<br> -URIDate 2023-03-23<br></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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898402992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Preparation and Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</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_NotesAndOtherExplanatoryInformationAbstract', window );"><strong>Notes and other explanatory information [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_840_eifrs-full--DisclosureOfGoingConcernExplanatory_zlfe0Uz4P39b" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.1
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_864_zcHLSnXbG6b4">Basis of Preparation:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, the Company reported a total comprehensive income for the year of $<span id="xdx_906_eifrs-full--ComprehensiveIncome_pn3n3_c20230101__20231231_z25sOBI9biSf">5,272</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
Cash and cash equivalents of $<span id="xdx_90C_eifrs-full--CashAndCashEquivalents_iI_pn3n3_c20231231_zIoW75vZbBb5">74,202</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
a working capital surplus of $<span id="xdx_904_eifrs-full--CurrentAssetsLiabilities_iI_pn3n3_c20231231_zCsUgmOZzp9e" title="Working capital surplus">69,795</span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><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: 0; text-align: justify"><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 0 0 35.45pt; 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 and cash flows. Currently there is no
effect on the Company&#8217;s operations. Furthermore, the intensity and duration of the recently declared war between Israel and
Hamas is difficult to predict and its impact on the world economy and drybulk industry is uncertain. While much uncertainty remains
regarding the global impact of the war between Israel and Hamas, it is possible that such tensions could result in the eruption of
further hostilities in other regions, including the Red Sea, and could adversely affect the Company&#8217;s business, financial
conditions, operating results, and cash flows.</span></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">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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-family: Times New Roman, Times, Serif; 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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and  Accounting Policies (continued)</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-family: Times New Roman, Times, Serif; 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; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement
of Compliance: </b>These consolidated financial statements of the Company have been prepared in accordance with <span id="xdx_90F_edei--EntityAccountingStandard_c20230101__20231231_zNn7Tvud2JZh">International
Financial Reporting Standards</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&#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-family: Times New Roman, Times, Serif; 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: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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"></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-family: Times New Roman, Times, Serif; 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>

<span></span>
</td>
</tr>
<tr class="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_842_eifrs-full--DescriptionOfInitialApplicationOfStandardsOrInterpretations_z6ml3exxHsCc" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;&#8239;&#160;&#160;
<span id="xdx_86A_zRKFenwwRwyc">Standards amendments and interpretations:</span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></b></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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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, 2023:</span></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">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IAS
                                            1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting
                                            policies (Amendments)</b></span></td></tr>
</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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. The Company
revisited and updated its accounting policies to apply the requirements of the amendments to IAS 1. The amendments had no material 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"></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"></span></p>


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

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></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: 49.5pt"></td><td style="width: 40.5pt"><span style="font-family: Symbol; font-size: 9pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>IFRS
                                            17 insurance contracts,</b></span></td></tr>
<tr style="vertical-align: top">
<td style="width: 49.5pt"></td><td style="width: 40.5pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>IAS
                                            8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
                                            Estimates (Amendments),</b></span></td></tr>
<tr style="vertical-align: top">
<td style="width: 49.5pt"></td><td style="width: 40.5pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><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></td></tr>
<tr style="vertical-align: top">
<td style="width: 49.5pt"></td><td style="width: 40.5pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>IAS
                                            12 Income taxes: International Tax Reform - Pillar Two Model Rules (Amendments)</b></span></td></tr></table>

<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 0 0 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
newly adopted IFRS and amendments to IFRS did not have a material impact on the Company&#8217;s accounting policies.</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; text-align: justify; text-indent: 35.45pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; 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 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IAS
                                            1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
                                            (Amendments)</b></span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0pt 53.3pt; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 53.3pt; text-align: justify"><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 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IAS
                                            7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance
                                            Arrangements (Amendments).</b></span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 54pt; 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: 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"><b>IAS
                                            21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments).
                                            </b></span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted. 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 54pt; 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: 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"><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></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><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 0 0 54pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; 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: 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"><b>IFRS
                                            16 Leases: Lease Liability in a Sale and Leaseback (amendments). </b></span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 54pt; text-align: justify"><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 0 0 54pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company plans to adopt these standards on their respective effective dates.&#160;</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><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 0 0 53.3pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Accounting Policies (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b>&#160;</span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"></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 );">Accounting policies, judgments, estimates and assumptions:</a></td>
<td class="text"><p id="xdx_84B_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zFC8RJeDy1Jg" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.3
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_865_zaqATTJEznEh">Accounting policies, judgments, estimates
and assumptions:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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 of such vessel.</span></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"></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">&#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; and</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"></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">&#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"><span style="font-family: Times New Roman, Times, Serif; 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, 2023 and 2022, the Company
concluded that no indicators for impairment were present as of December 31, 2023 and 2022 and no impairment was recorded for the
years ended December 31, 2023 and 2022. Following the agreement to sell Sun Globe and given the significant increase in the
vessel&#8217;s market value, the Company assessed that there were indications that impairment losses recognized in the previous
periods with respect to this vessel have decreased. Therefore, the carrying amount of the vessel was increased to its recoverable
amount, determined based on selling price less cost to sell, and the Company recorded reversal of impairment amounting $<span id="xdx_909_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20230101__20231231_zqeqio5fV3hg" title="Reversal of impairment">4,400</span>,
during the first quarter of 2023. <span id="xdx_907_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_do_c20220101__20221231_z2KMh2M6Lrsf" title="Reversal of impairment">No</span>
reversal of previously recognized impairment losses was recorded for the year ended December 31, 2022 (Note 5).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><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 0 0 1cm; text-align: justify"></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">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -40pt; text-align: justify">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -40pt; text-align: justify"><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; 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-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 0 0 35.45pt; text-align: justify"><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 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-family: Wingdings; font-size: 10pt">&#216;</span> <span style="font-size: 10pt"><i>
                                                                                                   &#8239;&#8239;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, 2023 and 2022. 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#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_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">Accounting for revenue and related expenses:</a></td>
<td class="text"><p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zbckekjUskY8" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;2.4
&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_86A_zyLhgdk6KI4e">Accounting for revenue and related expenses:</span></b></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generates its revenues from charterers for the
charter hire of its vessels. Vessels are chartered using time charters, 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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_847_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zK2cKLkfvbU9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;2.5
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_86E_zOiVgv2mRa1">Foreign currency translation:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; 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.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"></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_84B_eifrs-full--DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_zMgPpwxn1WDd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>2.6
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_86B_zmU1IS0Km7J7">Cash and cash equivalents:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; 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_840_eifrs-full--DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_zguP4OoxNgad" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;2.7
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_867_zm0MAcaY7Ss2">Trade accounts receivable, net:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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, 2023 and 2022 was nil.&#160;&#160;<span id="xdx_902_ecustom--AllowanceForDoubtfulTradeReceivables_d0_c20220101__20221231_zYKUlh2PBnt" style="display: none">0</span></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_843_eifrs-full--DescriptionOfAccountingPolicyForMeasuringInventories_z11u604Osh1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;2.8&#8239;
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_868_zwMnpoR4PGgk">Inventories:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b></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>



<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-family: Times New Roman, Times, Serif; 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 style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b></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-family: Times New Roman, Times, Serif; 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_846_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zQ7Gz6XOKdu4" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.9&#160;
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_866_zjgbttAN5HR2">Vessels, net:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_842_eifrs-full--DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_zWMXx9qxYjKj" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.10&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_86F_zMmKEDjhnfPa">
Dry-docking costs:</span></b></span> <span style="font: normal 10pt Times New Roman, Times, Serif">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_90E_ecustom--IntervalBetweenVesselDrydockingSpecialSurvey_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_zX5vyTlJbNga" title="Interval Between Vessel Drydocking Special Survey">2.5 </span></span><span style="font: normal 10pt Times New Roman, Times, Serif">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_908_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_z7MliaVx3jb4">straight-line
basis</span></span> <span style="font: normal 10pt Times New Roman, Times, Serif">over
the remaining period through the estimated dry-docking date.&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -20pt"><span style="font-family: Times New Roman, Times, Serif; 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_84E_eifrs-full--DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_zuXgT4rF0yFl" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.11
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_866_z3R55CMWPuP6">Depreciation:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of each of the Company&#8217;s vessels is depreciated on a <span id="xdx_903_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_z1BDU8fSh9ta" title="Depreciation method">straight-line
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <span id="xdx_90D_eifrs-full--DescriptionOfUsefulLifePropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zDeYSMP1lFKc" title="Useful life">25
years</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 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 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_zAu0z0ca9oNe">380</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/ton
(absolute amount) due to the increased scrap rates worldwide. This resulted to a decrease of $<span id="xdx_90B_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zb5RlQE2eUJj">145
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the depreciation charge included in the consolidated
statement of comprehensive income 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_zjWPZabpOfv3">440</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/ton
(absolute amount) due to the increased scrap rates worldwide. This resulted to a lower amount of $<span id="xdx_902_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zoTU81CT5yPk">118
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the depreciation charge included in the consolidated
statement of comprehensive income for 2022. During the fourth quarter of 2023, the Company adjusted the scrap rate from $440/ton to $<span id="xdx_90E_ecustom--VesselsScrapRatePerTon_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zdPuLd6jopJ1" title="Vessels scrap rate per ton">480</span>/ton,
due to the increased scrap rates worldwide. This resulted in a decrease of approximately $<span id="xdx_906_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zcaH3BcOHv8i" title="Decrease in depreciation expense due to changes in scrap rate">62</span> to the depreciation charge included in the
consolidated statement of comprehensive income for 2023.</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-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory', window );">Impairment of Long-Lived Assets and Reversal of previously recognized impairment losses:</a></td>
<td class="text"><p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_znCFPmeZIxN2" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.12
&#160; &#160; &#160;&#160;<span id="xdx_86C_zMrsspvdaMY3">Impairment of Long-Lived Assets and Reversal of previously recognized
impairment losses:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company assesses
at each reporting date whether there is an indication that a vessel may be impaired. The Company has considered various indicators, including but not
limited to the current level of market hire rates, the market price of its vessels, the economic outlook, technological, regulatory and
environmental developments. 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.
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 a reversal is recognized in the consolidated statement of comprehensive income. 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; text-indent: -20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_DescriptionOfAccountingPolicyForBorrowingsExplanatory', window );">Long-term debt:</a></td>
<td class="text"><p id="xdx_84B_eifrs-full--DescriptionOfAccountingPolicyForBorrowingsExplanatory_zZb1GTPwRuni" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>2.13
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_86B_zDY01tc7oXI">Long-term debt:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</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-family: Times New Roman, Times, Serif; 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_84E_eifrs-full--DescriptionOfAccountingPolicyForFinanceCostsExplanatory_zi4a2zLAf508" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.14
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_862_zQOwuVDZIuBk">Financing costs:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 2023, the Company deferred financing costs of $<span id="xdx_90E_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zprKOkPWMNN8">406</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which relate to the costs incurred for the top up loan amount of $<span id="xdx_901_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zkKq5BDRbYlc">25,000
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with First Citizens Bank &amp; Trust Company
(formerly known as CIT Bank N.A.) (&#8220;First-Citizens Bank&#8221;) (This loan facility is referred to as the &#8220;CIT Loan Facility&#8221;,
see Note 11 for more details). For the year ended December 31, 2022, the Company deferred financing costs of $<span id="xdx_907_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_znZYWenv99hl">259</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which relate to the costs incurred for the top up loan amount of $<span id="xdx_901_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zXFcxmlsZdol">18,000
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">under the CIT Loan Facility (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_z3dG8Na7AhIe">545</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
which relate to the costs incurred for CIT Loan Facility (see Note 11 for more details).&#160;</span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></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-family: Times New Roman, Times, Serif; 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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Accounting Policies (continued)&#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><p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;&#160;</i></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>

<span></span>
</td>
</tr>
<tr class="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_848_eifrs-full--DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_z5sLE4Gk9bBi" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_860_zvCNWV0RV7t9">Borrowing costs:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_849_eifrs-full--DescriptionOfAccountingPolicyForSegmentReportingExplanatory_zwObdavi09E4" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_865_zevxBImQboJl">Operating segment:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_903_ecustom--NumberOfOperatingSegments_dc_uPure_c20230101__20231231_z1b1Al6wn7V6">one
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-indent: -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_847_eifrs-full--DescriptionOfAccountingPolicyForProvisionsExplanatory_z9NARCJEMZO3" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.17&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_862_zaM0LPjhiAp6">Provisions
and contingencies:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; 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.&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"></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_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory', window );">Offsetting of financial assets and liabilities:</a></td>
<td class="text"><p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_z2iSVapD3f2i" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.18&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
&#8239;<span id="xdx_861_zr0XPynzrKuh">Offsetting of financial assets and liabilities:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; 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_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory', window );">Financial assets and liabilities:</a></td>
<td class="text"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_zGzFMso3J9a2" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.19&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_861_zfUnxEiCoX8h">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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>



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





<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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 36pt; text-align: justify"></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; text-align: justify"></p>

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

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Impairment of financial assets</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company considers a financial asset to be in default when:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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: 36pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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>
<tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; 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 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>iii.
&#8239;&#8239;&#8239;&#8239;&#8239;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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></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: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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-family: Times New Roman, Times, Serif; 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: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>iv.
Derecognition of Financial liabilities: </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify; text-indent: 35.45pt"><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; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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>

<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_DescriptionOfAccountingPolicyForLesseeExplanatory', window );">Leases:</a></td>
<td class="text"><p id="xdx_84B_ecustom--DescriptionOfAccountingPolicyForLesseeExplanatory_zpGb2lFIJ5Hd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.20&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_860_zkoKydYt94tg">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-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; 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. 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. </span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -36pt"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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. 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 or a change in the lease payments.</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; 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 (see also Note 2.4).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 as 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: 0 0 0 36pt; text-align: justify"><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 0 0 36pt; text-align: justify"></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"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_90B_eifrs-full--DirectOperatingExpenseFromInvestmentProperty_pn3n3_c20230101__20231231_zmdJd4bDClCk" title="Direct operating expense from investment property">16,473</span> for the year ended December 31, 2023.
                                            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_90F_eifrs-full--OperatingLeaseIncome_pn3n3_c20230101__20231231_zs7BXhTP5apb" title="Lease components">14,367</span> for the year ended
                                            December 31, 2023.</span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: -40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">&#160;</span></p>




<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; 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>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"></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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><b>2.21
                                            &#160;&#8239;&#8239;&#8239;&#8239;&#8239; </b></span><b><span id="xdx_867_zye2gUsVvxg7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
                                            capital and Warrants:</span></b> <span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory', window );">Fair value measurement:</a></td>
<td class="text"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_z1xMFxR8g7Ld" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.22
&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_860_zE2CHcz06kfk">Fair value measurement:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 0pt; text-align: justify; text-indent: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">&#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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">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 0pt; 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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 60pt; text-align: justify; text-indent: -45pt"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; 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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
assets and liabilities that are recognized at fair value 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 0 0 -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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>

<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_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements', window );">Current versus non-current classification:</a></td>
<td class="text"><p id="xdx_841_ecustom--DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_zvhc05K51dDj" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.23
&#8239;&#8239;&#8239;&#160;&#8239;<span id="xdx_86A_zkgYMnwKd2Xl">Current versus non-current classification:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 0pt; text-indent: -40pt; text-align: justify"><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 0 0 36pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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">&#8226;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
                                            to be realized or intended to be sold or consumed in a normal operating cycle; </span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">held
                                            primarily for the purpose of trading; </span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
                                            to be realized within twelve months after the reporting period; or </span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cash
                                            or cash equivalent</span></td></tr></table>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -35.45pt"><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 0 0 0pt; text-align: justify; text-indent: -35.45pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 36pt; text-align: justify"><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 0 0 36pt; 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-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            liability is current when:</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-family: Times New Roman, Times, Serif; 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">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it is expected to be
                                                                                         settled in a normal operating cycle;</span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                            is held primarily for the purpose of trading; </span></td></tr>
<tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it is due to be settled within
                                                                                         twelve months after the reporting period;</span></td></tr>

<tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt">&#8226;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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 36pt; text-align: justify"><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 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
other liabilities are classified as non-current.</span></p>

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


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>





<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b>&#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_DescriptionOfAccountingPolicyForRestrictedCashExplanatory', window );">Restricted Cash:</a></td>
<td class="text"><p id="xdx_84B_ecustom--DescriptionOfAccountingPolicyForRestrictedCashExplanatory_zVnmukaLsj3f" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.24
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_861_z3YhXeEbqJta">Restricted Cash:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.&#160;</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-family: Times New Roman, Times, Serif; 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_DescriptionOfAccountingPolicyForHedgingExplanatory', window );">Interest Rate Swap:</a></td>
<td class="text"><p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForHedgingExplanatory_zjDixvpPCOug" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.25
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_863_zHDiV1PhtW2l">Interest Rate Swap:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 19). 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -35.45pt"><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 0 0 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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
 on derivative financial instruments&#8221; in the consolidated statement of comprehensive income. Realized gains or losses resulting
from interest rate swaps are recognized in profit or loss under &#8220;Gain   on derivative financial instruments&#8221; in the
consolidated statement of comprehensive income.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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_DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory', window );">Management &amp; consulting fee income:</a></td>
<td class="text"><p id="xdx_84A_ecustom--DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory_zcKlnUeHYbA9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.26
&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_869_zHYxUtGFueV3">Management &amp; consulting fee income:</span></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 under management &amp; consulting fee income.&#160;</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>


<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 description of the entity's accounting policy for leases acting as lessee.</p></div>
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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 management and consulting fees.</p></div>
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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 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">
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<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">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>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> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>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> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>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> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>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> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></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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<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>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> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 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> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></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_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>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> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForHedgingExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 material accounting policy information for hedging.</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 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForHedgingExplanatory</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 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> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<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>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> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<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>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> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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><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_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>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> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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_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>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> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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 );">- Definition</a><div><p>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> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<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>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> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<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>The description of the entity's material accounting policy information for restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
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    <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-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">July 20, 2021</span></td>
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<tr id="xdx_412_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArgoMaritimeLimitedMember_z0T8srkha5g2" 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-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">Marshall Islands</span></td>
    <td><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">June 9, 2021</span></td>
    <td><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">m/v Diamond Globe</span></td></tr>
<tr id="xdx_413_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SalaminiaMaritimeLimitedMember_zyG30dXMCWIe" 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-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">Marshall Islands</span></td>
    <td><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">November 29, 2021</span></td>
    <td><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">m/v Orion Globe</span></td></tr>
<tr id="xdx_41E_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CalypsoShipholdingSAMember_zxvCPP9nldd4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calypso Shipholding S.A.</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0592"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></span></td><td><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">Hull No: S-1885*</span></td></tr>
<tr id="xdx_415_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DaxosMaritimeLimitedMember_zNMJ5o4SfOTd" 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">Daxos Maritime Limited</span></td>
    <td><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">Marshall Islands</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0595"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></span></td>
    <td><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">Hull No: NE-442*</span></td></tr>
<tr id="xdx_416_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--OlympiaShipholdingSAMember_zAoVbwNzNAdd" style="vertical-align: top; background-color: White">
    <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-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">Marshall Islands</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0598"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></span></td>
    <td><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">Hull No: S-K192*</span></td></tr>
<tr id="xdx_41D_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ParalusShipholdingSAMember_zWnLJM0NlKhl" 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">Paralus Shipholding S.A.</span></td>
    <td><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">Marshall Islands</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0601"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></span></td>
    <td><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">Hull No: NE-443*</span></td></tr>
<tr id="xdx_414_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ThaliaShipholdingSAMember_zqL5E4UxCVd5" style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thalia Shipholding S.A.</span></td>
    <td><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">Marshall Islands</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0604"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull No: S-3012*</span></td></tr>
<tr id="xdx_419_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LongevityMaritimeLimitedMember_zyrvBUgRTTfe" 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">Longevity Maritime Limited</span></td>
    <td><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">Malta</span></td>
    <td><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">September 15, 2011</span></td>
    <td><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">**</span></td></tr>
<tr id="xdx_411_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DominaShipholdingLtdMember_z56S6qbHkt6" style="vertical-align: top; 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="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</span></td>
    <td><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">May 19, 2010</span></td>
    <td><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">***</span></td></tr>
<tr id="xdx_41C_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DulacMaritimeSAMember_z5XnFoxg9N5d" 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-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">Marshall Islands</span></td>
    <td><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">May 25, 2010</span></td>
    <td><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">****</span></td></tr>
</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 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 0 0 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify">&#8239;&#8239;&#8239;&#8239;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
New building vessels</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;**
m/v Sun Globe was sold and delivered to her new owners on June 5, 2023 (Note 5)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;***
m/v Sky Globe was sold and delivered to her new owners on September 7, 2023 (Note 5)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;****
m/v Star Globe was sold and delivered to her new owners on September 13, 2023 (Note 5)</span></p>

<span></span>
</td>
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<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 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B4<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B4_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036895538272">
<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>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text"><p id="xdx_89A_ecustom--DisclosureOfCashAndBankBalancesExplanatory_z5ouH2tMfOW1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -20pt; text-align: justify"><span id="xdx_8B5_zWwAWr3UeB02" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036894537776">
<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>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</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_DisclosureOfTransactionsBetweenRelatedPartiesAbstract', window );"><strong>Disclosure of transactions between related parties [abstract]</strong></a></td>
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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_DisclosureOfCompensationOfNonExecutiveDirectors', window );">Transactions with Related Parties - Compensation to the Company&#8217;s Non-Executive Directors</a></td>
<td class="text"><p id="xdx_894_ecustom--DisclosureOfCompensationOfNonExecutiveDirectors_zi1V4gAWX80e" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><span id="xdx_8B9_zYa2K2YCZQZ5" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
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<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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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">&#160;</span></td>
    <td id="xdx_49F_20230101__20231231_zoBfk9EZAbbi" 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 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 id="xdx_494_20220101__20221231_z8WwZEdGLiC" 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 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 id="xdx_49E_20210101__20211231_zHNWUizdAQU9" 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></tr>
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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">&#160;</span></td>
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    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
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<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_DisclosureOfCompensationOfExecutiveDirector', window );">Transactions with Related Parties - Compensation to the Company's Executive Director</a></td>
<td class="text"><p id="xdx_892_ecustom--DisclosureOfCompensationOfExecutiveDirector_zRS5jmgr4hsd" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"><span id="xdx_8BA_zxEbomKOalMa" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
with Related Parties - Compensation to the Company's Executive Director&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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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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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>duration</td>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036896832256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory', window );">Vessels, net - Consolidated Statement of Financial Position</a></td>
<td class="text"><p id="xdx_896_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory_zXsIrZ5O0TL1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><span id="xdx_8B5_zEGDoFXjiFu1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels,
net - Consolidated Statement of Financial Position</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><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 0 0 1cm; text-indent: -20pt; text-align: justify"></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; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vessels
    cost</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vessels
    accumulated depreciation</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dry
                                            docking </b></span></p>
    <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>costs</b></span></p></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accumulated
    depreciation of dry-docking costs</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
                                            Book </b></span></p>
    <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Value</b></span></p></td></tr>
<tr style="background-color: White">
    <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>Balance
    at January 1, 2021</b></span></td>
    <td id="xdx_981_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zvjJvqPRkbRj" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>162,992</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_znvV2Yuznb24" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(104,111)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zXmfEVVNvRj9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11,883</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zG1bchJlcWm4" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(8,414)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zbP3gJPqjTT7" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>62,350</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-family: Times New Roman, Times, Serif; font-size: 10pt">Additions/
    Dry Docking Component</span></td>
    <td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zjaWnkljnt4g" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70,746</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zV6jx5k7Y4b9" 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">4,044</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zM8BMfPMncZk" 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">74,790</span></td></tr>
<tr style="background-color: White">
    <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">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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zdFb8kSIBB26" 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-family: Times New Roman, Times, Serif; font-size: 10pt">(3,665)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zP7aicBfsVO1" 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">(2,751)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zb3jiojyMsT9" 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">(6,416)</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance
    at December 31, 2021</b></span></td>
    <td id="xdx_980_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zIXbrXjKVv7b" 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>233,738</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zWkdot5GoCdd" 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>(107,776)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zDVvm7hJ8gy6" 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>15,927</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zAmLjEll6fC" 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>(11,165)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zVMX0z4moYP7" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>130,724</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-family: Times New Roman, Times, Serif; font-size: 10pt">Additions/
    Dry Docking Component</span></td>
    <td id="xdx_98B_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zMogopaLubx" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,178</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zP0uVfd0OgP7" 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">7,438</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z9YZKDH75MZ3" 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">8,616</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zsK0HGRlN8R4" 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-family: Times New Roman, Times, Serif; font-size: 10pt">(5,233)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zWz3HU9Vla9g" 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">(4,646)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zNqzxYY8dcua" 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">(9,879)</span></td></tr>
<tr style="background-color: White">
    <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>Balance
    at December 31, 2022</b></span></td>
    <td id="xdx_982_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zWXkAfHNZu38" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>234,916</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zf4SukAFNARe" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(113,009)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z8svodBYboLb" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23,365</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zIAlanezOS6" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(15,811)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zX0k49P7VhPc" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>129,461</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-family: Times New Roman, Times, Serif; font-size: 10pt">Additions/
    Dry Docking Component</span></td>
    <td id="xdx_98A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zQicAQoVt5G1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zBNbv8A2YOGb" 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">6,324</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zIIzI6zbrnha" 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">6,485</span></td></tr>
<tr style="background-color: White">
    <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">Reversal
    of Impairment</span></td>
    <td id="xdx_988_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_d0_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zUhfohS1Biod" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Reversal of Impairment"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,400</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">&#8212;</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">&#8212;</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zGfp0pQ15uqi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Reversal of Impairment"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,400</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z3g9YGKuGVX9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,372)</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">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zJ1OTnYVvof3" 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">(4,185)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zjor8iy1Ntob" 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">(8,557)</span></td></tr>
<tr style="background-color: White">
    <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">Sale
    of vessel</span></td>
    <td id="xdx_985_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di0_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zoR1k78K3Irc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(58,219)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zoGaTEeRFmd6" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,149</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zBgAMhXBnDx2" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,444)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_ecustom--AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z9mbtxOrWZze" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,282</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z0dntgKTBsg9" 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">(31,232)</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance
    at December 31, 2023</b></span></td>
    <td id="xdx_983_eifrs-full--Ships_iE_pn3n3_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ztUXvIIl9ZB" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>181,258</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zYtKTLzscNSh" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(86,232)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--Ships_iE_pn3n3_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zYc6ztYSyzE6" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16,245</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zMtkwqt82DH8" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(10,714)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--Ships_iE_pn3n3_c20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zfDImLMzYTee" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100,557</b></span></td></tr>
</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory', window );">Vessels, net - Consolidated Statement of Comprehensive Income/ (loss)</a></td>
<td class="text"><p id="xdx_892_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory_zXz9PfwDuSj" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -20pt"><span id="xdx_8BB_zPh5r9L406Vi" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels,
net - Consolidated Statement of Comprehensive Income/ (loss)</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_497_20230101__20231231_zTZwsqEns8yh" 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 id="xdx_492_20220101__20221231_zXlSB5GG0CE6" 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 id="xdx_492_20210101__20211231_zFZC5zweDUfj" 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>
    <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 colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td></tr>
  <tr id="xdx_401_eifrs-full--DepreciationPropertyPlantAndEquipment_pn3n3_zZlu7E8hN6Bc" 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-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels&#8217;
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    <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">4,372</span></td>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036930522224">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories (Tables)<br></strong></div></th>
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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_ClassesOfInventoriesAbstract', window );"><strong>Classes of current inventories [abstract]</strong></a></td>
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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>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036930962624">
<tr>
<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, 2023</div></th></tr>
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<tr id="xdx_408_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iTI_pn3n3_zpTVM2dg8Wja" style="background-color: rgb(204,238,255)">
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036930887568">
<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, 2023</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 class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory', window );">Share Capital and Share Premium - Authorized share capital</a></td>
<td class="text"><p id="xdx_89B_eifrs-full--DisclosureOfClassesOfShareCapitalExplanatory_zuzKY34zisOb" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span id="xdx_8B5_z7bw7yLDr8zl" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"></p><table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><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; width: 68%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
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<tr>
    <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>Authorized
    share capital:</b></span></td>
    <td style="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="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="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: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span id="xdx_90C_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zZRXcXpP2Dcj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zLkLmtfe9wsf"><span id="xdx_909_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_ze4ZK90G6UHg">500,000,000</span></span>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_90F_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_z2zsjB3iLeTh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,000</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 id="xdx_904_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zLHt1eFk13N3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,000</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 id="xdx_90E_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zFyWu7l0ltPe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,000</span></td></tr>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span id="xdx_902_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zon92x8odfwf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_znY3tZxekZG8"><span id="xdx_90A_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zFau5gqtHGKd">100,000,000</span></span>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zrprFijtx6Ml" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</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 id="xdx_90D_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_znEwW31T13kj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</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 id="xdx_90B_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z5zV8t9X21l1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 id="xdx_900_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zO7EakZ4x1g5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_znXKNO7C0BLh"><span id="xdx_90E_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z1j5USyhxN57">100,000,000</span></span>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_90E_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zPh2Wpgubz78" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</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 id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zAVF5X0VcWHg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</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 id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zUOFN9t4PV8j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</span></td></tr>
<tr style="background-color: White">
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    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_90C_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231_zwgMUI1SIaqg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,200</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231_zGcwri8lrgng" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,200</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span id="xdx_900_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231_zhBRkWy0mrpd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,200</b></span></td></tr>
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<span></span>
</td>
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<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_89D_ecustom--DisclosureOfCommonSharesExplanatory_znm2KE8dMg24" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span id="xdx_8BA_zlKwoupysGt6" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">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="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 1.65pt; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
    Shares issued and fully paid</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    of shares </b></span></td>
    <td style="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; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    at January 1, 2021</b></span></td>
    <td id="xdx_98B_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z5gkZoMaRiDb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3,040,123</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--IssuedCapital_iS_pn3n3_d0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zgZRcb8WZUHj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Issued
    during the year for share-based compensation (note 12)</span></td>
    <td id="xdx_984_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zajn1PcE6x1b" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issued during the year for share-based compensation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,178</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">&#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-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of new common stocks</span></td>
    <td id="xdx_98E_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zG09L8lACQlb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,905,000</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--IssueOfEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zvrMYDtr49of" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of common stock due to exercise of pre-funded warrants</span></td>
    <td id="xdx_987_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zmD55yUfEDC6" 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-family: Times New Roman, Times, Serif; font-size: 10pt">2,625,000</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zhdYSwQkWI6f" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    at December 31, 2021</b></span></td>
    <td id="xdx_983_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z5ncWbdbGVl1" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20,582,301</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--IssuedCapital_iS_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zOnCtePlDEc7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Issued
    during the year</span></td>
    <td id="xdx_988_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zkaGfZoZSKP" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1027">&#8212;</span></span></td>
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<tr style="background-color: rgb(204,238,255)">
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    <td id="xdx_982_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJzhE4d0HWh9" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20,582,301</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--IssuedCapital_iS_pn3n3_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_ztkJ2oibsg5j" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>82</b></span></td></tr>
<tr style="background-color: White">
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    during the year</span></td>
    <td id="xdx_986_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zaQUZAD3eTkd" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1030">&#8212;</span></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#8212;</b></span></td></tr>
<tr style="background-color: rgb(204,238,255)">
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    at December 31, 2023</b></span></td>
    <td id="xdx_98C_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iE_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z07U1E4kxiK2" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20,582,301</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--IssuedCapital_iE_pn3n3_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zMTNtQNqqBQf" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>82</b></span></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of common shares.</p></div>
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<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 2023-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_79_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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per common share &#8211; basic and diluted</span></td>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036931071744">
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<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>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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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%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Devocean
    Maritime LTD., Artful Shipholding S.A., Serena Maritime Limited, Salaminia Maritime Limited, Talisman Maritime Limited and Argo Maritime
    Limited.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zeXdK2I8SLI1" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,620</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zFQq5jAotw01" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred finance costs"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(624)</span></td>
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    <td id="xdx_984_ecustom--ModificationOfLoan_iNI_pn3n3_di_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zmOtCNv28QK3" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of loan"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(358)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_ecustom--AccruedInterest_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zKUbZpCLaJi2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">621</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zTWy6vfi4Hi9" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized cost"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,259</span></td></tr>
<tr style="background-color: White">
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    <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-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="border-bottom: Black 0.5pt solid; vertical-align: bottom; 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="border-bottom: Black 0.5pt solid"><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="border-bottom: Black 0.5pt solid"><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="border-bottom: Black 0.5pt solid; vertical-align: bottom; 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 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    at December 31, 2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--BorrowingsGross_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_z1LWZL2HVpe6" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>52,620</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zyFOugU6T8cl" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(624)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_ecustom--ModificationOfLoan_iNI_pn3n3_di_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_z3Jfdla0Txzl" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(358)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--AccruedInterest_iI_pn3n3_c20231231_zv75kcGrk07j" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>621</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_z7k750ANI8sc" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>52,259</b></span></td></tr>
<tr style="background-color: White">
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    Current Portion</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zTl847o4YiFa" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(6,258)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zQRpqD8rpHD1" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>227</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td id="xdx_985_ecustom--CurrentPortionOfModificationOfLoan_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zSNg6uAVlcff" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>152</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zNDLfIY4oQpk" 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(621)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_z6fYgntAowY9" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(6,500)</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long-Term
    Portion</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zBctO09GxJg2" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Long-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>46,362</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zoNhAX0lz0Jh" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs - Long Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(397)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--NonCurrentPortionOfModificationOfLoan_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zhVuWoOeqJM6" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Loan-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(206)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--AccruedInterestNonCurrent_iNI_pn3n3_di0_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_z8QqX27czazg" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Long-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#8212;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--LongtermBorrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zj0BHBvpC3b9" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Long-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>45,759</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; 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-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="vertical-align: bottom; 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><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><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="vertical-align: bottom; 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 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    at December 31, 2022</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zpNJkfFxioe" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>44,375</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_z4Wfj1RcLRp3" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(541)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_ecustom--ModificationOfLoan_iNI_pn3n3_di0_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zrA9069dnIJ5" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of loan"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--AccruedInterest_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zvBu0AJBeXh8" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>491</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zXA3QaiVm1P2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Less:
    Current Portion</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_z3QbwzaFlcdi" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(6,500)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zOmiqHPhQmn" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>188</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_ecustom--CurrentPortionOfModificationOfLoan_iI_pn3n3_d0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_z2cGxGxiT5t9" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zg6Bsi6RMi2g" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Current Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(491)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zmda9SmtpQB7" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Current Portion"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long-Term
    Portion</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_z5aspcdrRGel" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Long-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37,875</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zYq5EmxV2Ss6" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred finance costs - Long-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(353)</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--NonCurrentPortionOfModificationOfLoan_iI_pn3n3_d0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zsjUxnjLqJ19" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Loan-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--AccruedInterestNonCurrent_iNI_pn3n3_di0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zVm1Bfd8rYO9" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Long-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#8212;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--LongtermBorrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zn3Ny34BHHG2" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Long-Term Portion"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37,522</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_89C_ecustom--DisclosureOfLongTermDebtAnnualPrincipalPayments_zwfjMXzfilEb" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span id="xdx_8B2_zW99YuZiIL5l" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-Term
Debt, net - Annual loan principal payments</span><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 0 0 21.3pt; text-align: justify; text-indent: 0cm"></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,</b></span></td>
    <td style="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"><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-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zlsZ0w6OwHs3" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,258</span></td></tr>
<tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zYy0Fkdrfo98" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,258</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zVrmT9lxByt4" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,604</span></td></tr>
<tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027
    </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zhv7y893t5V" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,500</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zHfLeE1Bota9" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>52,620</b></span></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0"><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 0 0 21.3pt; text-align: justify; text-indent: 18pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contractual annual loan principal payments to be made subsequent to December 31, 2022, 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-family: Times New Roman, Times, Serif; 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"></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,</b></span></td>
    <td style="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">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-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_za8SetpxamG4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_ztSM8Cyi0HDg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zu0fTZ791dK9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zk4mGcFFaI4f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zsQmFiVactYc" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"><span style="font-family: Times New Roman, Times, Serif; 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: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition">
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036931071872">
<tr>
<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, 2023</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 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_89B_ecustom--DisclosureOfVoyageExpenses_z1CzlPDfmPM1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span id="xdx_8B8_zOIRt4iKYRnh" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Voyage
Expenses and Vessel Operating Expenses - Voyage expenses</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Voyage
expenses consisted of:</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></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%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49F_20230101__20231231_ztbbyoRBnSK2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_494_20220101__20221231_zFmzd6MQBQbf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_494_20210101__20211231_zCegoOgoVjv4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <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 colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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; 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="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>2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2022</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2021</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">397</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">924</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">626</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">3,083</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">3,876</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">&#8212;</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">456</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">573</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">502</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3,936</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5,373</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1,128</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_DisclosureOfVesselOperatingExpenses', window );">Voyage Expenses and Vessel Operating Expenses - Vessel operating expenses</a></td>
<td class="text"><p id="xdx_890_ecustom--DisclosureOfVesselOperatingExpenses_z0ezeP8KWjwa" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>Vessel
operating expenses consisted of:</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>&#160;<span id="xdx_8B4_zHbNC9QteTPj" style="display: none">Voyage Expenses and Vessel Operating Expenses - Vessel operating expenses</span></span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></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%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49F_20230101__20231231_z6cgvkqnWn76" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_20220101__20221231_zCqfZOzCZqG1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><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_49E_20210101__20211231_zYMv5QRPPm2g" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
    <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 colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>2023</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">8,259</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">8,952</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">7,570</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">1,176</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">1,349</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">1,067</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-family: Times New Roman, Times, Serif; font-size: 10pt">Spares,
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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">2,981</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">3,935</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">2,414</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">912</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">924</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">555</span></td></tr>
<tr id="xdx_406_ecustom--StoresExpense_pn3n3_maOCzIBf_z6aWUPCMkQR7" style="background-color: rgb(204,238,255)">
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<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"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;</b></span></p>

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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure for vessel 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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure for voayage and vessel operating expenses.</p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036895421280">
<tr>
<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>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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Expenses</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p><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; width: 68%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49D_20230101__20231231_zpnVp9FnVZ25" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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<tr>
    <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>
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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_40F_ecustom--PersonnelExpense_pn3n3_maAEzTMy_zbHrADSjV3fg" style="background-color: rgb(204,238,255)">
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    <td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,454</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,455</span></td>
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<tr id="xdx_40D_eifrs-full--AuditorsRemuneration_pn3n3_maAEzTMy_z6Ulw2FUNsn2" style="background-color: White">
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    <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">215</span></td>
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<tr id="xdx_403_ecustom--ConsultingFeesExpense_pn3n3_maAEzTMy_zpuO2QgeH2Ja" style="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">275</span></td>
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    <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">271</span></td>
    <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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td>
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    <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">16</span></td>
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    <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">3</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">6</span></td>
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    <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">636</span></td>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<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_DisclosureOfAdministrativeExpenses">
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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 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>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036897938080">
<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>
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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_InterestCostsAbstract', window );"><strong>Interest costs [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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    <td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">323</span></td>
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    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">165</span></td>
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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>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036895414944">
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<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>
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
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    <td style="padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr style="background-color: White">
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<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_DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory', window );">Commitments - Future minimum contractual obligations</a></td>
<td class="text"><p id="xdx_899_ecustom--DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory_zx4bH7Leas48" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zUbuirO0u5Qc"><span id="xdx_8BB_zdjfgHB1JMEg" style="display: none">Commitments
- Future minimum contractual obligations</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="width: 34%; 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_49E_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_z5mUXGDYofP9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Calypso
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49D_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zGXnIQMhFUQ1" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daxos
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_49A_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zQFteH8YshFa" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Paralus
    Shipholding S.A.</b></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_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--OlympiaShipholdingSAMember_zYkyMz7zkZgh" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Olympia
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Shipholding S.A.</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_495_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TotalMember_zDa9H9g3ESo4" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></p></td></tr>
  <tr id="xdx_407_ecustom--ContractualObligationsDueInNextTwelveMonths_iI_d0_maCOzWax_zyZXuO7r5svl" style="background-color: rgb(204,238,255)">
    <td style="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-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></p></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/>
    18,500</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,785</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,785</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,760</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,760</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><br/>
    75,590</b></span></td></tr>
  <tr id="xdx_400_ecustom--ContractualObligationsDueInSecondYear_iI_d0_maCOzWax_zDLYdvWwJLF6" 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">2025</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,760</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,760</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7,520</b></span></td></tr>
  <tr id="xdx_404_ecustom--ContractualObligationsDueInThirdYear_iI_d0_maCOzWax_zyilcDSAjHYc" style="background-color: rgb(204,238,255)">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,530</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,530</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>53,060</b></span></td></tr>
  <tr id="xdx_404_ecustom--ContractualObligations_iTI_d0_mtCOzWax_zA11JbbQynP1" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24,785&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24,785</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>34,050&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>34,050</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>136,170&#160;</b></span></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of contractual annual payments per subsidiary.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of future minimum lease revenues receivable under non-cancellable operating leases.</p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036895429696">
<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, 2023</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_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>Disclosure of detailed information about financial instruments [abstract]</strong></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_DisclosureOfInterestRateRiskExplanatory', window );">Financial risk management objectives and policies - Interest rate risk</a></td>
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    <td style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: White">
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    <td id="xdx_982_ecustom--IncreaseInInterestRates_pip0_uPure_c20230101__20231231_z83anFqYtjwj" style="text-align: right; text-indent: 0cm" title="Increase in Libor/SOFR"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+15</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20230101__20231231_zMfMWU1ASC3b" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor/SOFR)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(70)</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--DecreaseInInterestRates_pip0_uPure_c20230101__20231231_zM4QIhJoREK6" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20230101__20231231_zhgpGvKjv4Oh" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor/SOFR)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><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="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$
    Libor/Term SOFR</b></span></td>
    <td id="xdx_98D_ecustom--IncreaseInInterestRates_pip0_uPure_c20220101__20221231_zGGvZjoWsos2" style="text-align: right; text-indent: 0cm" title="Increase in Libor"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+15</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231_zNFhTbZFuulg" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(55)</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--DecreaseInInterestRates_pip0_uPure_c20220101__20221231_zGGC168BSzX9" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231_zYuibHrlnnP9" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$
    Libor</b></span></td>
    <td id="xdx_98C_ecustom--IncreaseInInterestRates_pip0_uPure_c20210101__20211231_zqdvIyvK0hnf" style="text-align: right; text-indent: 0cm" title="Increase in Libor"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+15</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231_z3ITs78TS2xe" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(52)</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_ecustom--DecreaseInInterestRates_pip0_uPure_c20210101__20211231_zATO529VUOe3" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231_zehBFiEUifx" style="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; text-indent: 0cm"><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="text-align: right; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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_DisclosureOfForeignCurrencyRiskExplanatory', window );">Financial risk management objectives and policies - Foreign currency risk</a></td>
<td class="text"><p id="xdx_892_ecustom--DisclosureOfForeignCurrencyRiskExplanatory_zO2aNUYEB7hd" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span id="xdx_8B8_zccKo07XWOC4" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
risk management objectives and policies - Foreign currency risk</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="padding-right: 5.4pt; padding-left: 5.4pt; width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Change
    in rate</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effect
    on income</b></span></td></tr>
<tr style="vertical-align: top">
    <td style="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="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></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td id="xdx_98C_ecustom--IncreaseInExchangeRates_pip0_uPure_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z8ixWJbqysv4" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+10%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zX0fyb4RKpW8" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(533)</span></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zKMBt0as0um2" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkYrVPWnFKQl" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">533</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="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></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td id="xdx_988_ecustom--IncreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z1hz53wfIwGc" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+10%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z1rLdDKT3CB5" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_ecustom--DecreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z00dQayTjYAi" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zRcSEisQgfWf" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td>
    <td id="xdx_986_ecustom--IncreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zbMic05lb3Eh" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+10%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td id="xdx_983_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zB0ZMLJNUt3a" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"><span style="font-family: Times New Roman, Times, Serif; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_ecustom--DecreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zZjmZ4hZYid4" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z5RkitYVakMh" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SummaryQuantitativeDataAboutEntitysExposureToRisk', window );">Financial risk management objectives and policies - Concentration of credit risk table</a></td>
<td class="text"><p id="xdx_899_eifrs-full--SummaryQuantitativeDataAboutEntitysExposureToRisk_zIQTWNpERkM4" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zZZ4qLk9uL64" style="display: none">Financial
risk management objectives and policies - Concentration of credit risk table</span></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%"><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 style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td>
    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td>
    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td>
    <td style="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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zpVvuTpPbu4a" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,430</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zAVJvkzLvLw" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zDqCwDpacjlh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,606</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zsYbvSmRrJij" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zuVhfX4it2h" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zQFOB86vcy13" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td></tr>
<tr style="background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zvLrYaKKmY09" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,830</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zU3az1XNeWnd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zkHqUG1vCKya" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zbM7EESopjyk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zZ6STw111Jo7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,571</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zuinmO0M8r6d" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11%</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zDE0lp5Uh5z" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zB8HuapfSR4l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zmvpgwvQd8S8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zL2iwNcPaOF6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zMGvwGjj7KMe" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,726</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_ziKksdW1aRJg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18%</span></td></tr>
<tr style="background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zUKxFebCpjn3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_z0d8tfIzwpL7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zlHOAk74D954" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,548</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zTbreQ5rEic7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zP33o3GxPTSh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zmb0FeloeXd1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zv89rTOsTGii" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,580</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zAm8c5zaQHO" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zYBbiQqGiezb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48,236</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zznaE1icGvK5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78%</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zSN1Hmi06cZ" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,914</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zZRjidq3DS8g" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71%</span></td></tr>
<tr style="background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20230101__20231231_zbBnGKQpemz4" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30,840</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20230101__20231231_z5xTXLf407k4" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231_zW12NybdwIk3" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>61,390</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231_zAS130lfKiic" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231_z8zfa90udbql" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43,211</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231_zV9sGDL0FFT1" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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_89A_eifrs-full--DescriptionOfManagingLiquidityRisk_zoyTOlKf1qLj" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span id="xdx_8B3_zpIqrxHsV6v7" style="display: none; font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
    ended December 31, 2023</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Less
    than 3 months</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3
    to 12 months</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1
    to 5 years</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>More
    than 5 years</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    debt</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zrDghjE8atv9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,663</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zAooiG33QYga" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,781</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zt9DHn7DoIF4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53,583</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zmqKcjsmlIs9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231_zuRyfzeCDEcf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64,027</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">Lease
    liabilities </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zznMnk6F54Gh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zDlFaTXVquA6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_z4hUlLOas0H6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zkg0OBBmqBrg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231_zHuXiZOqM8fc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">188</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-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    liabilities and other payables</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zv8vlHZbsIva" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,763</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zm1Cf42Wkcnd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zedyhC6yS6D1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zBVbi79beiu6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20231231_zkQvWihsGXYf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,763</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">Trade
    accounts payables</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zpxGx0L2WNhk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">362</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zDMFXyvzn0Bl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zjcJkxdn5mKj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_znvTwbhsWsWf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20231231_zudGXUwpELKl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">362</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"><b>Total</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_ztv7nNZKGTWh" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4,869</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zU3rbIG1rLT6" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7,888</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zRAToNvIDz" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>53,583</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zb1cFeE5kDv5" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#8212;</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231_z8Mpyu0SF6k5" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>66,340</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-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
    ended December 31, 2022</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Less
    than 3 months</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3
    to 12 months</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1
    to 5 years</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>More
    than 5 years</b></span></td>
    <td style="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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    debt</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zRUlcjpEinrg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,495</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zNa1B8f6wWHh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,266</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zRS6kVMaZdWa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43,816</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zvyCL0L5T40f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231_zdL4tIYSu8vb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    liabilities </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_z2Yj519HZ0Og" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zi2wk1PV38q4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">241</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_z8TyUer5zK87" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">188</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_ztFlHjc1dQ94" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231_zpTKm9tBgO9f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    liabilities and other payables</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zELUAqlcU6h4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,814</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zLMJOGScK0kl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zm9vUtc7z8ea" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_z0K2uqwE4K4e" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231_zxfKe0SjM8H3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    accounts payables</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zqvyf2MLnLyi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,548</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zIC8KdzweDWa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zXALyPzHmZIb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zUep9rdNaWCi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zjA4yrDOz37c" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,548</span></td></tr>
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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 IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 39<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_39_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of summary quantitative data about the entity's exposure to risks arising from financial instruments. This disclosure shall be based on the information provided internally to key management personnel of the entity, for example, the entity&#8217;s board of directors or chief executive officer. [Refer: Financial instruments, class [member]; Key management personnel of entity or parent [member]]</p></div>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036895477520">
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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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zayAE5uoqe9h" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">495</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zseXUYLZ1zB1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zUwtBx26xVTk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>495</b></span></td></tr>
<tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    portion of fair value of derivative financial instruments</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zUu8dC0BN7J7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">808</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zvOz47xAIBDb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zK9IqqZK8yt1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">808</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zcne5DEei3Y" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zo4U1NVAuGsg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>808</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"><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 id="xdx_989_eifrs-full--FinancialAssetsAtFairValue_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zF377UnAOGg4" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1,303</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="background-color: White">
    <td style="border-bottom: Black 0.5pt solid; 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="border-bottom: Black 0.5pt solid; text-align: right; 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="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="background-color: rgb(204,238,255)">
    <td style="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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    liabilities</b></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 style="text-align: right"><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 style="text-align: right"><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 style="text-align: right"><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 style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    liabilities not measured at fair value</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    borrowings</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zGfzfD4pHYti" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,620</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--Borrowings_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zqmy4sGEeUZ" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zTtIqJGeSOUf" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54,107</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--Borrowings_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zlHEutpJoIci" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zKWkj4fd9dab" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>54,107</b></span></td></tr>
<tr style="background-color: White">
    <td style="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 id="xdx_98E_eifrs-full--FinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_z0Gx5N5DS0x5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>52,620</b></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 style="text-align: right"><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 style="text-align: right"><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 style="text-align: right"><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>
</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"></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"><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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carrying
    amount</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
    value</b></span></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%"><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 style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; width: 9%"><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 style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    1</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    2</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
    3</b></span></td>
    <td style="text-align: right; width: 1%"><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; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December&#160;31,
    2022</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><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="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><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">&#160;</span></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"><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">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; 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"><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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    assets</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    assets measured at fair value</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current
    portion of fair value of derivative financial instruments</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_znttGlOm3M6k" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,315</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zVKajZKUbul7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zHfKzIwWHnC2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,315</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zuZsQEveJS62" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z0ADzZKfkto1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    portion of fair value of derivative financial instruments</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zOo5s01T62H7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,092</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zSBvmglWbV68" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zaB6kBXeTc0l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,092</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zgpb02k3fYS6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zZuCWvnT4ual" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-family: Times New Roman, Times, Serif; 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"><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 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,407</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="background-color: White">
    <td style="border-bottom: Black 0.5pt solid; 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="border-bottom: Black 0.5pt solid; text-align: right; 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="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; 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 style="background-color: rgb(204,238,255)">
    <td style="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="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    liabilities</b></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 style="text-align: right"><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 style="text-align: right"><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 style="text-align: right"><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 style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    liabilities not measured at fair value</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; 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: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    borrowings</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_z5ruuSaumohc" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44,375</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--Borrowings_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zecK6EKTzUdf" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zmOYEXNymamf" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45,549</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zAvVefkcO499" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_ziK1mLtDQvg8" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>45,549</b></span></td></tr>
<tr style="background-color: White">
    <td style="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 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>44,375</b></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 style="text-align: right"><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 style="text-align: right"><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 style="text-align: right"><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>
</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>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036895098144">
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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, 2023</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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<tr class="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>
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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>
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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_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></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_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
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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_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text">Jul. 20,  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 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="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">Jun.  09,  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 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_SalaminiaMaritimeLimitedMember', window );">Salaminia 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">Nov. 29,  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 Orion 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">Hull No: S-K192*<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_ThaliaShipholdingSAMember', window );">Thalia 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-3012*<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_LongevityMaritimeLimitedMember', window );">Longevity 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">Malta<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">Sep. 15,  2011<span></span>
</td>
</tr>
<tr class="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">**<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_DominaShipholdingLtdMember', window );">Domina Shipholding Ltd [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">May 19,  2010<span></span>
</td>
</tr>
<tr class="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_DulacMaritimeSAMember', window );">Dulac Maritime 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">May 25,  2010<span></span>
</td>
</tr>
<tr class="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">****<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>
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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_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 2023-01-01<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-2023-en-r&amp;anchor=para_16_b_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_17_b_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 12<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_12_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 19B<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_19B_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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_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 2023-01-01<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-2023-en-r&amp;anchor=para_17_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_16_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 12<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_12_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 19B<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_19B_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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_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>
</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_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>
</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_SignificantInvestmentsInSubsidiariesAxis=glbs_ArtfulShipholdingSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_ArtfulShipholdingSAMember</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_SignificantInvestmentsInSubsidiariesAxis=glbs_SerenaMaritimeLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_SerenaMaritimeLimitedMember</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_SignificantInvestmentsInSubsidiariesAxis=glbs_TalismanMaritimeLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_TalismanMaritimeLimitedMember</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_SignificantInvestmentsInSubsidiariesAxis=glbs_ArgoMaritimeLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_ArgoMaritimeLimitedMember</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_SignificantInvestmentsInSubsidiariesAxis=glbs_SalaminiaMaritimeLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>
</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_SignificantInvestmentsInSubsidiariesAxis=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_SignificantInvestmentsInSubsidiariesAxis=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_SignificantInvestmentsInSubsidiariesAxis=glbs_DaxosMaritimeLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_DaxosMaritimeLimitedMember</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_SignificantInvestmentsInSubsidiariesAxis=glbs_OlympiaShipholdingSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_OlympiaShipholdingSAMember</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_SignificantInvestmentsInSubsidiariesAxis=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_SignificantInvestmentsInSubsidiariesAxis=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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_ThaliaShipholdingSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_ThaliaShipholdingSAMember</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_SignificantInvestmentsInSubsidiariesAxis=glbs_LongevityMaritimeLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_LongevityMaritimeLimitedMember</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_SignificantInvestmentsInSubsidiariesAxis=glbs_DominaShipholdingLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_DominaShipholdingLtdMember</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_SignificantInvestmentsInSubsidiariesAxis=glbs_DulacMaritimeSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_DulacMaritimeSAMember</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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<TYPE>XML
<SEQUENCE>65
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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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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036894889088">
<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, 2023</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 or other means of identification</a></td>
<td class="text">Globus
Maritime Limited<span></span>
</td>
</tr>
<tr class="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>
</tr>
<tr class="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>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 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 2023-01-01<br> -Paragraph 138<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_138_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract</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_DomicileOfEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 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 2023-01-01<br> -Paragraph 138<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_138_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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_NameOfReportingEntityOrOtherMeansOfIdentification">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 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 2023-01-01<br> -Paragraph 51<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_51_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification</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>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036895354176">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Preparation and 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, 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_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>
<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">$ 5,272,000<span></span>
</td>
<td class="nump">$ 24,280,000<span></span>
</td>
<td class="nump">$ 14,950,000<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_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">74,202,000<span></span>
</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>
</tr>
<tr class="ro">
<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">$ 69,795,000<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_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" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Reversal of impairment</a></td>
<td class="nump">$ 4,400,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<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_AllowanceForDoubtfulTradeReceivables', window );">Allowance For Doubtful Trade Receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<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">$ 25,000,000<span></span>
</td>
<td class="nump">18,000,000<span></span>
</td>
<td class="nump">34,250,000<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_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="ro">
<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">$ 16,473,000<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_OperatingLeaseIncome', window );">Lease components</a></td>
<td class="nump">14,367,000<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="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>
<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="nump">406,000<span></span>
</td>
<td class="nump">259,000<span></span>
</td>
<td class="nump">545,000<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_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings, classified as financing activities</a></td>
<td class="nump">$ 25,000,000<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>
</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_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>
<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_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>
<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<span></span>
</td>
<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">$ 480<span></span>
</td>
<td class="nump">440<span></span>
</td>
<td class="nump">380<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_IncreaseDecreaseInDepreciationPropertyPlantAndEquiment', window );">Decrease in depreciation expense due to changes in scrap rate</a></td>
<td class="nump">$ 62,000<span></span>
</td>
<td class="nump">$ 118,000<span></span>
</td>
<td class="nump">$ 145,000<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_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_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_IncreaseDecreaseInDepreciationPropertyPlantAndEquiment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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_IncreaseDecreaseInDepreciationPropertyPlantAndEquiment</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_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_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 2023-01-01<br> -Paragraph 26<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=23&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_26_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<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-2023-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<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-2023-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 73<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 73<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 75<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=40&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_75_f&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_OperatingLeaseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 lease income. 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 2023-01-01<br> -Paragraph 90<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_90_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OperatingLeaseIncome</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 2023-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 reversal of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Reversal of 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 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vi<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e_vi&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</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_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>
</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_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>
</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_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>
</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>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>67
<FILENAME>R45.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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036930743008">
<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, 2023</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_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">$ 11<span></span>
</td>
<td class="nump">$ 36<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">74,191<span></span>
</td>
<td class="nump">52,797<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">$ 74,202<span></span>
</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_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 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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_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 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>68
<FILENAME>R46.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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036895320688">
<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, 2023</div></th>
<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>
<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 at fair value</a></td>
<td class="nump">$ 74,202<span></span>
</td>
<td class="nump">$ 52,833<span></span>
</td>
</tr>
<tr class="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 );">Amount pledged as collaterals</a></td>
<td class="nump">3,620<span></span>
</td>
<td class="nump">5,968<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 at fair value</a></td>
<td class="nump">3,620<span></span>
</td>
<td class="nump">5,968<span></span>
</td>
</tr>
<tr class="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</a></td>
<td class="nump">3,530<span></span>
</td>
<td class="nump">3,590<span></span>
</td>
</tr>
<tr class="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</a></td>
<td class="nump">$ 90<span></span>
</td>
<td class="nump">$ 2,378<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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>69
<FILENAME>R47.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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898270048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties - Compensation to the Company&#8217;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, 2023</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_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 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="nump">$ (0)<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_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_DirectorsRemunerationExpense', window );">Directors&#8217; remuneration</a></td>
<td class="nump">240<span></span>
</td>
<td class="nump">240<span></span>
</td>
<td class="nump">145<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="nump">0<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">$ 240<span></span>
</td>
<td class="nump">$ 185<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_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_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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>70
<FILENAME>R48.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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036895339760">
<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, 2023</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_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">$ 432<span></span>
</td>
<td class="nump">$ 1,172<span></span>
</td>
<td class="nump">$ 1,216<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">$ 432<span></span>
</td>
<td class="nump">$ 1,172<span></span>
</td>
<td class="nump">$ 1,216<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>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<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>
</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 2023-01-01<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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_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>
</div>
</body>
</html>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036891323008">
<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="3">2 Months Ended</th>
<th class="th" colspan="3">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="1">11 Months Ended</th>
<th class="th" colspan="5">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Feb. 14, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 02, 2021 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Feb. 28, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2022 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Jul. 15, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 22, 2020 </div>
<div>shares</div>
</th>
<th class="th">
<div>Aug. 05, 2021 </div>
<div>EUR (&#8364;)</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 ($)</div>
</th>
<th class="th">
<div>Dec. 03, 2020 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($) </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>
</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>
</tr>
<tr class="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>
</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="nump">$ (0)<span></span>
</td>
<td class="nump">$ 40,000<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="nump">311,000<span></span>
</td>
<td class="nump">327,000<span></span>
</td>
<td class="nump">206,000<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="nump">28,000<span></span>
</td>
<td class="nump">54,000<span></span>
</td>
<td class="nump">52,000<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="nump">339,000<span></span>
</td>
<td class="nump">341,000<span></span>
</td>
<td class="nump">314,000<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="nump">$ 275,000<span></span>
</td>
<td class="nump">$ 271,000<span></span>
</td>
<td class="nump">$ 329,000<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 (decrease) 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>
</tr>
<tr class="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="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 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">&#160;<span></span>
</td>
<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 );">Series B 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="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>
</tr>
<tr class="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="nump">$ 0.001<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>
</tr>
<tr class="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>
</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="nump">$ 432,000<span></span>
</td>
<td class="nump">$ 1,172,000<span></span>
</td>
<td class="nump">$ 1,216,000<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="nump">$ 1,500,000<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="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>
</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>
</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] | Series B 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_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>
</tr>
<tr class="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 (decrease) in number of shares outstanding | shares</a></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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">$ 0.001<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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="nump">10,300<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">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>
</tr>
<tr class="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>
</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="nump">24.90%<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>
</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>
</tr>
<tr class="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>
</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="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>
</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>
</tr>
<tr class="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>
</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_NoninterestExpenseDirectorsFees1', window );">Annual Service Fee</a></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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="nump">$ 60,000<span></span>
</td>
<td class="nump">$ 60,000<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>
</tr>
<tr class="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>
</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="nump">$ 77,000<span></span>
</td>
<td class="nump">2,088,000<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>
</tr>
<tr class="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>
</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_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="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>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,900<span></span>
</td>
<td class="nump">&#8364; 10,360,000<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_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">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="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 );">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="nump">$ 40,000<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_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="text">&#160;<span></span>
</td>
<td class="nump">$ 242,000<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>
</tr>
<tr class="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>
</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_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="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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_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">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="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="nump">$ 349,000<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_CounterpartiesAxis=glbs_RentCharged2022CyberonicaFGMember', window );">Rent charged 2022 | Cyberonica and 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>
</tr>
<tr class="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>
</tr>
<tr class="ro">
<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="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_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_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_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 2023-01-01<br> -Paragraph 53<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<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-2023-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 53<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 21<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<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-2023-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<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-2023-en-r&amp;anchor=para_79_a_vi&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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>
<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_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>
</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_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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=glbs_RentCharged2022CyberonicaFGMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_RentCharged2022CyberonicaFGMember</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>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036891256784">
<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, 2023</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_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>
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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_Ships', window );">Balance beginning of period</a></td>
<td class="nump">$ 129,461<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_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Reversal of Impairment</a></td>
<td class="nump">4,400<span></span>
</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_Ships', window );">Balance ending of period</a></td>
<td class="nump">100,557<span></span>
</td>
<td class="nump">129,461<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">129,461<span></span>
</td>
<td class="nump">130,724<span></span>
</td>
<td class="nump">62,350<span></span>
</td>
</tr>
<tr class="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">6,485<span></span>
</td>
<td class="nump">8,616<span></span>
</td>
<td class="nump">74,790<span></span>
</td>
</tr>
<tr class="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">(8,557)<span></span>
</td>
<td class="num">(9,879)<span></span>
</td>
<td class="num">(6,416)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Reversal of Impairment</a></td>
<td class="nump">4,400<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_DisposalsPropertyPlantAndEquipment', window );">Sale of vessel</a></td>
<td class="num">(31,232)<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 ending of period</a></td>
<td class="nump">100,557<span></span>
</td>
<td class="nump">129,461<span></span>
</td>
<td class="nump">130,724<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="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">234,916<span></span>
</td>
<td class="nump">233,738<span></span>
</td>
<td class="nump">162,992<span></span>
</td>
</tr>
<tr class="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">161<span></span>
</td>
<td class="nump">1,178<span></span>
</td>
<td class="nump">70,746<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Reversal of Impairment</a></td>
<td class="nump">4,400<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_DisposalsPropertyPlantAndEquipment', window );">Sale of vessel</a></td>
<td class="num">(58,219)<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 ending of period</a></td>
<td class="nump">181,258<span></span>
</td>
<td class="nump">234,916<span></span>
</td>
<td class="nump">233,738<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">(113,009)<span></span>
</td>
<td class="num">(107,776)<span></span>
</td>
<td class="num">(104,111)<span></span>
</td>
</tr>
<tr class="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">(4,372)<span></span>
</td>
<td class="num">(5,233)<span></span>
</td>
<td class="num">(3,665)<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_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount', window );">Sale of vessel</a></td>
<td class="nump">31,149<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_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Balance ending of period</a></td>
<td class="num">(86,232)<span></span>
</td>
<td class="num">(113,009)<span></span>
</td>
<td class="num">(107,776)<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="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">23,365<span></span>
</td>
<td class="nump">15,927<span></span>
</td>
<td class="nump">11,883<span></span>
</td>
</tr>
<tr class="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">6,324<span></span>
</td>
<td class="nump">7,438<span></span>
</td>
<td class="nump">4,044<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Sale of vessel</a></td>
<td class="num">(13,444)<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 ending of period</a></td>
<td class="nump">16,245<span></span>
</td>
<td class="nump">23,365<span></span>
</td>
<td class="nump">15,927<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">(15,811)<span></span>
</td>
<td class="num">(11,165)<span></span>
</td>
<td class="num">(8,414)<span></span>
</td>
</tr>
<tr class="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">(4,185)<span></span>
</td>
<td class="num">(4,646)<span></span>
</td>
<td class="num">(2,751)<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_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount', window );">Sale of vessel</a></td>
<td class="nump">9,282<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_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Balance ending of period</a></td>
<td class="num">$ (10,714)<span></span>
</td>
<td class="num">$ (15,811)<span></span>
</td>
<td class="num">$ (11,165)<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>
</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_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The reversal of the amount of accumulated deprecation due to the disposal of property plant 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_AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount</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_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 2023-01-01<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-2023-en-r&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 104<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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_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_DisposalsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment resulting from disposals. [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 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsPropertyPlantAndEquipment</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_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 reversal of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Reversal of 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 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vi<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e_vi&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</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 2023-01-01<br> -Paragraph 37<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_37_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<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>
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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>
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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_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><strong> Data Type:</strong></td>
<td>na</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>
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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_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 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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<td><strong> Period Type:</strong></td>
<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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DryDockingMember</td>
</tr>
<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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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036894587200">
<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, 2023</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_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>
</tr>
<tr class="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&#8217; depreciation</a></td>
<td class="nump">$ 4,372<span></span>
</td>
<td class="nump">$ 5,233<span></span>
</td>
<td class="nump">$ 3,665<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">42<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="nump">39<span></span>
</td>
</tr>
<tr class="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 16)</a></td>
<td class="nump">311<span></span>
</td>
<td class="nump">327<span></span>
</td>
<td class="nump">206<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">$ 4,725<span></span>
</td>
<td class="nump">$ 5,600<span></span>
</td>
<td class="nump">$ 3,910<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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<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>
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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_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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 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>
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<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_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 2023-01-01<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-2023-en-r&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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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<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_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 2023-01-01<br> -Paragraph 53<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 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>na</td>
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<tr>
<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_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract">
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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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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036893118208">
<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="2">2 Months Ended</th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">5 Months Ended</th>
<th class="th" colspan="1">7 Months Ended</th>
<th class="th" colspan="4">8 Months Ended</th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Mar. 06, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 18, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 19, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 05, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Aug. 11, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Sep. 13, 2023</div></th>
<th class="th">
<div>Aug. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Aug. 18, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Aug. 16, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 22, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</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>
</tr>
<tr class="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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', 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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 71,600,000<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_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Proceeds from sales of property, plant and equipment, 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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">35,097,000<span></span>
</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_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Reversal of 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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">4,400,000<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_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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">19,074,000<span></span>
</td>
<td class="nump">28,172,000<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_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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Purchase price</a></td>
<td class="text">&#160;<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">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>
<td class="text">&#160;<span></span>
</td>
<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_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 27,000,000<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>
</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="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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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 );">Vessel cost</a></td>
<td class="text">&#160;<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', 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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 28,400,000<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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">81,837<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
</tr>
<tr class="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 );">Vessel 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="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>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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_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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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 );">Proceeds from sales of property, plant and equipment, classified as investing activities</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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Reversal of 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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 4,400,000<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_GainsOnDisposalsOfNoncurrentAssets', window );">Gains on disposals of non-current 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="nump">$ 71,000<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_ClassesOfPropertyPlantAndEquipmentAxis=glbs_SkyGlobeMember', window );">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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">&#160;<span></span>
</td>
<td class="text">2009<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Sep.  07,  2023<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_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Proceeds from sales of property, plant and equipment, 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">$ 10,700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_GainsOnDisposalsOfNoncurrentAssets', window );">Gains on disposals of non-current 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">$ 2,200,000<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>
</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_StarGlobeMember', window );">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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2010<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Sep. 13,  2023<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_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Proceeds from sales of property, plant and equipment, 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="text">&#160;<span></span>
</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">$ 11,200,000<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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsOnDisposalsOfNoncurrentAssets', window );">Gains on disposals of non-current 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="nump">$ 1,600,000<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>
</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_TwoNewBulkCarriersMember', window );">Two newbuild bulk carriers [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>
</tr>
<tr class="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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="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 );">Vessel 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="nump">$ 75,500,000<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 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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">second
half of 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>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,500,000<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>
</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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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 );">Vessel 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">$ 1,100,000<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_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_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_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>
</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_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_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 2023-01-01<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-2023-en-r&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 16<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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_GainsOnDisposalsOfNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 non-current assets. [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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsOnDisposalsOfNoncurrentAssets</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_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 sales of property, plant and equipment, classified as investing activities. [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 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</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_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 property, plant and equipment, classified as investing activities. [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 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</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_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 reversal of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Reversal of 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 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vi<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e_vi&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</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_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_SunGlobeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_SunGlobeMember</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_SkyGlobeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_SkyGlobeMember</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_StarGlobeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_StarGlobeMember</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_TwoNewBulkCarriersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_TwoNewBulkCarriersMember</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>
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</div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>75
<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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</head>
<body>
<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898678400">
<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, 2023</div></th>
<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>
<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">$ 533<span></span>
</td>
<td class="nump">$ 1,062<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">59<span></span>
</td>
<td class="nump">133<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">664<span></span>
</td>
<td class="nump">1,833<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">$ 1,256<span></span>
</td>
<td class="nump">$ 3,028<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 2023-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>76
<FILENAME>R54.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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898636288">
<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, 2023</div></th>
<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>
<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">$ 362<span></span>
</td>
<td class="nump">$ 3,548<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 2023-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>77
<FILENAME>R55.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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							}</script>
</head>
<body>
<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898154032">
<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, 2023</div></th>
<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>
<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_AccruedAuditFeesCurrent', window );">Accrued audit fees</a></td>
<td class="nump">$ 122<span></span>
</td>
<td class="nump">$ 77<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_OtherAccruals', window );">Other accruals</a></td>
<td class="nump">1,393<span></span>
</td>
<td class="nump">5,552<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_CurrentInsuranceDeductibles', window );">Insurance deductibles</a></td>
<td class="nump">131<span></span>
</td>
<td class="nump">104<span></span>
</td>
</tr>
<tr class="re">
<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">117<span></span>
</td>
<td class="nump">81<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_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Total</a></td>
<td class="nump">$ 1,763<span></span>
</td>
<td class="nump">$ 5,814<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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<head>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036893101152">
<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, 2023</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_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="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<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 );">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 );">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 );">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 );">Series B 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 );">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 2023-01-01<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-2023-en-r&amp;anchor=para_79_a_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<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-2023-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<DOCUMENT>
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<SEQUENCE>79
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036894932704">
<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, 2023</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_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">20,582,301<span></span>
</td>
<td class="nump">3,040,123<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="text"> <span></span>
</td>
<td class="nump">12,178<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_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity', window );">Issuance of new common stocks</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,905,000<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_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity', window );">Issuance of common stock due to exercise of pre-funded warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,625,000<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_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">20,582,301<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">$ 82<span></span>
</td>
<td class="nump">$ 12<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="nump">60<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="nump">10<span></span>
</td>
</tr>
<tr class="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">$ 82<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_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_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 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<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-2023-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<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>
</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 2023-01-01<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-2023-en-r&amp;anchor=para_79_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<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>
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<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>
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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>
<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_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>
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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>
</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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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036889492992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Capital and Share Premium (Details Narrative)<br> $ / shares in Units, $ in Thousands</strong></div></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">6 Months Ended</th>
<th class="th" colspan="1">11 Months Ended</th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Jan. 29, 2021 </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. 22, 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, 2023 </div>
<div>USD ($) </div>
<div>$ / 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>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 10, 2020 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Jun. 30, 2020 </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>
</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">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>
</tr>
<tr class="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 (decrease) 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="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>
</tr>
<tr class="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="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_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">$ 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>
</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_ProceedsFromWarrantExercises', window );">Proceeds From Warrant Exercises | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 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>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">89,580<span></span>
</td>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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<span></span>
</td>
<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_SharePremium', window );">Share premium | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 284,406<span></span>
</td>
<td class="nump">$ 284,406<span></span>
</td>
<td class="nump">$ 284,406<span></span>
</td>
<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]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="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 (decrease) 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="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>
</tr>
<tr class="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="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>
</tr>
<tr class="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="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>
</tr>
<tr class="re">
<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="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>
</tr>
<tr class="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 | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,695<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="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>
</tr>
<tr class="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 (decrease) 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="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>
</tr>
<tr class="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>
</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="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>
</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>
</tr>
<tr class="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>
</tr>
<tr class="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 (decrease) in number of shares outstanding</a></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="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>
<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="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="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="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 | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 27,891<span></span>
</td>
<td class="nump">$ 46,581<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_ShareIssueRelatedCost', window );">Share issue related cost | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 152<span></span>
</td>
<td class="nump">$ 129<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="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>
</tr>
<tr class="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 (decrease) 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="nump">12,178<span></span>
</td>
<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="nump">$ 0.004<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>
</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 );">Series B 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>
</tr>
<tr class="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>
</tr>
<tr class="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">$ 0.001<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_ClassesOfShareCapitalAxis=glbs_PreferredSharesMember', window );">Series 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>
</tr>
<tr class="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>
</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">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="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 (decrease) in number of shares outstanding</a></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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">$ 0.001<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 | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 130<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_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>
</tr>
<tr class="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>
</tr>
<tr class="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="nump">$ 0.001<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="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="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>
<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>
</tr>
<tr class="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>
</tr>
<tr class="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 (decrease) in number of shares outstanding</a></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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">$ 0.001<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="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 | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 130<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="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>
</tr>
<tr class="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="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_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">388,700<span></span>
</td>
<td class="nump">388,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_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="nump">5,550<span></span>
</td>
<td class="nump">5,550<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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 | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 194<span></span>
</td>
<td class="nump">$ 194<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="nump">388,700<span></span>
</td>
<td class="nump">388,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="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 (decrease) 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="nump">1,291,833<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">1,291,833<span></span>
</td>
<td class="nump">1,291,833<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_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="nump">1,291,833<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="nump">1,291,833<span></span>
</td>
<td class="nump">1,291,833<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_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="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="nump">$ 30<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>
</tr>
<tr class="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>
</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">1,270,587<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_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>
</tr>
<tr class="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>
</tr>
<tr class="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="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="nump">$ 8.50<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="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_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>
</tr>
<tr class="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>
</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="nump">1,950,000<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>
</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>
</tr>
<tr class="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>
</tr>
<tr class="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">0.004<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="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>
</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="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>
</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>
</tr>
<tr class="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>
</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="nump">4,800,000<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>
</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>
</tr>
<tr class="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>
</tr>
<tr class="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">$ 0.004<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>
</tr>
<tr class="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="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>
</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="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>
</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>
</tr>
<tr class="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>
</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="nump">10,000,000<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>
</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>
</tr>
<tr class="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>
</tr>
<tr class="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="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="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>
</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="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>
</tr>
</table>
<div style="display: none;">
<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_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 2023-01-01<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-2023-en-r&amp;anchor=para_47_a_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 45<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<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-2023-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<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-2023-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<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-2023-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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_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_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_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_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>
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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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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
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<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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036895331328">
<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, 2023</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_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 attributable to common equity holders</a></td>
<td class="nump">$ 5,272<span></span>
</td>
<td class="nump">$ 24,280<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_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">20,582,301<span></span>
</td>
<td class="nump">14,809,536<span></span>
</td>
</tr>
<tr class="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 );">Diluted earnings (loss) per share</a></td>
<td class="nump">$ 0.26<span></span>
</td>
<td class="nump">$ 1.18<span></span>
</td>
<td class="nump">$ 1.01<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BasicEarningsLossPerShare', window );">Basic earnings (loss) per share</a></td>
<td class="nump">$ 0.26<span></span>
</td>
<td class="nump">$ 1.18<span></span>
</td>
<td class="nump">$ 1.01<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_BasicEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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).</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 2023-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2023-01-01<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicEarningsLossPerShare</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>
<td>dtr-types:perShareItemType</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_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 2023-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2023-01-01<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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 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>
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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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<td><strong> Period Type:</strong></td>
<td>duration</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_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 2023-01-01<br> -Paragraph 70<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_70_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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 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 2023-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>82
<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">
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<body>
<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898319664">
<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, 2023</div></th>
<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_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_AccruedInterest', window );">Accrued Interest</a></td>
<td class="nump">$ 621<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 );">Amortized Cost - Current Portion</a></td>
<td class="num">(6,500)<span></span>
</td>
<td class="num">$ (6,803)<span></span>
</td>
</tr>
<tr class="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 );">Amortized Cost - Long-Term Portion</a></td>
<td class="nump">45,759<span></span>
</td>
<td class="nump">37,522<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_ClassesOfFinancialInstrumentsAxis=glbs_PrincipalMember', window );">Principal [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 );">Principal</a></td>
<td class="nump">52,620<span></span>
</td>
<td class="nump">44,375<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 );">Principal - Current Portion</a></td>
<td class="num">(6,258)<span></span>
</td>
<td class="num">(6,500)<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_LongTermBorrowingsGross', window );">Principal - Long-Term Portion</a></td>
<td class="nump">46,362<span></span>
</td>
<td class="nump">37,875<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_ClassesOfFinancialInstrumentsAxis=glbs_DeferredfinancecostsMember', window );">Deferred Finance Costs [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_DebtInstrumentUnamortisedDiscount', window );">Deferred Finance Costs</a></td>
<td class="num">(624)<span></span>
</td>
<td class="num">(541)<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 );">Deferred Finance Costs - Current Portion</a></td>
<td class="nump">227<span></span>
</td>
<td class="nump">188<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_LongTermDebtInstrumentUnamortisedDiscount', window );">Deferred finance costs - Long-Term Portion</a></td>
<td class="num">(397)<span></span>
</td>
<td class="num">(353)<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_ClassesOfFinancialInstrumentsAxis=glbs_ModificationOfLoanMember', window );">Modification Of Loan [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_ModificationOfLoan', window );">Modification of loan</a></td>
<td class="num">(358)<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_CurrentPortionOfModificationOfLoan', window );">Modification of Loan - Current Portion</a></td>
<td class="nump">152<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_NonCurrentPortionOfModificationOfLoan', window );">Modification of Loan - Loan-Term Portion</a></td>
<td class="num">(206)<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_ClassesOfFinancialInstrumentsAxis=glbs_AmortizedCostMember', window );">Amortized Cost [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" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Amortized Cost</a></td>
<td class="nump">52,259<span></span>
</td>
<td class="nump">44,325<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_CurrentPortionOfLongtermBorrowings', window );">Amortized Cost - Current Portion</a></td>
<td class="num">(6,500)<span></span>
</td>
<td class="num">(6,803)<span></span>
</td>
</tr>
<tr class="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 );">Amortized Cost - Long-Term Portion</a></td>
<td class="nump">45,759<span></span>
</td>
<td class="nump">37,522<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_ClassesOfFinancialInstrumentsAxis=glbs_AccruedInterestMember', window );">Accrued Interest [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_AccruedInterest', window );">Accrued Interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">491<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">(621)<span></span>
</td>
<td class="num">(491)<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_AccruedInterestNonCurrent', window );">Accrued Interest - Long-Term Portion</a></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_CategoriesOfRelatedPartiesAxis=glbs_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember', window );">Devocean Maritime LTD., Artful Shipholding S.A., Serena Maritime Limited, Salaminia Maritime Limited, Talisman Maritime Limited and Argo Maritime Limited.</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 );">Principal</a></td>
<td class="nump">52,620<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_DebtInstrumentUnamortisedDiscount', window );">Deferred Finance Costs</a></td>
<td class="num">(624)<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_ModificationOfLoan', window );">Modification of loan</a></td>
<td class="num">(358)<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_AccruedInterest', window );">Accrued Interest</a></td>
<td class="nump">621<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 );">Amortized Cost</a></td>
<td class="nump">$ 52,259<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_AccruedInterestNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 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_AccruedInterestNonCurrent</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_CurrentPortionOfModificationOfLoan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 the modification of 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_CurrentPortionOfModificationOfLoan</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_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_glbs_ModificationOfLoan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 modification 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_ModificationOfLoan</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_NonCurrentPortionOfModificationOfLoan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 the modification of 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_NonCurrentPortionOfModificationOfLoan</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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</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_ClassesOfFinancialInstrumentsAxis=glbs_PrincipalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_ClassesOfFinancialInstrumentsAxis=glbs_PrincipalMember</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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=glbs_DeferredfinancecostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_ClassesOfFinancialInstrumentsAxis=glbs_DeferredfinancecostsMember</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>
</tr>
<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_ClassesOfFinancialInstrumentsAxis=glbs_ModificationOfLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_ClassesOfFinancialInstrumentsAxis=glbs_ModificationOfLoanMember</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>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=glbs_AmortizedCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_ClassesOfFinancialInstrumentsAxis=glbs_AmortizedCostMember</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>
</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_ClassesOfFinancialInstrumentsAxis=glbs_AccruedInterestMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_ClassesOfFinancialInstrumentsAxis=glbs_AccruedInterestMember</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>
</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_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>
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<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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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036894611280">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Long-Term Debt, net - Annual loan principal payments (Details) - First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) [member] - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<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_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>
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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_Borrowings', window );">Loan balance</a></td>
<td class="nump">$ 52,620<span></span>
</td>
<td class="nump">$ 44,375<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]</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" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Loan balance</a></td>
<td class="nump">6,258<span></span>
</td>
<td class="nump">6,500<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]</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" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Loan balance</a></td>
<td class="nump">6,258<span></span>
</td>
<td class="nump">6,500<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]</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" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Loan balance</a></td>
<td class="nump">21,604<span></span>
</td>
<td class="nump">6,500<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]</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>
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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_Borrowings', window );">Loan balance</a></td>
<td class="nump">$ 18,500<span></span>
</td>
<td class="nump">$ 24,875<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_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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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: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>
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<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>
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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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<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>
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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_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember</td>
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<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember</td>
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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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<head>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036892726704">
<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="2">4 Months Ended</th>
<th class="th" colspan="2">7 Months Ended</th>
<th class="th" colspan="3">8 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>May 10, 2023</div></th>
<th class="th"><div>May 10, 2021</div></th>
<th class="th"><div>Aug. 10, 2023</div></th>
<th class="th"><div>Aug. 10, 2022</div></th>
<th class="th"><div>Sep. 07, 2023</div></th>
<th class="th"><div>Aug. 31, 2023</div></th>
<th class="th"><div>Aug. 29, 2023</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<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_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>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 25,000,000<span></span>
</td>
<td class="nump">$ 18,000,000<span></span>
</td>
<td class="nump">$ 34,250,000<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="text">&#160;<span></span>
</td>
<td class="nump">388,000<span></span>
</td>
<td class="nump">2,520,000<span></span>
</td>
<td class="nump">181,000<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_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Prepayments of borrowing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 10,505,000<span></span>
</td>
<td class="nump">$ (0)<span></span>
</td>
<td class="nump">35,507,000<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_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>
<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>
<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="text">&#160;<span></span>
</td>
<td class="nump">8.19%<span></span>
</td>
<td class="nump">5.58%<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_SunGlobe1Member', 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<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_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Prepayments of borrowing</a></td>
<td class="nump">$ 3,674,000<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="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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Jun.  05,  2023<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_SkyGlobeMember', window );">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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<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_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Prepayments of borrowing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 3,276,000<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_VesselDeliveryDate', window );">Vessel Delivery 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">Sep.  07,  2023<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_StarGlobeMember', window );">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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<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_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Prepayments of borrowing</a></td>
<td class="text">&#160;<span></span>
</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">$ 3,555,000<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_VesselDeliveryDate', window );">Vessel Delivery 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">Sep. 13,  2023<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>
<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>
<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_LineOfCreditFacilityInitiationDate2', window );">Line of Credit Facility, Initiation 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">May
2021<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_LineOfCreditFacilityBorrowingCapacity', window );">Line Of Credit Facility 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="nump">$ 34,250,000<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_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">for
the purpose of refinancing the existing indebtedness secured on the ships<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
</tr>
<tr class="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="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>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">5.75%<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
</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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 1,250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl 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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 9,250,000<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_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">May 2026<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>
<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>
<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_DescriptionOfCollateralHeldAsSecurityAndOtherCreditEnhancements2014', window );">Description of collateral held as security and other credit enhancements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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
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,Argo Maritime Limited, which is required to set aside
quarterly payments that aggregate to $675, and Talisman Limited, which is required to set aside quarterly payments that aggregate to $315.<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>
<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>
<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_LineOfCreditFacilityInitiationDate2', window );">Line of Credit Facility, Initiation 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">August 2022<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">for the purpose of financing vessel Orion Globe and for general corporate and working capital purposes<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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<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="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>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">5.25%<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="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>
<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="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>
<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="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>
</tr>
<tr class="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="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>
</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 2023 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>
</tr>
<tr class="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>
<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">for the purpose of financing vessels Diamond Globe and Power Globe and for general
corporate and working capital 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>
</tr>
<tr class="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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">SOFR<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="nump">2.70%<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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.70%<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="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="nump">$ 25,000,000<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="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="nump">$ 77,250,000<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>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="nump">$ 417,000<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_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">0.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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] | First four tranches [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>
</tr>
<tr class="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>
<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">May 2026<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] | Final two tranches [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>
</tr>
<tr class="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>
<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_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">August
2027<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>
<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>
<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">LIBOR<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">1.25%<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 August 10, 2024 [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>
</tr>
<tr class="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>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="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 of the tranche financing either Diamond Globe or Power Globe occurs on or before August 2024 [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>
</tr>
<tr class="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>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
</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 therafter until August 2025 [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>
</tr>
<tr class="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>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
</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_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_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_LineOfCreditFacilityBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_LineOfCreditFacilityBorrowingCapacity</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_LineOfCreditFacilityInitiationDate2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 the credit facility first became available, in YYYY-MM-DD 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_LineOfCreditFacilityInitiationDate2</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_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_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_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 prepayments to settle borrowings, 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_PrepaymentsOfBorrowingsClassifiedAsFinancingActivities</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_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_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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_DescriptionOfCollateralHeldAsSecurityAndOtherCreditEnhancements2014">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 collateral held as security and other credit enhancements in respect of the amount that best represents the maximum exposure to credit risk. This includes a description of the nature and quality of the collateral held, an explanation of any significant changes in the quality of that collateral or credit enhancements and information about financial instruments for which an entity has not recognised a loss allowance because of the collateral. [Refer: Credit risk [member]; Maximum exposure to credit risk]</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 2023-01-01<br> -Paragraph 35K<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35K_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfCollateralHeldAsSecurityAndOtherCreditEnhancements2014</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_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_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 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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>
</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_SunGlobe1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_SunGlobe1Member</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_SkyGlobeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_SkyGlobeMember</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_StarGlobeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_StarGlobeMember</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_CiTLoanFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>
</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_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>
</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_CategoriesOfFinancialAssetsAxis=glbs_August2023AgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_August2023AgreementMember</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_CategoriesOfFinancialAssetsAxis=glbs_FirstFourTranchesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_FirstFourTranchesMember</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_CategoriesOfFinancialAssetsAxis=glbs_FinalTwoTranchesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_FinalTwoTranchesMember</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_ClassesOfFinancialAssetsAxis=glbs_SwapAggrementCiTLoanFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_ClassesOfFinancialAssetsAxis=glbs_SwapAggrementCiTLoanFacilityMember</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_ClassesOfFinancialAssetsAxis=glbs_SWAPAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_ClassesOfFinancialAssetsAxis=glbs_SWAPAgreementMember</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_CategoriesOfFinancialAssetsAxis=glbs_PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member</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_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>
</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_CategoriesOfFinancialAssetsAxis=glbs_PrepaymentOnOrBeforeAugust2023ButAfterMay2024Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_PrepaymentOnOrBeforeAugust2023ButAfterMay2024Member</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>R63.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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036930968464">
<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, 2023</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_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">$ 397<span></span>
</td>
<td class="nump">$ 924<span></span>
</td>
<td class="nump">$ 626<span></span>
</td>
</tr>
<tr class="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">3,083<span></span>
</td>
<td class="nump">3,876<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_OtherVoyageExpense', window );">Other voyage expenses</a></td>
<td class="nump">456<span></span>
</td>
<td class="nump">573<span></span>
</td>
<td class="nump">502<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">$ 3,936<span></span>
</td>
<td class="nump">$ 5,373<span></span>
</td>
<td class="nump">$ 1,128<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 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>86
<FILENAME>R64.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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898473008">
<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, 2023</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_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">$ 8,259<span></span>
</td>
<td class="nump">$ 8,952<span></span>
</td>
<td class="nump">$ 7,570<span></span>
</td>
</tr>
<tr class="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">1,176<span></span>
</td>
<td class="nump">1,349<span></span>
</td>
<td class="nump">1,067<span></span>
</td>
</tr>
<tr class="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">2,981<span></span>
</td>
<td class="nump">3,935<span></span>
</td>
<td class="nump">2,414<span></span>
</td>
</tr>
<tr class="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">912<span></span>
</td>
<td class="nump">924<span></span>
</td>
<td class="nump">555<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">2,325<span></span>
</td>
<td class="nump">2,340<span></span>
</td>
<td class="nump">1,712<span></span>
</td>
</tr>
<tr class="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">437<span></span>
</td>
<td class="nump">512<span></span>
</td>
<td class="nump">490<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">$ 16,090<span></span>
</td>
<td class="nump">$ 18,012<span></span>
</td>
<td class="nump">$ 13,808<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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 9<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_9&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898472592">
<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, 2023</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_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">$ 1,971<span></span>
</td>
<td class="nump">$ 1,454<span></span>
</td>
<td class="nump">$ 1,455<span></span>
</td>
</tr>
<tr class="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">227<span></span>
</td>
<td class="nump">204<span></span>
</td>
<td class="nump">215<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">275<span></span>
</td>
<td class="nump">271<span></span>
</td>
<td class="nump">329<span></span>
</td>
</tr>
<tr class="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">21<span></span>
</td>
<td class="nump">16<span></span>
</td>
<td class="nump">16<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">3<span></span>
</td>
<td class="nump">6<span></span>
</td>
</tr>
<tr class="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 17)</a></td>
<td class="nump">236<span></span>
</td>
<td class="nump">292<span></span>
</td>
<td class="nump">185<span></span>
</td>
</tr>
<tr class="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">808<span></span>
</td>
<td class="nump">636<span></span>
</td>
<td class="nump">404<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">$ 3,541<span></span>
</td>
<td class="nump">$ 2,876<span></span>
</td>
<td class="nump">$ 2,610<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 2023-01-01<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-2023-en-r&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898143360">
<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, 2023</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_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">$ 3,847<span></span>
</td>
<td class="nump">$ 2,047<span></span>
</td>
<td class="nump">$ 1,958<span></span>
</td>
</tr>
<tr class="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">67<span></span>
</td>
<td class="nump">60<span></span>
</td>
<td class="nump">59<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">323<span></span>
</td>
<td class="nump">165<span></span>
</td>
<td class="nump">547<span></span>
</td>
</tr>
<tr class="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">28<span></span>
</td>
<td class="nump">54<span></span>
</td>
<td class="nump">52<span></span>
</td>
</tr>
<tr class="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">30<span></span>
</td>
<td class="nump">34<span></span>
</td>
<td class="nump">646<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="nump">0<span></span>
</td>
<td class="num">(40)<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_ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances', window );">Amortization of gain of Loan modification</a></td>
<td class="nump">59<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_FinanceCosts', window );">Total</a></td>
<td class="nump">$ 4,354<span></span>
</td>
<td class="nump">$ 2,320<span></span>
</td>
<td class="nump">$ 3,262<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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 loans and advances. [Refer: 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 1<br> -IssueDate 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances</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_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 2023-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_f&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 53<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<head>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898048560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Interest Expense and Finance Costs (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IfrsStatementLineItems', window );"><strong>IfrsStatementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherFinanceCost', window );">Other finance cost</a></td>
<td class="nump">$ 30,000<span></span>
</td>
<td class="nump">$ 34,000<span></span>
</td>
<td class="nump">$ 646,000<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="text">&#160;<span></span>
</td>
<td class="nump">$ 600,000<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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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<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>
</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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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:monetaryItemType</td>
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<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>
</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>
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<tr>
<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>
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<html>
<head>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036895429952">
<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, 2023</div></th>
<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_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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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_UndiscountedOperatingLeasePaymentsToBeReceived', window );">Total</a></td>
<td class="nump">$ 8,060<span></span>
</td>
<td class="nump">$ 6,675<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">$ 8,060<span></span>
</td>
<td class="nump">$ 6,675<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">
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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_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems</td>
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<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 2023-01-01<br> -Paragraph 97<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_97&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
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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_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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<DOCUMENT>
<TYPE>XML
<SEQUENCE>91
<FILENAME>R69.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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898408992">
<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, 2023 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_CalypsoShipholdingSAMember', window );">Calypso Shipholding S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IfrsStatementLineItems', window );"><strong>IfrsStatementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ContractualObligationsDueInNextTwelveMonths', window );">2024</a></td>
<td class="nump">$ 18,500<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 );">2025</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_ContractualObligationsDueInThirdYear', window );">2026</a></td>
<td class="nump">0<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">18,500<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="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 );">2024</a></td>
<td class="nump">24,785<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 );">2025</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_ContractualObligationsDueInThirdYear', window );">2026</a></td>
<td class="nump">0<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 );">2024</a></td>
<td class="nump">24,785<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 );">2025</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_ContractualObligationsDueInThirdYear', window );">2026</a></td>
<td class="nump">0<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_OlympiaShipholdingSAMember', window );">Olympia 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 );">2024</a></td>
<td class="nump">3,760<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 );">2025</a></td>
<td class="nump">3,760<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_ContractualObligationsDueInThirdYear', window );">2026</a></td>
<td class="nump">26,530<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">34,050<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_ThaliaShipholdingSAMember', window );">Thalia 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 );">2024</a></td>
<td class="nump">3,760<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 );">2025</a></td>
<td class="nump">3,760<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_ContractualObligationsDueInThirdYear', window );">2026</a></td>
<td class="nump">26,530<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">34,050<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_TotalMember', window );">Total [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 );">2024</a></td>
<td class="nump">75,590<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 );">2025</a></td>
<td class="nump">7,520<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_ContractualObligationsDueInThirdYear', window );">2026</a></td>
<td class="nump">53,060<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">$ 136,170<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_ContractualObligationsDueInThirdYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 third 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_ContractualObligationsDueInThirdYear</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>
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</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_OlympiaShipholdingSAMember</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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</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_ThaliaShipholdingSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_ThaliaShipholdingSAMember</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 border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_TotalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_TotalMember</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>
</tr>
<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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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>92
<FILENAME>R70.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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036888525776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments (Details Narrative)<br></strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">3 Months Ended</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="2">8 Months Ended</th>
<th class="th" colspan="1">9 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>Jan. 25, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2023 </div>
<div>USD ($)</div>
</th>
<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>Aug. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Aug. 18, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 30, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Nov. 30, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 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 ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue from rendering of services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30,840,000<span></span>
</td>
<td class="nump">$ 61,390,000<span></span>
</td>
<td class="nump">$ 43,211,000<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_OperatingLeaseIncome', window );">Operating lease income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">14,367,000<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_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="nump">311,000<span></span>
</td>
<td class="nump">327,000<span></span>
</td>
<td class="nump">206,000<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">28,000<span></span>
</td>
<td class="nump">54,000<span></span>
</td>
<td class="nump">52,000<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">321,000<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">188,000<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">182,000<span></span>
</td>
<td class="nump">493,000<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">339,000<span></span>
</td>
<td class="nump">341,000<span></span>
</td>
<td class="nump">314,000<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_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities', window );">Instalment 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="text">&#160;<span></span>
</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">19,074,000<span></span>
</td>
<td class="nump">28,172,000<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_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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">&#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>
<td class="text">&#160;<span></span>
</td>
<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">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>
<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 );">Consideration 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="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>
<td class="text">&#160;<span></span>
</td>
<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 );">Instalment amount</a></td>
<td class="nump">$ 18,500,000<span></span>
</td>
<td class="nump">$ 3,800,000<span></span>
</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="nump">$ 3,700,000<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>
</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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">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>
<td class="text">&#160;<span></span>
</td>
<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="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>
<td class="text">&#160;<span></span>
</td>
<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">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>
<td class="text">&#160;<span></span>
</td>
<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">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>
<td class="text">&#160;<span></span>
</td>
<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">&#160;<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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 );">Consideration amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
<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 );">Instalment 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="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>
<td class="text">&#160;<span></span>
</td>
<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_TwoFuelEfficientBulkCarrierSAMember', window );">Two fuel efficient bulk carrier 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="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 );">Consideration 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">$ 75,500,000<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>
</tr>
<tr class="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 );">Instalment 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="text">&#160;<span></span>
</td>
<td class="nump">$ 7,500,000<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="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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">during
the second half of 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>
</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_ClassesOfAssetsAxis=glbs_OfficeLeaseContractMember', window );">Office Lease Contract [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>
</tr>
<tr class="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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">311,000<span></span>
</td>
<td class="nump">327,000<span></span>
</td>
<td class="nump">206,000<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">28,000<span></span>
</td>
<td class="nump">54,000<span></span>
</td>
<td class="nump">52,000<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">321,000<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">188,000<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">182,000<span></span>
</td>
<td class="nump">493,000<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">349,000<span></span>
</td>
<td class="nump">341,000<span></span>
</td>
<td class="nump">$ 314,000<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_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis=ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember', window );">Property, plant and equipment subject to operating leases [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>
</tr>
<tr class="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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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 from rendering of services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">16,473,000<span></span>
</td>
<td class="nump">18,451,000<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_OperatingLeaseIncome', window );">Operating lease income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 14,367,000<span></span>
</td>
<td class="nump">$ 42,939,000<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_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>
</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_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>
</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_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_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 2023-01-01<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-2023-en-r&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 16<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 53<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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>
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</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 2023-01-01<br> -Paragraph 53<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_OperatingLeaseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 lease income. 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 2023-01-01<br> -Paragraph 90<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_90_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OperatingLeaseIncome</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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 that do not meet the definition of investment property. 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 2023-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 47<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_47_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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>
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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>
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<tr>
<td><strong> Balance Type:</strong></td>
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<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_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DaxosMaritimeLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_DaxosMaritimeLimitedMember</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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<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_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>
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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><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_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>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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<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_ClassesOfPropertyPlantAndEquipmentAxis=glbs_TwoFuelEfficientBulkCarrierSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_TwoFuelEfficientBulkCarrierSAMember</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>
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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_ClassesOfAssetsAxis=glbs_OfficeLeaseContractMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_ClassesOfAssetsAxis=glbs_OfficeLeaseContractMember</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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis=ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember">
<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_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis=ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember</td>
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<td></td>
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<td>na</td>
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<td></td>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898060144">
<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, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<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_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>
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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_TaxExpenseOtherThanIncomeTaxExpense', window );">Tax expense other than income tax expense</a></td>
<td class="nump">$ 236<span></span>
</td>
<td class="nump">$ 292<span></span>
</td>
<td class="nump">$ 185<span></span>
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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_MajorComponentsOfTaxExpenseIncomeAbstract</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_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 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
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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>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>94
<FILENAME>R72.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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036898076336">
<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, 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 ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>Disclosure of detailed information about financial instruments [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IncreaseInInterestRates', window );">Increase in Libor</a></td>
<td class="nump">15<span></span>
</td>
<td class="nump">15<span></span>
</td>
<td class="nump">15<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit', window );">Effect on loss (Increase in Libor)</a></td>
<td class="num">$ (70)<span></span>
</td>
<td class="num">$ (55)<span></span>
</td>
<td class="num">$ (52)<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">$ 94<span></span>
</td>
<td class="nump">$ 73<span></span>
</td>
<td class="nump">$ 69<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> 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>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>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>duration</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>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><strong> Data Type:</strong></td>
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<td>credit</td>
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<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 );">- 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>xbrli:stringItemType</td>
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<td>duration</td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>95
<FILENAME>R73.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;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036894362288">
<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, 2023</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_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">$ (70)<span></span>
</td>
<td class="num">$ (55)<span></span>
</td>
<td class="num">$ (52)<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">$ 94<span></span>
</td>
<td class="nump">$ 73<span></span>
</td>
<td class="nump">$ 69<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">$ (533)<span></span>
</td>
<td class="num">$ (573)<span></span>
</td>
<td class="num">$ (478)<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>
</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">$ 533<span></span>
</td>
<td class="nump">$ 573<span></span>
</td>
<td class="nump">$ 478<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>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>
<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>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>
<td style="white-space:nowrap;">glbs_IncreaseInExchangeRates</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>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>
<td>glbs_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<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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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036889331504">
<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, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<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_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>
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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_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 30,840<span></span>
</td>
<td class="nump">$ 61,390<span></span>
</td>
<td class="nump">$ 43,211<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_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>
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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_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">$ 6,430<span></span>
</td>
<td class="nump">$ 6,606<span></span>
</td>
<td class="nump">$ 0<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_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">21.00%<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_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>
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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_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>
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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_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 4,830<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 4,571<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_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">16.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">11.00%<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_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>
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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_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>
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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_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 7,726<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_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">18.00%<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_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>
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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_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>
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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_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 6,548<span></span>
</td>
<td class="nump">$ 0<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_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>
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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_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>
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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_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>
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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_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 19,580<span></span>
</td>
<td class="nump">$ 48,236<span></span>
</td>
<td class="nump">$ 30,914<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_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">63.00%<span></span>
</td>
<td class="nump">78.00%<span></span>
</td>
<td class="nump">71.00%<span></span>
</td>
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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>
<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 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 2023-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></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 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 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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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_OtherMajorCharterersMember</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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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036896597376">
<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, 2023</div></th>
<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_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">$ 64,027<span></span>
</td>
<td class="nump">$ 53,577<span></span>
</td>
</tr>
<tr class="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">509<span></span>
</td>
</tr>
<tr class="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">1,763<span></span>
</td>
<td class="nump">5,814<span></span>
</td>
</tr>
<tr class="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">362<span></span>
</td>
<td class="nump">3,548<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_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="nump">66,340<span></span>
</td>
<td class="nump">63,448<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="ro">
<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="re">
<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">2,663<span></span>
</td>
<td class="nump">2,495<span></span>
</td>
</tr>
<tr class="ro">
<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">81<span></span>
</td>
<td class="nump">80<span></span>
</td>
</tr>
<tr class="re">
<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">1,763<span></span>
</td>
<td class="nump">5,814<span></span>
</td>
</tr>
<tr class="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 accounts payables</a></td>
<td class="nump">362<span></span>
</td>
<td class="nump">3,548<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">4,869<span></span>
</td>
<td class="nump">11,937<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">7,781<span></span>
</td>
<td class="nump">7,266<span></span>
</td>
</tr>
<tr class="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">107<span></span>
</td>
<td class="nump">241<span></span>
</td>
</tr>
<tr class="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="rou">
<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">7,888<span></span>
</td>
<td class="nump">7,507<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="ro">
<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="re">
<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">53,583<span></span>
</td>
<td class="nump">43,816<span></span>
</td>
</tr>
<tr class="ro">
<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">188<span></span>
</td>
</tr>
<tr class="re">
<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="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 accounts payables</a></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_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="nump">53,583<span></span>
</td>
<td class="nump">44,004<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_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="rou">
<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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2023-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2023-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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_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>
</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_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>
</table>
<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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<DOCUMENT>
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<SEQUENCE>98
<FILENAME>R76.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036894777568">
<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, 2023</div></th>
<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_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 portion of fair value of derivative financial instruments</a></td>
<td class="nump">$ 495<span></span>
</td>
<td class="nump">$ 1,315<span></span>
</td>
</tr>
<tr class="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">808<span></span>
</td>
<td class="nump">1,092<span></span>
</td>
</tr>
<tr class="ro">
<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">66,340<span></span>
</td>
<td class="nump">63,448<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="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_Borrowings', window );">Long-term borrowings</a></td>
<td class="nump">54,107<span></span>
</td>
<td class="nump">45,549<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" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Long-term borrowings</a></td>
<td class="nump">54,107<span></span>
</td>
<td class="nump">45,549<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="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_Borrowings', window );">Long-term borrowings</a></td>
<td class="nump">52,620<span></span>
</td>
<td class="nump">44,375<span></span>
</td>
</tr>
<tr class="ro">
<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">52,620<span></span>
</td>
<td class="nump">44,375<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="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 portion of fair value of derivative financial instruments</a></td>
<td class="nump">495<span></span>
</td>
<td class="nump">1,315<span></span>
</td>
</tr>
<tr class="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 portion of fair value of derivative financial instruments</a></td>
<td class="nump">808<span></span>
</td>
<td class="nump">1,092<span></span>
</td>
</tr>
<tr class="re">
<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">1,303<span></span>
</td>
<td class="nump">2,407<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="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 portion of fair value of derivative financial instruments</a></td>
<td class="nump">495<span></span>
</td>
<td class="nump">1,315<span></span>
</td>
</tr>
<tr class="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">808<span></span>
</td>
<td class="nump">1,092<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 1 [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 portion of fair value of derivative financial instruments</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_CurrentDerivativeFinancialAssets', window );">Current portion of fair value of derivative financial instruments</a></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_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="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 portion of fair value of derivative financial instruments</a></td>
<td class="nump">495<span></span>
</td>
<td class="nump">1,315<span></span>
</td>
</tr>
<tr class="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">808<span></span>
</td>
<td class="nump">1,092<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 3 [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 portion of fair value of derivative financial instruments</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_CurrentDerivativeFinancialAssets', window );">Current portion of fair value of derivative financial instruments</a></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_ClassesOfFinancialAssetsAxis=glbs_FinancialLiabilitiesAtFairValueIMember', window );">Financial liabilities not measured at fair value [member] | At fair value [member] | Level 1 [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>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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_Borrowings', window );">Long-term borrowings</a></td>
<td class="nump">$ 0<span></span>
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<div style="display: none;">
<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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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_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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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:monetaryItemType</td>
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<tr>
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<td>debit</td>
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<tr>
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<td>instant</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_DisclosureOfFairValueMeasurementOfAssetsLineItems">
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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>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>
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<tr>
<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 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 2023-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<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>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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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 2023-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>credit</td>
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<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_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 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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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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<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_NotMeasuredAtFairValueFinancialLiabilitiesMember</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> Period 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">
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<td><strong> Name:</strong></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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<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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<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>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></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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<td>na</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_LevelsOfFairValueHierarchyAxis=glbs_LevelIMember</td>
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<td>na</td>
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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_LevelsOfFairValueHierarchyAxis=glbs_LevelIIIMember</td>
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<td></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></td>
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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_ClassesOfFinancialAssetsAxis=glbs_FinancialLiabilitiesAtFairValueIMember</td>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140036894598320">
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<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">1 Months Ended</th>
<th class="th" colspan="2">2 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jan. 22, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 13, 2024 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Feb. 23, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</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>
</tr>
<tr class="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>
<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_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Remaining amount 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="nump">$ (0)<span></span>
</td>
<td class="nump">$ (0)<span></span>
</td>
<td class="nump">$ 71,600,000<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_GlobusMaritimeLimited2024Member', window );">Globus Maritime Limited 2024 Equity Incentive Plan [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>
</tr>
<tr class="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>
<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_CommonStockSharesIssued1', window );">Shares issued | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,000,000<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>
</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_MvGLBSHerosMember', window );">m/v GLBS Hero [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>
</tr>
<tr class="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>
<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_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Remaining amount paid</a></td>
<td class="nump">$ 18,500,000<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="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">January 25, 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_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>
</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_GLBSMightMember', window );">GLBS MIGHT [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>
</tr>
<tr class="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>
<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
</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="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="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LineOfCreditFacilityBorrowingCapacity', window );">Line Of Credit Facility Borrowing Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 28,000,000<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_ClassesOfPropertyPlantAndEquipmentAxis=glbs_GLBSMightMember', window );">GLBS MIGHT [member] | Consultant affiliated with Chief Executive Officer [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>
</tr>
<tr class="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>
<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_OneTimeCashBonusPayment', window );">One time bonus</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,000,000<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>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CommonStockSharesIssued1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 common stock issued.</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_CommonStockSharesIssued1</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_LineOfCreditFacilityBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_LineOfCreditFacilityBorrowingCapacity</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_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_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_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>
</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_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_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 property, plant and equipment, classified as investing activities. [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 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</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_CategoriesOfRelatedPartiesAxis=glbs_GlobusMaritimeLimited2024Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_GlobusMaritimeLimited2024Member</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>
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<SEQUENCE>101
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                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:VesselsMember</xbrldi:explicitMember>
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        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
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    <context id="From2023-01-012023-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember">
        <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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    <context id="From2023-01-012023-12-31_custom_CarryingAmountIMember">
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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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            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
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            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
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        <period>
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                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:PeakLibertyMember</xbrldi:explicitMember>
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            <endDate>2021-09-22</endDate>
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            <segment>
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        <period>
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            <endDate>2023-12-31</endDate>
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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:FiveVesselsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
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      contextRef="From2022-01-012022-12-31"
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    <ifrs-full:FeeAndCommissionIncome
      contextRef="From2021-01-012021-12-31"
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      id="ixv-23585"
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    <ifrs-full:Revenue
      contextRef="From2023-01-01to2023-12-31"
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    <ifrs-full:Revenue
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    <ifrs-full:ServicesExpense
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    <ifrs-full:ServicesExpense
      contextRef="From2022-01-012022-12-31"
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    <ifrs-full:ServicesExpense
      contextRef="From2021-01-012021-12-31"
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    <ifrs-full:OperatingExpenseExcludingCostOfSales
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
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      unitRef="USD">18012000</ifrs-full:OperatingExpenseExcludingCostOfSales>
    <ifrs-full:OperatingExpenseExcludingCostOfSales
      contextRef="From2021-01-012021-12-31"
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    <ifrs-full:DepreciationExpense
      contextRef="From2023-01-01to2023-12-31"
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      id="ixv-23595"
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    <ifrs-full:DepreciationExpense
      contextRef="From2022-01-012022-12-31"
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    <ifrs-full:DepreciationExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
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      contextRef="From2023-01-01to2023-12-31"
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      id="ixv-23598"
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    <glbs:DepreciationOfDryDockingCosts
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-23599"
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    <glbs:DepreciationOfDryDockingCosts
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-23600"
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      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-23601"
      unitRef="USD">3541000</ifrs-full:AdministrativeExpense>
    <ifrs-full:AdministrativeExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-23602"
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    <ifrs-full:AdministrativeExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-23603"
      unitRef="USD">2610000</ifrs-full:AdministrativeExpense>
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      contextRef="From2023-01-01to2023-12-31"
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      id="ixv-23604"
      unitRef="USD">713000</glbs:AdministrativeExpenseRelatedPartyTransactions>
    <glbs:AdministrativeExpenseRelatedPartyTransactions
      contextRef="From2022-01-012022-12-31"
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      id="ixv-23605"
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    <glbs:AdministrativeExpenseRelatedPartyTransactions
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-23606"
      unitRef="USD">1361000</glbs:AdministrativeExpenseRelatedPartyTransactions>
    <glbs:DirectorsCompensationSharebasedPayment
      contextRef="From2023-01-01to2023-12-31"
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    <glbs:DirectorsCompensationSharebasedPayment
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
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      unitRef="USD">-0</glbs:DirectorsCompensationSharebasedPayment>
    <glbs:DirectorsCompensationSharebasedPayment
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-23609"
      unitRef="USD">40000</glbs:DirectorsCompensationSharebasedPayment>
    <ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-23610"
      unitRef="USD">4400000</ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-23611"
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    <ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-23612"
      unitRef="USD">0</ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:GainsOnDisposalsOfPropertyPlantAndEquipment
      contextRef="From2023-01-01to2023-12-31"
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      id="ixv-23613"
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    <ifrs-full:GainsOnDisposalsOfPropertyPlantAndEquipment
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    <ifrs-full:GainsOnDisposalsOfPropertyPlantAndEquipment
      contextRef="From2021-01-012021-12-31"
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      id="ixv-23615"
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    <ifrs-full:OtherOperatingIncomeExpense
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    <ifrs-full:OtherOperatingIncomeExpense
      contextRef="From2022-01-012022-12-31"
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      id="ixv-23617"
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    <ifrs-full:OtherOperatingIncomeExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-23618"
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    <ifrs-full:ProfitLossFromOperatingActivities
      contextRef="From2023-01-01to2023-12-31"
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      id="ixv-23619"
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    <ifrs-full:ProfitLossFromOperatingActivities
      contextRef="From2022-01-012022-12-31"
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      id="ixv-23620"
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    <ifrs-full:ProfitLossFromOperatingActivities
      contextRef="From2021-01-012021-12-31"
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      id="ixv-23621"
      unitRef="USD">17944000</ifrs-full:ProfitLossFromOperatingActivities>
    <ifrs-full:RevenueFromInterest
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      decimals="-3"
      id="ixv-23622"
      unitRef="USD">2634000</ifrs-full:RevenueFromInterest>
    <ifrs-full:RevenueFromInterest
      contextRef="From2022-01-012022-12-31"
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      id="ixv-23623"
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    <ifrs-full:RevenueFromInterest
      contextRef="From2021-01-012021-12-31"
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      id="ixv-23624"
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    <ifrs-full:FinanceCosts
      contextRef="From2023-01-01to2023-12-31"
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      id="ixv-23625"
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    <ifrs-full:FinanceCosts
      contextRef="From2022-01-012022-12-31"
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      id="ixv-23626"
      unitRef="USD">2320000</ifrs-full:FinanceCosts>
    <ifrs-full:FinanceCosts
      contextRef="From2021-01-012021-12-31"
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      id="ixv-23627"
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      contextRef="From2023-01-01to2023-12-31"
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      id="ixv-23628"
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      contextRef="From2022-01-012022-12-31"
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      id="ixv-23629"
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    <glbs:GainsOnRestructuringOfDebt
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      id="ixv-23630"
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      contextRef="From2023-01-01to2023-12-31"
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      unitRef="USD">388000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
    <ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-23632"
      unitRef="USD">2520000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
    <ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives
      contextRef="From2021-01-012021-12-31"
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      id="ixv-23633"
      unitRef="USD">181000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
    <ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss
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      id="ixv-23634"
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    <ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss
      contextRef="From2022-01-012022-12-31"
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      id="ixv-23635"
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    <ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-23636"
      unitRef="USD">79000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss>
    <ifrs-full:ProfitLoss
      contextRef="From2023-01-01to2023-12-31"
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      id="ixv-23637"
      unitRef="USD">5272000</ifrs-full:ProfitLoss>
    <ifrs-full:ProfitLoss
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-23638"
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      id="ixv-23639"
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    <ifrs-full:OtherComprehensiveIncome
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      decimals="-3"
      id="ixv-23640"
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      contextRef="From2022-01-012022-12-31"
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      id="ixv-23641"
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      contextRef="From2021-01-012021-12-31"
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      id="ixv-23642"
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    <ifrs-full:ComprehensiveIncome
      contextRef="From2023-01-01to2023-12-31"
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      id="ixv-23643"
      unitRef="USD">5272000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-23644"
      unitRef="USD">24280000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:ComprehensiveIncome
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-23645"
      unitRef="USD">14950000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:DilutedEarningsLossPerShare
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-23646"
      unitRef="USDPShares">0.26</ifrs-full:DilutedEarningsLossPerShare>
    <ifrs-full:DilutedEarningsLossPerShare
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-23647"
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      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-23648"
      unitRef="USDPShares">0.26</ifrs-full:BasicEarningsLossPerShare>
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      contextRef="From2022-01-012022-12-31"
      decimals="INF"
      id="ixv-23649"
      unitRef="USDPShares">1.18</ifrs-full:DilutedEarningsLossPerShare>
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      contextRef="From2022-01-012022-12-31"
      decimals="INF"
      id="ixv-23650"
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      contextRef="From2022-01-012022-12-31"
      decimals="INF"
      id="ixv-23651"
      unitRef="USDPShares">1.18</ifrs-full:BasicEarningsLossPerShare>
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      contextRef="From2021-01-012021-12-31"
      decimals="INF"
      id="ixv-23652"
      unitRef="USDPShares">1.01</ifrs-full:DilutedEarningsLossPerShare>
    <ifrs-full:DilutedEarningsLossPerShare
      contextRef="From2021-01-012021-12-31"
      decimals="INF"
      id="ixv-23653"
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      contextRef="From2021-01-012021-12-31"
      decimals="INF"
      id="ixv-23654"
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      decimals="-3"
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      contextRef="AsOf2022-12-31"
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      contextRef="From2023-01-01to2023-12-31"
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      contextRef="From2022-01-012022-12-31"
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      contextRef="From2021-01-012021-12-31"
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      contextRef="From2023-01-01to2023-12-31"
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      contextRef="From2022-01-012022-12-31"
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      id="ixv-23871"
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      id="ixv-23872"
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      contextRef="From2023-01-01to2023-12-31"
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      contextRef="From2022-01-012022-12-31"
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    <ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-13603">&lt;p id="xdx_805_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_zlG5me9hfOub" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_824_zJslnH4XIaRl"&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-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 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
accompanying consolidated financial statements include the financial statements of &lt;span id="xdx_90B_eifrs-full--NameOfReportingEntityOrOtherMeansOfIdentification_c20230101__20231231_z854fsFrSl12"&gt;&lt;b&gt;&lt;i&gt;Globus
Maritime Limited&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_902_eifrs-full--DomicileOfEntity_c20230101__20231231_zT48WQhOo7qe"&gt;Marshall
Islands&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and its common 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-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 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
registered address 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-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 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_90F_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231_zfCwylJJOjW8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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, 2023:&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_892_eifrs-full--DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_zYevfwZ2xUSb" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_8B1_zWRwMx3ymUi1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Basis
of presentation and general information&lt;/span&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 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
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&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
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                                            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;/p&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
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    Owned&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font: 11pt Baskerville Win95BT; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41F_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GlobusShipmanagementCorpMember_zVhuK8qQt6I4" style="vertical-align: bottom; 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;Globus Shipmanagement Corp.&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0571"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;Management Co.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_416_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DevoceanMaritimeLtdMember_zcUcBaoQqj1c" 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;Devocean Maritime Ltd.&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; vertical-align: bottom"&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 style="text-align: left; vertical-align: bottom"&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;December 18, 2007&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; vertical-align: bottom"&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 River Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_410_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArtfulShipholdingSAMember_z0sVOydUoC78" 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;Artful Shipholding S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_418_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SerenaMaritimeLimitedMember_zQXVhJgVR3s9" 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;Serena Maritime Limited&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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;October 29, 2020&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 Galaxy Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_410_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TalismanMaritimeLimitedMember_zsNzzr6DPQzh" 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;Talisman Maritime Limited&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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;July 20, 2021&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 Power Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_412_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArgoMaritimeLimitedMember_z0T8srkha5g2" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_413_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SalaminiaMaritimeLimitedMember_zyG30dXMCWIe" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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;tr id="xdx_41E_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CalypsoShipholdingSAMember_zxvCPP9nldd4" style="vertical-align: bottom; 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;Calypso Shipholding S.A.&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0592"&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;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_415_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DaxosMaritimeLimitedMember_zNMJ5o4SfOTd" 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;Daxos Maritime Limited&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0595"&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;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--OlympiaShipholdingSAMember_zAoVbwNzNAdd" 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;Olympia Shipholding S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0598"&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;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-K192*&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41D_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ParalusShipholdingSAMember_zWnLJM0NlKhl" 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;Paralus Shipholding S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0601"&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;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_414_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ThaliaShipholdingSAMember_zqL5E4UxCVd5" 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;Thalia Shipholding S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0604"&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;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-3012*&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_419_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LongevityMaritimeLimitedMember_zyrvBUgRTTfe" 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;Longevity Maritime Limited&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;Malta&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;September 15, 2011&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;**&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_411_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DominaShipholdingLtdMember_z56S6qbHkt6" 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;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 19, 2010&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;***&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41C_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DulacMaritimeSAMember_z5XnFoxg9N5d" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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;****&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; 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 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;*
New building vessels&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x202f;&#x202f;&#x202f;**
m/v Sun Globe was sold and delivered to her new owners on June 5, 2023 (Note 5)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x202f;&#x202f;&#x202f;***
m/v Sky Globe was sold and delivered to her new owners on September 7, 2023 (Note 5)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x202f;&#x202f;&#x202f;****
m/v Star Globe was sold and delivered to her new owners on September 13, 2023 (Note 5)&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_8A1_zh4ws2GkMle7" 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;&#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: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
consolidated financial statements as at December 31, 2023 and 2022 and for the three years in the period ended December 31, 2023, were
approved for issuance by the Board of Directors on March 14, 2024.&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: Times New Roman, Times, Serif; font-size: 10pt"&gt;&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;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;/b&gt;&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-family: Times New Roman, Times, Serif; 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;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;/p&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory>
    <ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification contextRef="From2023-01-01to2023-12-31" id="ixv-23918">Globus
Maritime Limited</ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification>
    <ifrs-full:DomicileOfEntity contextRef="From2023-01-01to2023-12-31" id="ixv-23919">Marshall
Islands</ifrs-full:DomicileOfEntity>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2023-01-01to2023-12-31" id="ixv-23920">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="From2023-01-01to2023-12-31" id="ixv-13633">&lt;p id="xdx_892_eifrs-full--DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_zYevfwZ2xUSb" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_8B1_zWRwMx3ymUi1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Basis
of presentation and general information&lt;/span&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 0 0 36pt; text-align: justify; text-indent: 0cm"&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; width: 34%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT; padding-bottom: 1pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_483_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_zAmEcz1M76F6" style="font: 11pt Baskerville Win95BT; text-align: center; padding-bottom: 1pt; width: 21%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 12pt; padding-bottom: 1pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 21%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 12pt; padding-bottom: 1pt; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_489_eifrs-full--NameOfSubsidiary_d0_z9VHoNgClbQk" style="text-align: center; font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt; width: 21%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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;/p&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: White"&gt;
    &lt;td style="font: 11pt Baskerville Win95BT; text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41F_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GlobusShipmanagementCorpMember_zVhuK8qQt6I4" style="vertical-align: bottom; 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;Globus Shipmanagement Corp.&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0571"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;Management Co.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_416_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DevoceanMaritimeLtdMember_zcUcBaoQqj1c" 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;Devocean Maritime Ltd.&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; vertical-align: bottom"&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 style="text-align: left; vertical-align: bottom"&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;December 18, 2007&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; vertical-align: bottom"&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 River Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_410_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArtfulShipholdingSAMember_z0sVOydUoC78" 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;Artful Shipholding S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_418_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SerenaMaritimeLimitedMember_zQXVhJgVR3s9" 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;Serena Maritime Limited&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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;October 29, 2020&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 Galaxy Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_410_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TalismanMaritimeLimitedMember_zsNzzr6DPQzh" 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;Talisman Maritime Limited&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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;July 20, 2021&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 Power Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_412_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArgoMaritimeLimitedMember_z0T8srkha5g2" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_413_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SalaminiaMaritimeLimitedMember_zyG30dXMCWIe" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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;tr id="xdx_41E_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CalypsoShipholdingSAMember_zxvCPP9nldd4" style="vertical-align: bottom; 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;Calypso Shipholding S.A.&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0592"&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;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_415_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DaxosMaritimeLimitedMember_zNMJ5o4SfOTd" 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;Daxos Maritime Limited&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0595"&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;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--OlympiaShipholdingSAMember_zAoVbwNzNAdd" 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;Olympia Shipholding S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0598"&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;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-K192*&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41D_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ParalusShipholdingSAMember_zWnLJM0NlKhl" 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;Paralus Shipholding S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0601"&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;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_414_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ThaliaShipholdingSAMember_zqL5E4UxCVd5" 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;Thalia Shipholding S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0604"&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;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-3012*&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_419_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LongevityMaritimeLimitedMember_zyrvBUgRTTfe" 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;Longevity Maritime Limited&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;Malta&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;September 15, 2011&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;**&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_411_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DominaShipholdingLtdMember_z56S6qbHkt6" 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;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 19, 2010&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;***&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_41C_20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DulacMaritimeSAMember_z5XnFoxg9N5d" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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;****&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; 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 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;*
New building vessels&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x202f;&#x202f;&#x202f;**
m/v Sun Globe was sold and delivered to her new owners on June 5, 2023 (Note 5)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x202f;&#x202f;&#x202f;***
m/v Sky Globe was sold and delivered to her new owners on September 7, 2023 (Note 5)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x202f;&#x202f;&#x202f;****
m/v Star Globe was sold and delivered to her new owners on September 13, 2023 (Note 5)&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_GlobusShipmanagementCorpMember"
      id="ixv-23921">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <ifrs-full:NameOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_GlobusShipmanagementCorpMember"
      id="ixv-23922">Management Co.</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_DevoceanMaritimeLtdMember"
      id="ixv-23923">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate
      contextRef="From2023-01-012023-12-31_custom_DevoceanMaritimeLtdMember"
      id="ixv-23924">2007-12-18</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_DevoceanMaritimeLtdMember"
      id="ixv-23925">m/v River Globe</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_ArtfulShipholdingSAMember"
      id="ixv-23926">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate
      contextRef="From2023-01-012023-12-31_custom_ArtfulShipholdingSAMember"
      id="ixv-23927">2011-06-22</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_ArtfulShipholdingSAMember"
      id="ixv-23928">m/v Moon Globe&#160;</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_SerenaMaritimeLimitedMember"
      id="ixv-23929">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate
      contextRef="From2023-01-012023-12-31_custom_SerenaMaritimeLimitedMember"
      id="ixv-23930">2020-10-29</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_SerenaMaritimeLimitedMember"
      id="ixv-23931">m/v Galaxy Globe</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_TalismanMaritimeLimitedMember"
      id="ixv-23932">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate
      contextRef="From2023-01-012023-12-31_custom_TalismanMaritimeLimitedMember"
      id="ixv-23933">2021-07-20</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_TalismanMaritimeLimitedMember"
      id="ixv-23934">m/v Power Globe</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_ArgoMaritimeLimitedMember"
      id="ixv-23935">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate
      contextRef="From2023-01-012023-12-31_custom_ArgoMaritimeLimitedMember"
      id="ixv-23936">2021-06-09</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_ArgoMaritimeLimitedMember"
      id="ixv-23937">m/v Diamond Globe</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_SalaminiaMaritimeLimitedMember"
      id="ixv-23938">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate
      contextRef="From2023-01-012023-12-31_custom_SalaminiaMaritimeLimitedMember"
      id="ixv-23939">2021-11-29</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_SalaminiaMaritimeLimitedMember"
      id="ixv-23940">m/v Orion Globe</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_CalypsoShipholdingSAMember"
      id="ixv-23941">Marshall
    Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <ifrs-full:NameOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_CalypsoShipholdingSAMember"
      id="ixv-23942">Hull No: S-1885*</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_DaxosMaritimeLimitedMember"
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    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary
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    <ifrs-full:NameOfSubsidiary
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      id="ixv-23946">Hull No: S-K192*</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_ParalusShipholdingSAMember"
      id="ixv-23947">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <ifrs-full:NameOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_ParalusShipholdingSAMember"
      id="ixv-23948">Hull No: NE-443*</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_ThaliaShipholdingSAMember"
      id="ixv-23949">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <ifrs-full:NameOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_ThaliaShipholdingSAMember"
      id="ixv-23950">Hull No: S-3012*</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_LongevityMaritimeLimitedMember"
      id="ixv-23951">Malta</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate
      contextRef="From2023-01-012023-12-31_custom_LongevityMaritimeLimitedMember"
      id="ixv-23952">2011-09-15</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary
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      id="ixv-23953">**</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_DominaShipholdingLtdMember"
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    <glbs:VesselDeliveryDate
      contextRef="From2023-01-012023-12-31_custom_DominaShipholdingLtdMember"
      id="ixv-23955">2010-05-19</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_DominaShipholdingLtdMember"
      id="ixv-23956">***</ifrs-full:NameOfSubsidiary>
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    <glbs:VesselDeliveryDate
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      id="ixv-23958">2010-05-25</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary
      contextRef="From2023-01-012023-12-31_custom_DulacMaritimeSAMember"
      id="ixv-23959">****</ifrs-full:NameOfSubsidiary>
    <ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-13949">&lt;p id="xdx_80E_eifrs-full--DisclosureOfMaterialAccountingPolicyInformationExplanatory_zUojQe4FBnW8" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_82E_zz3tFkRZGJdf"&gt;Basis
of Preparation and Accounting Policies&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 60pt; text-indent: -60pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_eifrs-full--DisclosureOfGoingConcernExplanatory_zlfe0Uz4P39b" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.1
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160; &lt;span id="xdx_864_zcHLSnXbG6b4"&gt;Basis of Preparation:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-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 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-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 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023, the Company reported a total comprehensive income for the year of $&lt;span id="xdx_906_eifrs-full--ComprehensiveIncome_pn3n3_c20230101__20231231_z25sOBI9biSf"&gt;5,272&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
Cash and cash equivalents of $&lt;span id="xdx_90C_eifrs-full--CashAndCashEquivalents_iI_pn3n3_c20231231_zIoW75vZbBb5"&gt;74,202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
a working capital surplus of $&lt;span id="xdx_904_eifrs-full--CurrentAssetsLiabilities_iI_pn3n3_c20231231_zCsUgmOZzp9e" title="Working capital surplus"&gt;69,795&lt;/span&gt;&lt;/span&gt;
&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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; text-align: justify; text-indent: 36pt"&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: 0; text-align: justify"&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 0 0 35.45pt; 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 and cash flows. Currently there is no
effect on the Company&#x2019;s operations. Furthermore, the intensity and duration of the recently declared war between Israel and
Hamas is difficult to predict and its impact on the world economy and drybulk industry is uncertain. While much uncertainty remains
regarding the global impact of the war between Israel and Hamas, it is possible that such tensions could result in the eruption of
further hostilities in other regions, including the Red Sea, and could adversely affect the Company&#x2019;s business, financial
conditions, operating results, and cash flows.&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: Times New Roman, Times, Serif; 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-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; 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;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and  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 36pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_90F_edei--EntityAccountingStandard_c20230101__20231231_zNn7Tvud2JZh"&gt;International
Financial Reporting Standards&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 35.45pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-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 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;/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-family: Times New Roman, Times, Serif; 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&gt;

&lt;p id="xdx_842_eifrs-full--DescriptionOfInitialApplicationOfStandardsOrInterpretations_z6ml3exxHsCc" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.2&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;&#x202f;&#160;&#160;
&lt;span id="xdx_86A_zRKFenwwRwyc"&gt;Standards amendments and interpretations:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;b&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;/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;&#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: Times New Roman, Times, Serif; 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, 2023:&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: Times New Roman, Times, Serif; 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: 6pt"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 17.85pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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. The Company
revisited and updated its accounting policies to apply the requirements of the amendments to IAS 1. The amendments had no material 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;/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;/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;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&#160;&lt;/b&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: 49.5pt"&gt;&lt;/td&gt;&lt;td style="width: 40.5pt"&gt;&lt;span style="font-family: Symbol; font-size: 9pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IFRS
                                            17 insurance contracts,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 49.5pt"&gt;&lt;/td&gt;&lt;td style="width: 40.5pt"&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;&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;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 49.5pt"&gt;&lt;/td&gt;&lt;td style="width: 40.5pt"&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;&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;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 49.5pt"&gt;&lt;/td&gt;&lt;td style="width: 40.5pt"&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;&lt;b&gt;IAS
                                            12 Income taxes: International Tax Reform - Pillar Two Model Rules (Amendments)&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"&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;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;These
newly adopted IFRS and amendments to IFRS did not have a material impact on the Company&#x2019;s 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"&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;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&#160;&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-family: Times New Roman, Times, Serif; 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 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;


&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&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: 0; margin-bottom: 6pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 17.85pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0pt 53.3pt; text-align: justify"&gt;&#160;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 53.3pt; text-align: justify"&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 0 0 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;IAS
                                            7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance
                                            Arrangements (Amendments).&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 54pt; text-align: justify"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 54pt; text-align: justify"&gt;&#160;&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&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;&lt;b&gt;IAS
                                            21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments).
                                            &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 54pt; text-align: justify"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted. 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 54pt; text-align: justify"&gt;&#160;&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&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;&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;/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"&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 0 0 54pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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.&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;&#160;&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&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;&lt;b&gt;IFRS
                                            16 Leases: Lease Liability in a Sale and Leaseback (amendments). &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 54pt; text-align: justify"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 54pt; text-align: justify"&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 0 0 54pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Company plans to adopt these standards on their respective effective dates.&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&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 0 0 53.3pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 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 60pt; text-indent: -60pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&#160;&lt;/span&gt;&lt;/p&gt;


&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p id="xdx_84B_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zFC8RJeDy1Jg" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.3
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_865_zaqATTJEznEh"&gt;Accounting policies, judgments, estimates
and assumptions:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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 of such vessel.&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: Times New Roman, Times, Serif; font-size: 10pt"&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 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;/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-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;&#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;/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-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; and&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;/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-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;/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;&#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&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;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, 2023 and 2022, the Company
concluded that no indicators for impairment were present as of December 31, 2023 and 2022 and no impairment was recorded for the
years ended December 31, 2023 and 2022. Following the agreement to sell Sun Globe and given the significant increase in the
vessel&#x2019;s market value, the Company assessed that there were indications that impairment losses recognized in the previous
periods with respect to this vessel have decreased. Therefore, the carrying amount of the vessel was increased to its recoverable
amount, determined based on selling price less cost to sell, and the Company recorded reversal of impairment amounting $&lt;span id="xdx_909_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20230101__20231231_zqeqio5fV3hg" title="Reversal of impairment"&gt;4,400&lt;/span&gt;,
during the first quarter of 2023. &lt;span id="xdx_907_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_do_c20220101__20221231_z2KMh2M6Lrsf" title="Reversal of impairment"&gt;No&lt;/span&gt;
reversal of previously recognized impairment losses was recorded for the year ended December 31, 2022 (Note 5).&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-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 0 0 1cm; text-align: justify"&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&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -40pt; text-align: justify"&gt;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&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;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -40pt; text-align: justify"&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; text-align: justify"&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: 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 0 0 35.45pt; text-align: justify"&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 0 0 35.45pt; text-align: justify"&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;
                                                                                                   &#x202f;&#x202f;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, 2023 and 2022. 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;


&lt;p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zbckekjUskY8" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;2.4
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_86A_zyLhgdk6KI4e"&gt;Accounting for revenue and related expenses:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;
&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The Company generates its revenues from charterers for the
charter hire of its vessels. Vessels are chartered using time charters, 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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&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; text-align: justify; text-indent: 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


&lt;p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zK2cKLkfvbU9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;2.5
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_86E_zOiVgv2mRa1"&gt;Foreign currency translation:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"&gt;&lt;/p&gt;


&lt;p id="xdx_84B_eifrs-full--DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_zMgPpwxn1WDd" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;b&gt;2.6
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_86B_zmU1IS0Km7J7"&gt;Cash and cash equivalents:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


&lt;p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_zguP4OoxNgad" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;2.7
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_867_zm0MAcaY7Ss2"&gt;Trade accounts receivable, net:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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. 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, 2023 and 2022 was nil.&#160;&#160;&lt;span id="xdx_902_ecustom--AllowanceForDoubtfulTradeReceivables_d0_c20220101__20221231_zYKUlh2PBnt" style="display: none"&gt;0&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForMeasuringInventories_z11u604Osh1" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;2.8&#x202f;
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_868_zwMnpoR4PGgk"&gt;Inventories:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&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;/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-family: Times New Roman, Times, Serif; 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;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


&lt;p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zQ7Gz6XOKdu4" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.9&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_866_zjgbttAN5HR2"&gt;Vessels, net:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;/p&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_zWMXx9qxYjKj" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.10&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_86F_zMmKEDjhnfPa"&gt;
Dry-docking costs:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font: normal 10pt Times New Roman, Times, Serif"&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_90E_ecustom--IntervalBetweenVesselDrydockingSpecialSurvey_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_zX5vyTlJbNga" title="Interval Between Vessel Drydocking Special Survey"&gt;2.5 &lt;/span&gt;&lt;/span&gt;&lt;span style="font: normal 10pt Times New Roman, Times, Serif"&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_908_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_z7MliaVx3jb4"&gt;straight-line
basis&lt;/span&gt;&lt;/span&gt; &lt;span style="font: normal 10pt Times New Roman, Times, Serif"&gt;over
the remaining period through the estimated dry-docking date.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -20pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


&lt;p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_zuXgT4rF0yFl" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.11
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_866_z3R55CMWPuP6"&gt;Depreciation:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
cost of each of the Company&#x2019;s vessels is depreciated on a &lt;span id="xdx_903_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_z1BDU8fSh9ta" title="Depreciation method"&gt;straight-line
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;basis 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_90D_eifrs-full--DescriptionOfUsefulLifePropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zDeYSMP1lFKc" title="Useful life"&gt;25
years&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 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_zAu0z0ca9oNe"&gt;380&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;/ton
(absolute amount) due to the increased scrap rates worldwide. This resulted to a decrease of $&lt;span id="xdx_90B_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zb5RlQE2eUJj"&gt;145
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;to the depreciation charge included in the consolidated
statement of comprehensive income 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_zjWPZabpOfv3"&gt;440&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;/ton
(absolute amount) due to the increased scrap rates worldwide. This resulted to a lower amount of $&lt;span id="xdx_902_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zoTU81CT5yPk"&gt;118
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;to the depreciation charge included in the consolidated
statement of comprehensive income for 2022. During the fourth quarter of 2023, the Company adjusted the scrap rate from $440/ton to $&lt;span id="xdx_90E_ecustom--VesselsScrapRatePerTon_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zdPuLd6jopJ1" title="Vessels scrap rate per ton"&gt;480&lt;/span&gt;/ton,
due to the increased scrap rates worldwide. This resulted in a decrease of approximately $&lt;span id="xdx_906_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zcaH3BcOHv8i" title="Decrease in depreciation expense due to changes in scrap rate"&gt;62&lt;/span&gt; to the depreciation charge included in the
consolidated statement of comprehensive income for 2023.&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -20pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


&lt;p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_znCFPmeZIxN2" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.12
&#160; &#160; &#160;&#160;&lt;span id="xdx_86C_zMrsspvdaMY3"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The Company assesses
at each reporting date whether there is an indication that a vessel may be impaired. The Company has considered various indicators, including but not
limited to the current level of market hire rates, the market price of its vessels, the economic outlook, technological, regulatory and
environmental developments. 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.
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 a reversal is recognized in the consolidated statement of comprehensive income. 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; text-indent: -20pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


&lt;p id="xdx_84B_eifrs-full--DescriptionOfAccountingPolicyForBorrowingsExplanatory_zZb1GTPwRuni" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;b&gt;2.13
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_86B_zDY01tc7oXI"&gt;Long-term debt:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 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.&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFinanceCostsExplanatory_zi4a2zLAf508" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.14
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_862_zQOwuVDZIuBk"&gt;Financing costs:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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, 2023, the Company deferred financing costs of $&lt;span id="xdx_90E_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zprKOkPWMNN8"&gt;406&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
which relate to the costs incurred for the top up loan amount of $&lt;span id="xdx_901_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zkKq5BDRbYlc"&gt;25,000
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;with First Citizens Bank &amp;amp; Trust Company
(formerly known as CIT Bank N.A.) (&#x201c;First-Citizens Bank&#x201d;) (This loan facility is referred to as the &#x201c;CIT Loan Facility&#x201d;,
see Note 11 for more details). For the year ended December 31, 2022, the Company deferred financing costs of $&lt;span id="xdx_907_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_znZYWenv99hl"&gt;259&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
which relate to the costs incurred for the top up loan amount of $&lt;span id="xdx_901_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zXFcxmlsZdol"&gt;18,000
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;under the CIT Loan Facility (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_z3dG8Na7AhIe"&gt;545&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
which relate to the costs incurred for CIT Loan Facility (see Note 11 for more details).&#160;&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;/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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;&#160;&lt;/i&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;&lt;/i&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-family: Times New Roman, Times, Serif; 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;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Accounting Policies (continued)&#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&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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;/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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;&#160;&#160;&lt;/i&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&gt;

&lt;p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_z5sLE4Gk9bBi" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.15&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;span id="xdx_860_zvCNWV0RV7t9"&gt;Borrowing costs:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForSegmentReportingExplanatory_zwObdavi09E4" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.16&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;
&lt;span id="xdx_865_zevxBImQboJl"&gt;Operating segment:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_903_ecustom--NumberOfOperatingSegments_dc_uPure_c20230101__20231231_z1b1Al6wn7V6"&gt;one
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-indent: -40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


&lt;p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForProvisionsExplanatory_z9NARCJEMZO3" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.17&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_862_zaM0LPjhiAp6"&gt;Provisions
and contingencies:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; 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.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: -40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_z2iSVapD3f2i" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.18&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&#x202f;&lt;span id="xdx_861_zr0XPynzrKuh"&gt;Offsetting of financial assets and liabilities:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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; text-align: justify"&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&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_zGzFMso3J9a2" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.19&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;
&lt;span id="xdx_861_zfUnxEiCoX8h"&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-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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&#160;&lt;/p&gt;



&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&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&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&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&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&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-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;ii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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 0pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                            Company considers a financial asset to be in default when:&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-family: Times New Roman, Times, Serif; 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: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 -40pt; text-align: justify"&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 0 0 36pt; text-align: justify"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;iii.
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;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-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 0 0 54pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&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&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"&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; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; 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: -36pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;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-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; text-align: justify"&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-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;/p&gt;


&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify; text-indent: 35.45pt"&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; text-align: justify; text-indent: 35.45pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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&gt;

&lt;p id="xdx_84B_ecustom--DescriptionOfAccountingPolicyForLesseeExplanatory_zpGb2lFIJ5Hd" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.20&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;
&lt;span id="xdx_860_zkoKydYt94tg"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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. 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. &lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -36pt"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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. 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 or a change in the lease payments.&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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 (see also Note 2.4).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 as 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: 0 0 0 36pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;/p&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&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-family: Times New Roman, Times, Serif; 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_90B_eifrs-full--DirectOperatingExpenseFromInvestmentProperty_pn3n3_c20230101__20231231_zmdJd4bDClCk" title="Direct operating expense from investment property"&gt;16,473&lt;/span&gt; for the year ended December 31, 2023.
                                            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_90F_eifrs-full--OperatingLeaseIncome_pn3n3_c20230101__20231231_zs7BXhTP5apb" title="Lease components"&gt;14,367&lt;/span&gt; for the year ended
                                            December 31, 2023.&lt;/span&gt;&lt;/p&gt;


&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: -40pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"&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-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; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; 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&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&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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"&gt;&lt;b&gt;2.21
                                            &#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f; &lt;/b&gt;&lt;/span&gt;&lt;b&gt;&lt;span id="xdx_867_zye2gUsVvxg7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Share
                                            capital and Warrants:&lt;/span&gt;&lt;/b&gt; &lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_z1xMFxR8g7Ld" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.22
&#x202f;&#x202f;&#x202f;&#x202f;&#160; &lt;span id="xdx_860_zE2CHcz06kfk"&gt;Fair value measurement:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 0pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"&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 0pt; 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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 60pt; text-align: justify; text-indent: -45pt"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; 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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
assets and liabilities that are recognized at fair value 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 0 0 -40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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&gt;

&lt;p id="xdx_841_ecustom--DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_zvhc05K51dDj" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.23
&#x202f;&#x202f;&#x202f;&#160;&#x202f;&lt;span id="xdx_86A_zkgYMnwKd2Xl"&gt;Current versus non-current classification:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 0pt; text-indent: -40pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"&gt;&lt;/td&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;held
                                            primarily for the purpose of trading; &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"&gt;&lt;/td&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;expected
                                            to be realized within twelve months after the reporting period; or &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"&gt;&lt;/td&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;cash
                                            or cash equivalent&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;


&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -35.45pt"&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 0 0 0pt; text-align: justify; text-indent: -35.45pt"&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-family: Times New Roman, Times, Serif; 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 36pt; text-align: justify"&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 0 0 36pt; text-align: justify"&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: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
                                            liability is current when:&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-family: Times New Roman, Times, Serif; 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&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"&gt;&lt;/td&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;it
                                            is held primarily for the purpose of trading; &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"&gt;&lt;/td&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"&gt;&lt;/td&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 36pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 36pt; text-align: justify"&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 0 0 36pt; text-align: justify"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_ecustom--DescriptionOfAccountingPolicyForRestrictedCashExplanatory_zVnmukaLsj3f" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.24
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_861_z3YhXeEbqJta"&gt;Restricted Cash:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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.&#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: -35.45pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


&lt;p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForHedgingExplanatory_zjDixvpPCOug" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.25
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_863_zHDiV1PhtW2l"&gt;Interest Rate Swap:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 19). 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-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 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -35.45pt"&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 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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
 on derivative financial instruments&#x201d; in the consolidated statement of comprehensive income. Realized gains or losses resulting
from interest rate swaps are recognized in profit or loss under &#x201c;Gain   on derivative financial instruments&#x201d; in the
consolidated statement of comprehensive income.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_ecustom--DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory_zcKlnUeHYbA9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.26
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_869_zHYxUtGFueV3"&gt;Management &amp;amp; consulting fee income:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 under management &amp;amp; consulting fee income.&#160;&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&gt;


&lt;p id="xdx_85C_z8V8fHiezv11" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory>
    <ifrs-full:DisclosureOfGoingConcernExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-13957">&lt;p id="xdx_840_eifrs-full--DisclosureOfGoingConcernExplanatory_zlfe0Uz4P39b" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.1
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160; &lt;span id="xdx_864_zcHLSnXbG6b4"&gt;Basis of Preparation:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-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 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-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 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023, the Company reported a total comprehensive income for the year of $&lt;span id="xdx_906_eifrs-full--ComprehensiveIncome_pn3n3_c20230101__20231231_z25sOBI9biSf"&gt;5,272&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
Cash and cash equivalents of $&lt;span id="xdx_90C_eifrs-full--CashAndCashEquivalents_iI_pn3n3_c20231231_zIoW75vZbBb5"&gt;74,202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
a working capital surplus of $&lt;span id="xdx_904_eifrs-full--CurrentAssetsLiabilities_iI_pn3n3_c20231231_zCsUgmOZzp9e" title="Working capital surplus"&gt;69,795&lt;/span&gt;&lt;/span&gt;
&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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; text-align: justify; text-indent: 36pt"&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: 0; text-align: justify"&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 0 0 35.45pt; 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 and cash flows. Currently there is no
effect on the Company&#x2019;s operations. Furthermore, the intensity and duration of the recently declared war between Israel and
Hamas is difficult to predict and its impact on the world economy and drybulk industry is uncertain. While much uncertainty remains
regarding the global impact of the war between Israel and Hamas, it is possible that such tensions could result in the eruption of
further hostilities in other regions, including the Red Sea, and could adversely affect the Company&#x2019;s business, financial
conditions, operating results, and cash flows.&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: Times New Roman, Times, Serif; 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-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; 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;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and  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 36pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_90F_edei--EntityAccountingStandard_c20230101__20231231_zNn7Tvud2JZh"&gt;International
Financial Reporting Standards&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 35.45pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-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 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;/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-family: Times New Roman, Times, Serif; 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&gt;

</ifrs-full:DisclosureOfGoingConcernExplanatory>
    <ifrs-full:ComprehensiveIncome
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-23960"
      unitRef="USD">5272000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:CashAndCashEquivalents
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-23961"
      unitRef="USD">74202000</ifrs-full:CashAndCashEquivalents>
    <ifrs-full:CurrentAssetsLiabilities
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-23962"
      unitRef="USD">69795000</ifrs-full:CurrentAssetsLiabilities>
    <dei:EntityAccountingStandard contextRef="From2023-01-01to2023-12-31" id="ixv-23963">International
Financial Reporting Standards</dei:EntityAccountingStandard>
    <ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations contextRef="From2023-01-01to2023-12-31" id="ixv-14058">&lt;p id="xdx_842_eifrs-full--DescriptionOfInitialApplicationOfStandardsOrInterpretations_z6ml3exxHsCc" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.2&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;&#x202f;&#160;&#160;
&lt;span id="xdx_86A_zRKFenwwRwyc"&gt;Standards amendments and interpretations:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;b&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;/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;&#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: Times New Roman, Times, Serif; 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, 2023:&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: Times New Roman, Times, Serif; 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: 6pt"&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 17.85pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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. The Company
revisited and updated its accounting policies to apply the requirements of the amendments to IAS 1. The amendments had no material 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;/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;/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;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&#160;&lt;/b&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: 49.5pt"&gt;&lt;/td&gt;&lt;td style="width: 40.5pt"&gt;&lt;span style="font-family: Symbol; font-size: 9pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IFRS
                                            17 insurance contracts,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 49.5pt"&gt;&lt;/td&gt;&lt;td style="width: 40.5pt"&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;&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;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 49.5pt"&gt;&lt;/td&gt;&lt;td style="width: 40.5pt"&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;&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;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 49.5pt"&gt;&lt;/td&gt;&lt;td style="width: 40.5pt"&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;&lt;b&gt;IAS
                                            12 Income taxes: International Tax Reform - Pillar Two Model Rules (Amendments)&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"&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;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;These
newly adopted IFRS and amendments to IFRS did not have a material impact on the Company&#x2019;s 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"&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;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&#160;&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-family: Times New Roman, Times, Serif; 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 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;


&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&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: 0; margin-bottom: 6pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 35.45pt"&gt;&lt;/td&gt;&lt;td style="width: 17.85pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0pt 53.3pt; text-align: justify"&gt;&#160;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 53.3pt; text-align: justify"&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 0 0 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;IAS
                                            7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance
                                            Arrangements (Amendments).&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 54pt; text-align: justify"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 54pt; text-align: justify"&gt;&#160;&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&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;&lt;b&gt;IAS
                                            21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments).
                                            &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 54pt; text-align: justify"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted. 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 54pt; text-align: justify"&gt;&#160;&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&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;&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;/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"&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 0 0 54pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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.&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;&#160;&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&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;&lt;b&gt;IFRS
                                            16 Leases: Lease Liability in a Sale and Leaseback (amendments). &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 54pt; text-align: justify"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. 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 54pt; text-align: justify"&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 0 0 54pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Company plans to adopt these standards on their respective effective dates.&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&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 0 0 53.3pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 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 60pt; text-indent: -60pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&#160;&lt;/span&gt;&lt;/p&gt;


&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: -60pt; text-align: justify"&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations>
    <ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14251">&lt;p id="xdx_84B_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zFC8RJeDy1Jg" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.3
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_865_zaqATTJEznEh"&gt;Accounting policies, judgments, estimates
and assumptions:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: Times New Roman, Times, Serif; 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 of such vessel.&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: Times New Roman, Times, Serif; font-size: 10pt"&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 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;/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-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;&#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;/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-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; and&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;/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-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;/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;&#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&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;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, 2023 and 2022, the Company
concluded that no indicators for impairment were present as of December 31, 2023 and 2022 and no impairment was recorded for the
years ended December 31, 2023 and 2022. Following the agreement to sell Sun Globe and given the significant increase in the
vessel&#x2019;s market value, the Company assessed that there were indications that impairment losses recognized in the previous
periods with respect to this vessel have decreased. Therefore, the carrying amount of the vessel was increased to its recoverable
amount, determined based on selling price less cost to sell, and the Company recorded reversal of impairment amounting $&lt;span id="xdx_909_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20230101__20231231_zqeqio5fV3hg" title="Reversal of impairment"&gt;4,400&lt;/span&gt;,
during the first quarter of 2023. &lt;span id="xdx_907_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_do_c20220101__20221231_z2KMh2M6Lrsf" title="Reversal of impairment"&gt;No&lt;/span&gt;
reversal of previously recognized impairment losses was recorded for the year ended December 31, 2022 (Note 5).&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-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 0 0 1cm; text-align: justify"&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&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -40pt; text-align: justify"&gt;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&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;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -40pt; text-align: justify"&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; text-align: justify"&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: 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 0 0 35.45pt; text-align: justify"&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 0 0 35.45pt; text-align: justify"&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;
                                                                                                   &#x202f;&#x202f;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, 2023 and 2022. 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;


</ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory>
    <ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-23964"
      unitRef="USD">4400000</ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-23965"
      unitRef="USD">0</ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="From2023-01-01to2023-12-31" id="ixv-14356">&lt;p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zbckekjUskY8" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;2.4
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_86A_zyLhgdk6KI4e"&gt;Accounting for revenue and related expenses:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;
&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The Company generates its revenues from charterers for the
charter hire of its vessels. Vessels are chartered using time charters, 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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&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; text-align: justify; text-indent: 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
    <ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14379">&lt;p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zK2cKLkfvbU9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;2.5
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_86E_zOiVgv2mRa1"&gt;Foreign currency translation:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"&gt;&lt;/p&gt;


</ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14386">&lt;p id="xdx_84B_eifrs-full--DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_zMgPpwxn1WDd" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;b&gt;2.6
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_86B_zmU1IS0Km7J7"&gt;Cash and cash equivalents:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


</ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14394">&lt;p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_zguP4OoxNgad" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;2.7
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_867_zm0MAcaY7Ss2"&gt;Trade accounts receivable, net:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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. 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, 2023 and 2022 was nil.&#160;&#160;&lt;span id="xdx_902_ecustom--AllowanceForDoubtfulTradeReceivables_d0_c20220101__20221231_zYKUlh2PBnt" style="display: none"&gt;0&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory>
    <glbs:AllowanceForDoubtfulTradeReceivables
      contextRef="From2022-01-012022-12-31"
      decimals="0"
      id="ixv-23966"
      unitRef="USD">0</glbs:AllowanceForDoubtfulTradeReceivables>
    <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="From2023-01-01to2023-12-31" id="ixv-14401">&lt;p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForMeasuringInventories_z11u604Osh1" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;2.8&#x202f;
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_868_zwMnpoR4PGgk"&gt;Inventories:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&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;/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-family: Times New Roman, Times, Serif; 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;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
    <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14448">&lt;p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zQ7Gz6XOKdu4" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.9&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_866_zjgbttAN5HR2"&gt;Vessels, net:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;/p&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14458">&lt;p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_zWMXx9qxYjKj" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.10&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_86F_zMmKEDjhnfPa"&gt;
Dry-docking costs:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font: normal 10pt Times New Roman, Times, Serif"&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_90E_ecustom--IntervalBetweenVesselDrydockingSpecialSurvey_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_zX5vyTlJbNga" title="Interval Between Vessel Drydocking Special Survey"&gt;2.5 &lt;/span&gt;&lt;/span&gt;&lt;span style="font: normal 10pt Times New Roman, Times, Serif"&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_908_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_z7MliaVx3jb4"&gt;straight-line
basis&lt;/span&gt;&lt;/span&gt; &lt;span style="font: normal 10pt Times New Roman, Times, Serif"&gt;over
the remaining period through the estimated dry-docking date.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -20pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


</ifrs-full:DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory>
    <glbs:IntervalBetweenVesselDrydockingSpecialSurvey
      contextRef="From2023-01-012023-12-31_custom_DeferredDryDockingCostsMember"
      id="ixv-23967">P2Y6M</glbs:IntervalBetweenVesselDrydockingSpecialSurvey>
    <ifrs-full:DepreciationMethodPropertyPlantAndEquipment
      contextRef="From2023-01-012023-12-31_custom_DeferredDryDockingCostsMember"
      id="ixv-23968">straight-line
basis</ifrs-full:DepreciationMethodPropertyPlantAndEquipment>
    <ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14470">&lt;p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_zuXgT4rF0yFl" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.11
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_866_z3R55CMWPuP6"&gt;Depreciation:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
cost of each of the Company&#x2019;s vessels is depreciated on a &lt;span id="xdx_903_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_z1BDU8fSh9ta" title="Depreciation method"&gt;straight-line
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;basis 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_90D_eifrs-full--DescriptionOfUsefulLifePropertyPlantAndEquipment_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zDeYSMP1lFKc" title="Useful life"&gt;25
years&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 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_zAu0z0ca9oNe"&gt;380&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;/ton
(absolute amount) due to the increased scrap rates worldwide. This resulted to a decrease of $&lt;span id="xdx_90B_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zb5RlQE2eUJj"&gt;145
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;to the depreciation charge included in the consolidated
statement of comprehensive income 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_zjWPZabpOfv3"&gt;440&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;/ton
(absolute amount) due to the increased scrap rates worldwide. This resulted to a lower amount of $&lt;span id="xdx_902_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zoTU81CT5yPk"&gt;118
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;to the depreciation charge included in the consolidated
statement of comprehensive income for 2022. During the fourth quarter of 2023, the Company adjusted the scrap rate from $440/ton to $&lt;span id="xdx_90E_ecustom--VesselsScrapRatePerTon_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zdPuLd6jopJ1" title="Vessels scrap rate per ton"&gt;480&lt;/span&gt;/ton,
due to the increased scrap rates worldwide. This resulted in a decrease of approximately $&lt;span id="xdx_906_ecustom--IncreaseDecreaseInDepreciationPropertyPlantAndEquiment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zcaH3BcOHv8i" title="Decrease in depreciation expense due to changes in scrap rate"&gt;62&lt;/span&gt; to the depreciation charge included in the
consolidated statement of comprehensive income for 2023.&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -20pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


</ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory>
    <ifrs-full:DepreciationMethodPropertyPlantAndEquipment
      contextRef="From2023-01-012023-12-31_custom_VesselsMember"
      id="ixv-23969">straight-line</ifrs-full:DepreciationMethodPropertyPlantAndEquipment>
    <ifrs-full:DescriptionOfUsefulLifePropertyPlantAndEquipment
      contextRef="From2023-01-012023-12-31_custom_VesselsMember"
      id="ixv-23970">25
years</ifrs-full:DescriptionOfUsefulLifePropertyPlantAndEquipment>
    <glbs:VesselsScrapRatePerTon
      contextRef="From2021-01-012021-12-31_custom_VesselsMember"
      decimals="0"
      id="ixv-23971"
      unitRef="USD">380</glbs:VesselsScrapRatePerTon>
    <glbs:IncreaseDecreaseInDepreciationPropertyPlantAndEquiment
      contextRef="From2021-01-012021-12-31_custom_VesselsMember"
      decimals="-3"
      id="ixv-23972"
      unitRef="USD">145000</glbs:IncreaseDecreaseInDepreciationPropertyPlantAndEquiment>
    <glbs:VesselsScrapRatePerTon
      contextRef="From2022-01-012022-12-31_custom_VesselsMember"
      decimals="0"
      id="ixv-23973"
      unitRef="USD">440</glbs:VesselsScrapRatePerTon>
    <glbs:IncreaseDecreaseInDepreciationPropertyPlantAndEquiment
      contextRef="From2022-01-012022-12-31_custom_VesselsMember"
      decimals="-3"
      id="ixv-23974"
      unitRef="USD">118000</glbs:IncreaseDecreaseInDepreciationPropertyPlantAndEquiment>
    <glbs:VesselsScrapRatePerTon
      contextRef="From2023-01-012023-12-31_custom_VesselsMember"
      decimals="0"
      id="ixv-23975"
      unitRef="USD">480</glbs:VesselsScrapRatePerTon>
    <glbs:IncreaseDecreaseInDepreciationPropertyPlantAndEquiment
      contextRef="From2023-01-012023-12-31_custom_VesselsMember"
      decimals="-3"
      id="ixv-23976"
      unitRef="USD">62000</glbs:IncreaseDecreaseInDepreciationPropertyPlantAndEquiment>
    <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14494">&lt;p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_znCFPmeZIxN2" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.12
&#160; &#160; &#160;&#160;&lt;span id="xdx_86C_zMrsspvdaMY3"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The Company assesses
at each reporting date whether there is an indication that a vessel may be impaired. The Company has considered various indicators, including but not
limited to the current level of market hire rates, the market price of its vessels, the economic outlook, technological, regulatory and
environmental developments. 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.
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 a reversal is recognized in the consolidated statement of comprehensive income. 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; text-indent: -20pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14502">&lt;p id="xdx_84B_eifrs-full--DescriptionOfAccountingPolicyForBorrowingsExplanatory_zZb1GTPwRuni" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;b&gt;2.13
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_86B_zDY01tc7oXI"&gt;Long-term debt:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 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.&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14510">&lt;p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFinanceCostsExplanatory_zi4a2zLAf508" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.14
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_862_zQOwuVDZIuBk"&gt;Financing costs:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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, 2023, the Company deferred financing costs of $&lt;span id="xdx_90E_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zprKOkPWMNN8"&gt;406&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
which relate to the costs incurred for the top up loan amount of $&lt;span id="xdx_901_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zkKq5BDRbYlc"&gt;25,000
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;with First Citizens Bank &amp;amp; Trust Company
(formerly known as CIT Bank N.A.) (&#x201c;First-Citizens Bank&#x201d;) (This loan facility is referred to as the &#x201c;CIT Loan Facility&#x201d;,
see Note 11 for more details). For the year ended December 31, 2022, the Company deferred financing costs of $&lt;span id="xdx_907_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_znZYWenv99hl"&gt;259&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
which relate to the costs incurred for the top up loan amount of $&lt;span id="xdx_901_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zXFcxmlsZdol"&gt;18,000
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;under the CIT Loan Facility (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_z3dG8Na7AhIe"&gt;545&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
which relate to the costs incurred for CIT Loan Facility (see Note 11 for more details).&#160;&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;/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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;&#160;&lt;/i&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;&lt;/i&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-family: Times New Roman, Times, Serif; 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;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Accounting Policies (continued)&#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&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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;/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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;i&gt;&#160;&#160;&lt;/i&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&gt;

</ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory>
    <ifrs-full:BorrowingCostsCapitalised
      contextRef="From2023-01-012023-12-31_custom_CiTMember"
      decimals="-3"
      id="ixv-23977"
      unitRef="USD">406000</ifrs-full:BorrowingCostsCapitalised>
    <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities
      contextRef="From2023-01-012023-12-31_custom_CiTMember"
      decimals="-3"
      id="ixv-23978"
      unitRef="USD">25000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
    <ifrs-full:BorrowingCostsCapitalised
      contextRef="From2022-01-012022-12-31_custom_CiTMember"
      decimals="-3"
      id="ixv-23979"
      unitRef="USD">259000</ifrs-full:BorrowingCostsCapitalised>
    <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities
      contextRef="From2022-01-012022-12-31_custom_CiTMember"
      decimals="-3"
      id="ixv-23980"
      unitRef="USD">18000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
    <ifrs-full:BorrowingCostsCapitalised
      contextRef="From2021-01-012021-12-31_custom_CiTMember"
      decimals="-3"
      id="ixv-23981"
      unitRef="USD">545000</ifrs-full:BorrowingCostsCapitalised>
    <ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14571">&lt;p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_z5sLE4Gk9bBi" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.15&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;span id="xdx_860_zvCNWV0RV7t9"&gt;Borrowing costs:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14579">&lt;p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForSegmentReportingExplanatory_zwObdavi09E4" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.16&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;
&lt;span id="xdx_865_zevxBImQboJl"&gt;Operating segment:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_903_ecustom--NumberOfOperatingSegments_dc_uPure_c20230101__20231231_z1b1Al6wn7V6"&gt;one
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-indent: -40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


</ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory>
    <glbs:NumberOfOperatingSegments
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-23982"
      unitRef="Pure">1</glbs:NumberOfOperatingSegments>
    <ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14591">&lt;p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForProvisionsExplanatory_z9NARCJEMZO3" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.17&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_862_zaM0LPjhiAp6"&gt;Provisions
and contingencies:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; 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.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: -40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14602">&lt;p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_z2iSVapD3f2i" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.18&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&#x202f;&lt;span id="xdx_861_zr0XPynzrKuh"&gt;Offsetting of financial assets and liabilities:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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; text-align: justify"&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&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14614">&lt;p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_zGzFMso3J9a2" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.19&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;
&lt;span id="xdx_861_zfUnxEiCoX8h"&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-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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&#160;&lt;/p&gt;



&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&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&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&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&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&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-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;ii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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 0pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                            Company considers a financial asset to be in default when:&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-family: Times New Roman, Times, Serif; 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: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 -40pt; text-align: justify"&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 0 0 36pt; text-align: justify"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;iii.
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;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-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 0 0 54pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&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&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"&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; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; 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: -36pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;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-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; text-align: justify"&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-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;/p&gt;


&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify; text-indent: 35.45pt"&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; text-align: justify; text-indent: 35.45pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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&gt;

</ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory>
    <glbs:DescriptionOfAccountingPolicyForLesseeExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14825">&lt;p id="xdx_84B_ecustom--DescriptionOfAccountingPolicyForLesseeExplanatory_zpGb2lFIJ5Hd" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.20&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;
&lt;span id="xdx_860_zkoKydYt94tg"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: -40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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. 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. &lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -36pt"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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. 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 or a change in the lease payments.&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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 (see also Note 2.4).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 as 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: 0 0 0 36pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;/p&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&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-family: Times New Roman, Times, Serif; 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_90B_eifrs-full--DirectOperatingExpenseFromInvestmentProperty_pn3n3_c20230101__20231231_zmdJd4bDClCk" title="Direct operating expense from investment property"&gt;16,473&lt;/span&gt; for the year ended December 31, 2023.
                                            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_90F_eifrs-full--OperatingLeaseIncome_pn3n3_c20230101__20231231_zs7BXhTP5apb" title="Lease components"&gt;14,367&lt;/span&gt; for the year ended
                                            December 31, 2023.&lt;/span&gt;&lt;/p&gt;


&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: -40pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"&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-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; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; 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&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&gt;</glbs:DescriptionOfAccountingPolicyForLesseeExplanatory>
    <ifrs-full:DirectOperatingExpenseFromInvestmentProperty
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-23983"
      unitRef="USD">16473000</ifrs-full:DirectOperatingExpenseFromInvestmentProperty>
    <ifrs-full:OperatingLeaseIncome
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-23984"
      unitRef="USD">14367000</ifrs-full:OperatingLeaseIncome>
    <ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14899">&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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"&gt;&lt;b&gt;2.21
                                            &#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f; &lt;/b&gt;&lt;/span&gt;&lt;b&gt;&lt;span id="xdx_867_zye2gUsVvxg7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Share
                                            capital and Warrants:&lt;/span&gt;&lt;/b&gt; &lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-14910">&lt;p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_z1xMFxR8g7Ld" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.22
&#x202f;&#x202f;&#x202f;&#x202f;&#160; &lt;span id="xdx_860_zE2CHcz06kfk"&gt;Fair value measurement:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 0pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"&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 0pt; 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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 60pt; text-align: justify; text-indent: -45pt"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; 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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 -40pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
assets and liabilities that are recognized at fair value 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 0 0 -40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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&gt;

</ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory>
    <glbs:DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements contextRef="From2023-01-01to2023-12-31" id="ixv-14942">&lt;p id="xdx_841_ecustom--DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_zvhc05K51dDj" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.23
&#x202f;&#x202f;&#x202f;&#160;&#x202f;&lt;span id="xdx_86A_zkgYMnwKd2Xl"&gt;Current versus non-current classification:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 0pt; text-indent: -40pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&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: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"&gt;&lt;/td&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;held
                                            primarily for the purpose of trading; &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"&gt;&lt;/td&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;expected
                                            to be realized within twelve months after the reporting period; or &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"&gt;&lt;/td&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;cash
                                            or cash equivalent&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;


&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -35.45pt"&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 0 0 0pt; text-align: justify; text-indent: -35.45pt"&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-family: Times New Roman, Times, Serif; 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 36pt; text-align: justify"&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 0 0 36pt; text-align: justify"&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: Times New Roman, Times, Serif; font-size: 10pt"&gt;A
                                            liability is current when:&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-family: Times New Roman, Times, Serif; 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&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"&gt;&lt;/td&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;it
                                            is held primarily for the purpose of trading; &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"&gt;&lt;/td&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"&gt;&lt;/td&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&#x2022;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 36pt; text-align: justify"&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 0 0 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 36pt; text-align: justify"&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 0 0 36pt; text-align: justify"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</glbs:DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements>
    <glbs:DescriptionOfAccountingPolicyForRestrictedCashExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-15056">&lt;p id="xdx_84B_ecustom--DescriptionOfAccountingPolicyForRestrictedCashExplanatory_zVnmukaLsj3f" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.24
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_861_z3YhXeEbqJta"&gt;Restricted Cash:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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.&#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: -35.45pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


</glbs:DescriptionOfAccountingPolicyForRestrictedCashExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-15064">&lt;p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForHedgingExplanatory_zjDixvpPCOug" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.25
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_863_zHDiV1PhtW2l"&gt;Interest Rate Swap:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 19). 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-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 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: -35.45pt"&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 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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
 on derivative financial instruments&#x201d; in the consolidated statement of comprehensive income. Realized gains or losses resulting
from interest rate swaps are recognized in profit or loss under &#x201c;Gain   on derivative financial instruments&#x201d; in the
consolidated statement of comprehensive income.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory>
    <glbs:DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-15080">&lt;p id="xdx_84A_ecustom--DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory_zcKlnUeHYbA9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2.26
&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_869_zHYxUtGFueV3"&gt;Management &amp;amp; consulting fee income:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 under management &amp;amp; consulting fee income.&#160;&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&gt;


</glbs:DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory>
    <ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-15089">&lt;p id="xdx_80E_eifrs-full--DisclosureOfCashAndCashEquivalentsExplanatory_zt2l4MJUwoOk" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3.&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#160;&#160;&lt;span id="xdx_82C_zXwuQiLG272k"&gt;Cash
and cash equivalents and Restricted cash&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; text-align: justify; text-indent: 7.1pt"&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_89A_ecustom--DisclosureOfCashAndBankBalancesExplanatory_z5ouH2tMfOW1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -20pt; text-align: justify"&gt;&lt;span id="xdx_8B5_zWwAWr3UeB02" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Cash
and cash equivalents and Restricted cash&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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%; border-collapse: collapse"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_492_20231231_zqx2BZhZZkya" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_492_20221231_zB3709HUiU06" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_407_eifrs-full--CashOnHand_iI_pn3n3_maCACEzwtA_zFYVu9Fljz9c" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;36&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40E_eifrs-full--BalancesWithBanks_iI_pn3n3_maCACEzwtA_zVn8D3rjudTc" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;74,191&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;52,797&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40E_eifrs-full--CashAndCashEquivalents_iTI_pn3n3_mtCACEzwtA_z90GW7zmPUVg" 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-family: Times New Roman, Times, Serif; 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 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;74,202&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;52,833&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A3_z4TNJoGRNbT" style="font: 9pt Times New Roman, Times, Serif; margin: 0; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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: 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 0 0 1cm; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                                                                                             fair value of cash and cash equivalents as at December 31, 2023 and   2022, was $&lt;span id="xdx_901_ecustom--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20231231_zcJGV7XgeAwa" title="Cash and cash equivalents at fair value"&gt;74,202 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and
                                                                                                             $&lt;span id="xdx_90F_ecustom--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20221231_zzMcDrFfRF66"&gt;52,833&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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; text-indent: -0.55pt"&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 0 0 1cm; text-align: justify; text-indent: -0.55pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023 and 2022, the Company had pledged an amount of $&lt;span id="xdx_90D_eifrs-full--RestrictedCashAndCashEquivalents_iI_pn3n3_c20231231_zORZfl3eTtJ5" title="Amount pledged as collaterals"&gt;3,620 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and
$&lt;span id="xdx_90A_eifrs-full--RestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_zl4KUa23wfhi"&gt;5,968&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
respectively, in order to fulfill collateral requirements. The fair value of the restricted cash as at December 31, 2023 was $&lt;span id="xdx_903_ecustom--RestrictedCashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20231231_z5XpqZihZ3Ie" title="Restricted cash at fair value"&gt;3,620&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
$&lt;span id="xdx_901_eifrs-full--NoncurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20231231_zSpQ4tHtOhJ9"&gt;3,530&lt;/span&gt;  included in non-current assets and $&lt;span id="xdx_908_eifrs-full--CurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20231231_zU8lPoaTfOXk"&gt;90&lt;/span&gt; included in current assets as at December 31, 2023. The fair value of the
restricted cash as at December 31, 2022 was $&lt;span id="xdx_90E_ecustom--RestrictedCashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20221231_zH8C7cNrXWv8"&gt;5,968&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
$&lt;span id="xdx_90F_eifrs-full--NoncurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_za9tjqh9wcmd" title="Non current restricted cash"&gt;3,590&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;included
in non-current assets and $&lt;span id="xdx_906_eifrs-full--CurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_z7JsRYjP6R3f" title="Current restricted cash"&gt;2,378 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;included
in current assets as at December 31, 2022. 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 0 0 1cm; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; 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-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory>
    <glbs:DisclosureOfCashAndBankBalancesExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-15100">&lt;p id="xdx_89A_ecustom--DisclosureOfCashAndBankBalancesExplanatory_z5ouH2tMfOW1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -20pt; text-align: justify"&gt;&lt;span id="xdx_8B5_zWwAWr3UeB02" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Cash
and cash equivalents and Restricted cash&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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%; border-collapse: collapse"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_492_20231231_zqx2BZhZZkya" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_492_20221231_zB3709HUiU06" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_407_eifrs-full--CashOnHand_iI_pn3n3_maCACEzwtA_zFYVu9Fljz9c" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;36&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40E_eifrs-full--BalancesWithBanks_iI_pn3n3_maCACEzwtA_zVn8D3rjudTc" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;74,191&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;52,797&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40E_eifrs-full--CashAndCashEquivalents_iTI_pn3n3_mtCACEzwtA_z90GW7zmPUVg" 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-family: Times New Roman, Times, Serif; 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 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;74,202&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;52,833&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfCashAndBankBalancesExplanatory>
    <ifrs-full:CashOnHand
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-23985"
      unitRef="USD">11000</ifrs-full:CashOnHand>
    <ifrs-full:CashOnHand
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-23986"
      unitRef="USD">36000</ifrs-full:CashOnHand>
    <ifrs-full:BalancesWithBanks
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-23987"
      unitRef="USD">74191000</ifrs-full:BalancesWithBanks>
    <ifrs-full:BalancesWithBanks
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-23988"
      unitRef="USD">52797000</ifrs-full:BalancesWithBanks>
    <ifrs-full:CashAndCashEquivalents
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-23989"
      unitRef="USD">74202000</ifrs-full:CashAndCashEquivalents>
    <ifrs-full:CashAndCashEquivalents
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-23990"
      unitRef="USD">52833000</ifrs-full:CashAndCashEquivalents>
    <glbs:CashAndCashEquivalentsFairValueDisclosure
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-23991"
      unitRef="USD">74202000</glbs:CashAndCashEquivalentsFairValueDisclosure>
    <glbs:CashAndCashEquivalentsFairValueDisclosure
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-23992"
      unitRef="USD">52833000</glbs:CashAndCashEquivalentsFairValueDisclosure>
    <ifrs-full:RestrictedCashAndCashEquivalents
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-23993"
      unitRef="USD">3620000</ifrs-full:RestrictedCashAndCashEquivalents>
    <ifrs-full:RestrictedCashAndCashEquivalents
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-23994"
      unitRef="USD">5968000</ifrs-full:RestrictedCashAndCashEquivalents>
    <glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-23995"
      unitRef="USD">3620000</glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure>
    <ifrs-full:NoncurrentRestrictedCashAndCashEquivalents
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-23996"
      unitRef="USD">3530000</ifrs-full:NoncurrentRestrictedCashAndCashEquivalents>
    <ifrs-full:CurrentRestrictedCashAndCashEquivalents
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-23997"
      unitRef="USD">90000</ifrs-full:CurrentRestrictedCashAndCashEquivalents>
    <glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-23998"
      unitRef="USD">5968000</glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure>
    <ifrs-full:NoncurrentRestrictedCashAndCashEquivalents
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-23999"
      unitRef="USD">3590000</ifrs-full:NoncurrentRestrictedCashAndCashEquivalents>
    <ifrs-full:CurrentRestrictedCashAndCashEquivalents
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-24000"
      unitRef="USD">2378000</ifrs-full:CurrentRestrictedCashAndCashEquivalents>
    <ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-15222">&lt;p id="xdx_80E_eifrs-full--DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_zubZCYYk0QI5" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_824_z43IWqLDfgQ4"&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-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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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, 2023,
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-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; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; 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_90D_ecustom--MonthlyRentalExpense_pdn3_uEuro_c20160101__20161231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zb0vGphNb5ri"&gt;10,360 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(absolute
amount) ($&lt;span id="xdx_900_ecustom--MonthlyRentalExpense_pdn3_uUSD_c20160101__20161231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_z7Lnf7K0spkh"&gt;11.9&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_900_ecustom--MonthlyRentalExpense_pp0p0_uEuro_c20210101__20210805__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zRHLUTi3G2pa"&gt;26,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(absolute
amount) with a lease period ending &lt;span id="xdx_904_ecustom--LeaseExpirationDate_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_z0WC9Bg4vFy"&gt;August
4, 2024&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;. The previous rental agreement was
terminated. 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_904_ecustom--MonthlyRentalExpense_pp0p0_uEuro_c20220101__20220630__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zJ12fjGx4fR6"&gt;26,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(absolute
amount) and with the same lease period ending of &lt;span id="xdx_90C_ecustom--LeaseExpirationDate_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zzcomubsKMli"&gt;August
4, 2024&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;. The previous rental agreement with
Cyberonica was terminated resulting in a gain of $&lt;span id="xdx_90F_ecustom--CreditAdjustmentOfFinanceCost_pn3n3_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zIj86Pykfmoj"&gt;40 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;classified
in the income statement component of the consolidated statement of comprehensive income under interest and finance costs. The
Company does not presently own any real estate. During the years ended December 31, 2023, 2022 and 2021, the rent charged amounted
to $&lt;span id="xdx_90F_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zc13WO33C7N"&gt;349&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
$&lt;span id="xdx_901_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--RentCharged2022CyberonicaFGMember_znFr00UZCx6a"&gt;341 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and
$&lt;span id="xdx_90F_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zcfeEj7U96E9"&gt;242&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
depreciation charge for right-of-use assets for the years ended December 31, 2023, 2022 and 2021, was $&lt;span id="xdx_908_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20230101__20231231_z1rUByKVw9dh"&gt;311&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
$&lt;span id="xdx_909_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20220101__20221231_zrHxOgk7zdO3"&gt;327&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and
$&lt;span id="xdx_902_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20210101__20211231_z4GLv3hhOcC"&gt;206&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
respectively, and was recognized in the income statement component of the consolidated statement of comprehensive income under depreciation.
The interest expense on lease liabilities for the years ended December 31, 2023, 2022 and 2021, was $&lt;span id="xdx_904_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20230101__20231231_zfrA8rY8z7q6"&gt;28&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
$&lt;span id="xdx_90F_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20220101__20221231_ziyV1RFsVgRi"&gt;54&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and
$&lt;span id="xdx_90C_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20210101__20211231_zyjruHtHFzv8"&gt;52&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
respectively, and recognized under interest expense and finance costs  in the income statement component of the consolidated
statement of comprehensive income. The total cash outflows for leases for the years ended December 31, 2023, 2022 and 2021, were approximately
$&lt;span id="xdx_900_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20230101__20231231_zHgDXO9WwLm1"&gt;339&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
$&lt;span id="xdx_904_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20220101__20221231_zkn7waCI3ag3"&gt;341
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and $&lt;span id="xdx_90B_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20210101__20211231_zJS1J9zF4pT2"&gt;314&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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.&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-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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 (&#x201c;CFO&#x201d;). On August 18, 2016, the Company entered into a consultancy agreement with an affiliated company
(Goldenmare Limited) of its CEO and CFO, 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 and CFO at an annual fee of Euro &lt;span id="xdx_905_ecustom--ConsultingFeesExpense_pip0_uEuro_c20160101__20160818__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zD9PYiweJceg"&gt;200,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_906_ecustom--ConsultingFeesExpense_pip0_uEuro_c20200101__20201203__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zBScdpOAftm5"&gt;400,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_ziIgnjxSyGH7"&gt;1,500 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zuj70dNIZ4bd"&gt;1,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and
in September 2021 the remaining amount of $&lt;span id="xdx_907_ecustom--RemainingOfOneTimeCashBonusPayment_pn3n3_c20210101__20210930__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zfmzpbUZCiek"&gt;500&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;.
In addition, in December 2021, the Company agreed to pay a one-time cash bonus of $&lt;span id="xdx_90B_ecustom--AgreedAmountOfOneTimeCashBonus_iI_pn3n3_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_ziMtjvIuJPc2"&gt;1,500 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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,
which has been paid as of December 31, 2023. The related expense for the years ended December 31, 2023, 2022 and 2021, amounted to
$&lt;span id="xdx_909_ecustom--ConsultingFeesExpense_pn3n3_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zI4xOUhyb6r3"&gt;432&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
$&lt;span id="xdx_90D_ecustom--ConsultingFeesExpense_pn3n3_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zgWAG7wuuagl"&gt;1,172 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and
$&lt;span id="xdx_90E_ecustom--ConsultingFeesExpense_pn3n3_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zBYAUzczjQBj"&gt;1,216&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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;/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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions with Related Parties (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-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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
March 2, 2021, the Company entered into a stock purchase agreement and issued &lt;span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210302__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_znlnB0N4Cdle"&gt;10,000
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zK973cn4brhf"&gt;0.001
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zpeXvfIbWKnb"&gt;130&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023, and 2022, Goldenmare Limited owned &lt;span id="xdx_90A_eifrs-full--SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zZ89YyJmtTb7"&gt;&lt;span id="xdx_900_eifrs-full--SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zot7Au5kB1Ah"&gt;10,300&lt;/span&gt;
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;of the Company&#x2019;s Series B preferred shares.
&lt;span id="xdx_90E_ecustom--VotingRights_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zAJcYXQ5W5l"&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;&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-family: Times New Roman, Times, Serif; 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;/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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023, 2022 and 2021, Mr. George Feidakis beneficially owned &lt;span id="xdx_90A_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_zEKPE5DTv9H5"&gt;24.9&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%, &lt;span id="xdx_902_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_z5h9g8ISF6tb"&gt;3.7&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%
and &lt;span id="xdx_90B_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_zosL87OKx90b"&gt;3.7&lt;/span&gt;%, respectively, of Globus&#x2019; common 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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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;/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-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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_zif5G3geui72"&gt;1,000
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-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 0 0 1cm; text-align: justify"&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&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&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: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions with Related Parties (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"&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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_90F_ecustom--NoninterestExpenseDirectorsFees1_pn3n3_c20220101__20220214__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_z8GYaW65La03"&gt;80&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 0 0 1cm"&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 0 0 7.65pt"&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Compensation
to Globus non-executive directors is analyzed as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_894_ecustom--DisclosureOfCompensationOfNonExecutiveDirectors_zi1V4gAWX80e" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"&gt;&lt;span id="xdx_8B9_zYa2K2YCZQZ5" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Transactions
with Related Parties&#160;- Compensation to the Company&#x2019;s Non-Executive Directors&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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49F_20230101__20231231_zoBfk9EZAbbi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_494_20220101__20221231_z8WwZEdGLiC" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49E_20210101__20211231_zHNWUizdAQU9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_408_eifrs-full--DirectorsRemunerationExpense_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_z5hEIaYn2HL6" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;240&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;240&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;145&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40E_ecustom--DirectorsCompensationSharebasedPayment_pn3n3_d0_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_zhRWxyg2l6h3" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Share-based
    payments &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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;40&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_408_eifrs-full--KeyManagementPersonnelCompensation_iT_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_mtKMPCzHgk_zv9gDiDIMCM4" 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-family: Times New Roman, Times, Serif; 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 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;240&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;240&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;185&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A1_z8evNCASZoC1" style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"&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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023, and 2022, $&lt;span id="xdx_900_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zfmTn7uogWf6"&gt;&lt;span id="xdx_90C_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zAGWH7rRmzsi"&gt;60&lt;/span&gt;
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;of the compensation to non-executive directors
was remaining due and unpaid, for both December 31, 2023 and 2022. 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; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt"&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: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm"&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-family: Times New Roman, Times, Serif; 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_zRS5jmgr4hsd" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"&gt;&lt;span id="xdx_8BA_zxEbomKOalMa" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Transactions
with Related Parties - Compensation to the Company's Executive Director&#160;&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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49D_20230101__20231231_z0OHcbDmJxg1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49A_20220101__20221231_ziBJLi9hULGa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49F_20210101__20211231_zX4w0FbxHAtk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_400_eifrs-full--KeyManagementPersonnelCompensationShorttermEmployeeBenefits_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_maKMPCzSqc_zZfjChg8Po8" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;432&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,172&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,216&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_zrPp466GlTzi" 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-family: Times New Roman, Times, Serif; 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 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;432&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1,172&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1,216&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A8_zBmkprKNqmWg" style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"&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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023, and 2022, $&lt;span id="xdx_90D_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_zxtSuNc8cKZh"&gt;77
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and $&lt;span id="xdx_904_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_zrdwXMWXyJNf"&gt;2,088
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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;&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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory>
    <glbs:MonthlyRentalExpense
      contextRef="From2016-01-012016-12-31_custom_CyberonicaSAMember"
      decimals="0"
      id="ixv-24001"
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    <glbs:MonthlyRentalExpense
      contextRef="From2016-01-012016-12-31_custom_CyberonicaSAMember"
      decimals="0"
      id="ixv-24002"
      unitRef="USD">11900</glbs:MonthlyRentalExpense>
    <glbs:MonthlyRentalExpense
      contextRef="From2021-01-012021-08-05_custom_CyberonicaSAMember"
      decimals="0"
      id="ixv-24003"
      unitRef="Euro">26000</glbs:MonthlyRentalExpense>
    <glbs:LeaseExpirationDate
      contextRef="From2023-01-012023-12-31_custom_CyberonicaSAMember"
      id="ixv-24004">2024-08-04</glbs:LeaseExpirationDate>
    <glbs:MonthlyRentalExpense
      contextRef="From2022-01-012022-06-30_custom_FGEuropeMember"
      decimals="0"
      id="ixv-24005"
      unitRef="Euro">26000</glbs:MonthlyRentalExpense>
    <glbs:LeaseExpirationDate
      contextRef="From2023-01-012023-12-31_custom_FGEuropeMember"
      id="ixv-24006">2024-08-04</glbs:LeaseExpirationDate>
    <glbs:CreditAdjustmentOfFinanceCost
      contextRef="From2023-01-012023-12-31_custom_CyberonicaSAMember"
      decimals="-3"
      id="ixv-24007"
      unitRef="USD">40000</glbs:CreditAdjustmentOfFinanceCost>
    <ifrs-full:LeasesAsLesseeRelatedPartyTransactions
      contextRef="From2023-01-012023-12-31_custom_FGEuropeMember"
      decimals="-3"
      id="ixv-24008"
      unitRef="USD">349000</ifrs-full:LeasesAsLesseeRelatedPartyTransactions>
    <ifrs-full:LeasesAsLesseeRelatedPartyTransactions
      contextRef="From2022-01-012022-12-31_custom_RentCharged2022CyberonicaFGMember"
      decimals="-3"
      id="ixv-24009"
      unitRef="USD">341000</ifrs-full:LeasesAsLesseeRelatedPartyTransactions>
    <ifrs-full:LeasesAsLesseeRelatedPartyTransactions
      contextRef="From2021-01-012021-12-31_custom_CyberonicaSAMember"
      decimals="-3"
      id="ixv-24010"
      unitRef="USD">242000</ifrs-full:LeasesAsLesseeRelatedPartyTransactions>
    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24011"
      unitRef="USD">311000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24012"
      unitRef="USD">327000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24013"
      unitRef="USD">206000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24014"
      unitRef="USD">28000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24015"
      unitRef="USD">54000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24016"
      unitRef="USD">52000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24017"
      unitRef="USD">339000</glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities>
    <glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24018"
      unitRef="USD">341000</glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities>
    <glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24019"
      unitRef="USD">314000</glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities>
    <glbs:ConsultingFeesExpense
      contextRef="From2016-01-012016-08-18_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="INF"
      id="ixv-24020"
      unitRef="Euro">200000</glbs:ConsultingFeesExpense>
    <glbs:ConsultingFeesExpense
      contextRef="From2020-01-012020-12-03_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="INF"
      id="ixv-24021"
      unitRef="Euro">400000</glbs:ConsultingFeesExpense>
    <glbs:AgreedAmountOfOneTimeCashBonus
      contextRef="AsOf2020-12-03_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      id="ixv-24022"
      unitRef="USD">1500000</glbs:AgreedAmountOfOneTimeCashBonus>
    <glbs:OneTimeCashBonusPayment
      contextRef="From2021-01-012021-02-28_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      id="ixv-24023"
      unitRef="USD">1000000</glbs:OneTimeCashBonusPayment>
    <glbs:RemainingOfOneTimeCashBonusPayment
      contextRef="From2021-01-012021-09-30_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      id="ixv-24024"
      unitRef="USD">500000</glbs:RemainingOfOneTimeCashBonusPayment>
    <glbs:AgreedAmountOfOneTimeCashBonus
      contextRef="AsOf2021-12-31_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      id="ixv-24025"
      unitRef="USD">1500000</glbs:AgreedAmountOfOneTimeCashBonus>
    <glbs:ConsultingFeesExpense
      contextRef="From2023-01-012023-12-31_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      id="ixv-24026"
      unitRef="USD">432000</glbs:ConsultingFeesExpense>
    <glbs:ConsultingFeesExpense
      contextRef="From2022-01-012022-12-31_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      id="ixv-24027"
      unitRef="USD">1172000</glbs:ConsultingFeesExpense>
    <glbs:ConsultingFeesExpense
      contextRef="From2021-01-012021-12-31_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      id="ixv-24028"
      unitRef="USD">1216000</glbs:ConsultingFeesExpense>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2021-01-012021-03-02_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="INF"
      id="ixv-24029"
      unitRef="Shares">10000</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-03-02_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="INF"
      id="ixv-24030"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <glbs:IssueOfPreferredShares
      contextRef="From2021-01-012021-03-02_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      id="ixv-24031"
      unitRef="USD">130000</glbs:IssueOfPreferredShares>
    <ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates
      contextRef="AsOf2022-12-31_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="INF"
      id="ixv-24032"
      unitRef="Shares">10300</ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates>
    <ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates
      contextRef="AsOf2023-12-31_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="INF"
      id="ixv-24033"
      unitRef="Shares">10300</ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates>
    <glbs:VotingRights
      contextRef="From2023-01-012023-12-31_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      id="ixv-24034">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="From2023-01-012023-12-31_custom_ChairmanOfTheBoardOfDirectorsMember"
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      contextRef="From2022-01-012022-12-31_custom_ChairmanOfTheBoardOfDirectorsMember"
      decimals="INF"
      id="ixv-24036"
      unitRef="Pure">0.037</glbs:ProportionOfOwnershipInterestsHeldByControllingParty>
    <glbs:ProportionOfOwnershipInterestsHeldByControllingParty
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      decimals="INF"
      id="ixv-24037"
      unitRef="Pure">0.037</glbs:ProportionOfOwnershipInterestsHeldByControllingParty>
    <glbs:ConsultingFeesExpense
      contextRef="From2021-01-012021-07-15_custom_EolosShipmanagementMember_custom_DailyRateMember"
      decimals="0"
      id="ixv-24038"
      unitRef="USD">1000</glbs:ConsultingFeesExpense>
    <glbs:NoninterestExpenseDirectorsFees1
      contextRef="From2022-01-012022-02-14_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      id="ixv-24039"
      unitRef="USD">80000</glbs:NoninterestExpenseDirectorsFees1>
    <glbs:DisclosureOfCompensationOfNonExecutiveDirectors contextRef="From2023-01-01to2023-12-31" id="ixv-15417">&lt;p id="xdx_894_ecustom--DisclosureOfCompensationOfNonExecutiveDirectors_zi1V4gAWX80e" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"&gt;&lt;span id="xdx_8B9_zYa2K2YCZQZ5" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Transactions
with Related Parties&#160;- Compensation to the Company&#x2019;s Non-Executive Directors&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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49F_20230101__20231231_zoBfk9EZAbbi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_494_20220101__20221231_z8WwZEdGLiC" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49E_20210101__20211231_zHNWUizdAQU9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_408_eifrs-full--DirectorsRemunerationExpense_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_z5hEIaYn2HL6" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;240&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;240&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;145&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40E_ecustom--DirectorsCompensationSharebasedPayment_pn3n3_d0_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_zhRWxyg2l6h3" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Share-based
    payments &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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;40&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_408_eifrs-full--KeyManagementPersonnelCompensation_iT_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_mtKMPCzHgk_zv9gDiDIMCM4" 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-family: Times New Roman, Times, Serif; 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 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;240&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;240&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;185&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfCompensationOfNonExecutiveDirectors>
    <ifrs-full:DirectorsRemunerationExpense
      contextRef="From2023-01-012023-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      id="ixv-24040"
      unitRef="USD">240000</ifrs-full:DirectorsRemunerationExpense>
    <ifrs-full:DirectorsRemunerationExpense
      contextRef="From2022-01-012022-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      id="ixv-24041"
      unitRef="USD">240000</ifrs-full:DirectorsRemunerationExpense>
    <ifrs-full:DirectorsRemunerationExpense
      contextRef="From2021-01-012021-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      id="ixv-24042"
      unitRef="USD">145000</ifrs-full:DirectorsRemunerationExpense>
    <glbs:DirectorsCompensationSharebasedPayment
      contextRef="From2023-01-012023-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      id="ixv-24043"
      unitRef="USD">0</glbs:DirectorsCompensationSharebasedPayment>
    <glbs:DirectorsCompensationSharebasedPayment
      contextRef="From2022-01-012022-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      id="ixv-24044"
      unitRef="USD">0</glbs:DirectorsCompensationSharebasedPayment>
    <glbs:DirectorsCompensationSharebasedPayment
      contextRef="From2021-01-012021-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      id="ixv-24045"
      unitRef="USD">40000</glbs:DirectorsCompensationSharebasedPayment>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="From2023-01-012023-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      id="ixv-24046"
      unitRef="USD">240000</ifrs-full:KeyManagementPersonnelCompensation>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="From2022-01-012022-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      id="ixv-24047"
      unitRef="USD">240000</ifrs-full:KeyManagementPersonnelCompensation>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="From2021-01-012021-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      id="ixv-24048"
      unitRef="USD">185000</ifrs-full:KeyManagementPersonnelCompensation>
    <glbs:AccruedDirectorsCompensation
      contextRef="AsOf2023-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      id="ixv-24049"
      unitRef="USD">60000</glbs:AccruedDirectorsCompensation>
    <glbs:AccruedDirectorsCompensation
      contextRef="AsOf2022-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      id="ixv-24050"
      unitRef="USD">60000</glbs:AccruedDirectorsCompensation>
    <glbs:DisclosureOfCompensationOfExecutiveDirector contextRef="From2023-01-01to2023-12-31" id="ixv-15512">&lt;p id="xdx_892_ecustom--DisclosureOfCompensationOfExecutiveDirector_zRS5jmgr4hsd" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"&gt;&lt;span id="xdx_8BA_zxEbomKOalMa" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Transactions
with Related Parties - Compensation to the Company's Executive Director&#160;&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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49D_20230101__20231231_z0OHcbDmJxg1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49A_20220101__20221231_ziBJLi9hULGa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49F_20210101__20211231_zX4w0FbxHAtk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_400_eifrs-full--KeyManagementPersonnelCompensationShorttermEmployeeBenefits_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_maKMPCzSqc_zZfjChg8Po8" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;432&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,172&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,216&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_zrPp466GlTzi" 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-family: Times New Roman, Times, Serif; 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 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;432&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1,172&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1,216&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfCompensationOfExecutiveDirector>
    <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits
      contextRef="From2023-01-012023-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      id="ixv-24051"
      unitRef="USD">432000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
    <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits
      contextRef="From2022-01-012022-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      id="ixv-24052"
      unitRef="USD">1172000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
    <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits
      contextRef="From2021-01-012021-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      id="ixv-24053"
      unitRef="USD">1216000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="From2023-01-012023-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      id="ixv-24054"
      unitRef="USD">432000</ifrs-full:KeyManagementPersonnelCompensation>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="From2022-01-012022-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      id="ixv-24055"
      unitRef="USD">1172000</ifrs-full:KeyManagementPersonnelCompensation>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="From2021-01-012021-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      id="ixv-24056"
      unitRef="USD">1216000</ifrs-full:KeyManagementPersonnelCompensation>
    <glbs:AccruedDirectorsCompensation
      contextRef="AsOf2023-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      id="ixv-24057"
      unitRef="USD">77000</glbs:AccruedDirectorsCompensation>
    <glbs:AccruedDirectorsCompensation
      contextRef="AsOf2022-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      id="ixv-24058"
      unitRef="USD">2088000</glbs:AccruedDirectorsCompensation>
    <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-15593">&lt;p id="xdx_80A_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_zMPy0tqvOEi2" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5.&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#x202f;&lt;span id="xdx_820_z45coL8VTEea"&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-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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_896_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory_zXsIrZ5O0TL1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"&gt;&lt;span id="xdx_8B5_zEGDoFXjiFu1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Vessels,
net - 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-indent: -20pt; text-align: justify"&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 0 0 1cm; text-indent: -20pt; text-align: justify"&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; width: 46%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Vessels
    cost&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Dry
                                            docking &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
    &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;costs&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Net
                                            Book &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
    &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/span&gt;&lt;/p&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Balance
    at January 1, 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zvjJvqPRkbRj" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;162,992&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_znvV2Yuznb24" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(104,111)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zXmfEVVNvRj9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;11,883&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zG1bchJlcWm4" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(8,414)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zbP3gJPqjTT7" 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-family: Times New Roman, Times, Serif; 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: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Additions/
    Dry Docking Component&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zjaWnkljnt4g" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;70,746&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zV6jx5k7Y4b9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4,044&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zM8BMfPMncZk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;74,790&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zdFb8kSIBB26" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(3,665)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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_zP7aicBfsVO1" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(2,751)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zb3jiojyMsT9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(6,416)&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-family: Times New Roman, Times, Serif; 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_980_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zIXbrXjKVv7b" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;233,738&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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_zWkdot5GoCdd" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(107,776)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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_zDVvm7hJ8gy6" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;15,927&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zAmLjEll6fC" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(11,165)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zVMX0z4moYP7" 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-family: Times New Roman, Times, Serif; 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: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Additions/
    Dry Docking Component&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zMogopaLubx" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,178&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zP0uVfd0OgP7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7,438&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z9YZKDH75MZ3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8,616&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zsK0HGRlN8R4" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(5,233)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zWz3HU9Vla9g" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(4,646)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zNqzxYY8dcua" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(9,879)&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-family: Times New Roman, Times, Serif; 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_982_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zWXkAfHNZu38" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;234,916&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zf4SukAFNARe" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(113,009)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z8svodBYboLb" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;23,365&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zIAlanezOS6" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(15,811)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zX0k49P7VhPc" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;129,461&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Additions/
    Dry Docking Component&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zQicAQoVt5G1" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;161&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zBNbv8A2YOGb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,324&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zIIzI6zbrnha" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,485&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Reversal
    of Impairment&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_d0_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zUhfohS1Biod" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Reversal of Impairment"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4,400&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zGfp0pQ15uqi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Reversal of Impairment"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4,400&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z3g9YGKuGVX9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(4,372)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zJ1OTnYVvof3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(4,185)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zjor8iy1Ntob" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(8,557)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Sale
    of vessel&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di0_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zoR1k78K3Irc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(58,219)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zoGaTEeRFmd6" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;31,149&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zBgAMhXBnDx2" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(13,444)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z9mbtxOrWZze" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9,282&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z0dntgKTBsg9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(31,232)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Balance
    at December 31, 2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--Ships_iE_pn3n3_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ztUXvIIl9ZB" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;181,258&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zYtKTLzscNSh" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(86,232)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--Ships_iE_pn3n3_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zYc6ztYSyzE6" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;16,245&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zMtkwqt82DH8" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(10,714)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--Ships_iE_pn3n3_c20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zfDImLMzYTee" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;100,557&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-indent: -20pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_8AD_z8MoY3k8DJk7" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5.&#160;&#160;&#160;&#160;&#160;&#160;&#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"&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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
the purpose of the consolidated statement of comprehensive income, depreciation, as stated in the income statement component, comprises
the following:&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_892_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory_zXz9PfwDuSj" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -20pt"&gt;&lt;span id="xdx_8BB_zPh5r9L406Vi" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Vessels,
net - Consolidated Statement of Comprehensive Income/ (loss)&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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%; border-collapse: collapse"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_497_20230101__20231231_zTZwsqEns8yh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_492_20220101__20221231_zXlSB5GG0CE6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_492_20210101__20211231_zFZC5zweDUfj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_401_eifrs-full--DepreciationPropertyPlantAndEquipment_pn3n3_zZlu7E8hN6Bc" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Vessels&#x2019;
    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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4,372&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5,233&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,665&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40B_ecustom--DepreciationOfficeFurnitureAndEquipment_pn3n3_zcktveXiWzb9" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;42&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;40&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;39&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_407_eifrs-full--DepreciationRightofuseAssets_pn3n3_zDbKNkO2DIQk" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Depreciation
    of right of use asset (Note 16)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;311&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;327&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;206&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_401_eifrs-full--DepreciationExpense_iT_pn3n3_zcvkZcaHtHIk" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;4,725&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;5,600&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3,910&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A2_zwQqDUj2hL4h" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_zjdJn7pjpEF5"&gt;2011&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-built
&lt;span id="xdx_900_ecustom--VesselType_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zpGEn0Gq4B7g"&gt;Kamsarmax
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;dry bulk carrier, for a purchase price of $&lt;span id="xdx_90B_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zHeebkv44NRe" title="Purchase price"&gt;16.2
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zKUnXpVKN50e"&gt;80,655
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;dwt. On &lt;span id="xdx_90F_ecustom--VesselDeliveryDate_dd_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zDKiVbKf6ufi"&gt;July
20, 2021&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_zvGSN4hipJsh"&gt;2018&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-built
&lt;span id="xdx_905_ecustom--VesselType_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zavwh7o5PES9"&gt;Kamsarmax
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;dry bulk carrier, for a purchase price of $&lt;span id="xdx_908_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_z7wc6fBEOFGi"&gt;27&lt;/span&gt;.0
&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million (absolute amount), the vessel cost amounted
to $&lt;span id="xdx_901_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zq1oMmYnUrvi" title="Vessel cost"&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_zEySfvS1aveb"&gt;0.6
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zGovS79gDtOe"&gt;82,027
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;dwt. On &lt;span id="xdx_901_ecustom--VesselDeliveryDate_dd_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zqt5bLNCwX31"&gt;June
9, 2021&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_zqql6VWqL7M5"&gt;2015&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-built
&lt;span id="xdx_90D_ecustom--VesselType_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zPOR7TnGRylc"&gt;Kamsarmax
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;dry bulk carrier, for a purchase price of $&lt;span id="xdx_901_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zUZlUvTqxsRf"&gt;28.4
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million (absolute amount), the vessel cost amounted
to $&lt;span id="xdx_903_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_z1XILqpuUEh7" title="Vessel cost"&gt;27.9
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zF2jBnHOsqL9"&gt;0.5
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zHNfTbJoGsdj"&gt;81,837
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;dwt. On &lt;span id="xdx_907_ecustom--VesselDeliveryDate_dd_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zMWxtZ0gbxIl"&gt;November
29, 2021&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; 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_909_ecustom--VesselYearBuilt_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zH5N5JO0ivy5"&gt;2007&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-built
Sun Globe for a gross price of $&lt;span id="xdx_90B_eifrs-full--ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zqKsxpJyP6hk"&gt;14.1
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million (absolute amount), before commissions,
to an unaffiliated third party.&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-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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Following
the agreement to sell Sun Globe and given the significant increase in the vessel&#x2019;s market value, the Company assessed that
there were indications that impairment losses recognised in the previous periods with respect to this vessel have decreased.
Therefore, the carrying amount of the vessel was increased to its recoverable amount, determined based on selling price less cost to
sell, which amounted to $13,617, and the Company recorded reversal of impairment amounting $&lt;span id="xdx_906_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zit2WpIboxc6"&gt;4,400&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
during the first quarter of 2023. The vessel was delivered to its new owners on June 5, 2023 and the Company recorded a gain of
$&lt;span id="xdx_909_eifrs-full--GainsOnDisposalsOfNoncurrentAssets_pn3n3_c20230101__20230605__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_z2OHKi42GBkl"&gt;71 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;which
is included in the consolidated statement of comprehensive income. 	&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
August 11, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the &lt;span id="xdx_900_ecustom--VesselYearBuilt_c20230101__20230811__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_zFA1mgcpjAug"&gt;2009&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-built
Sky Globe for a gross price of $&lt;span id="xdx_90C_eifrs-full--ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20230101__20230811__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_zzJGzPYt2Jve"&gt;10.7
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million (absolute amount), before commissions,
to an unaffiliated third party. The vessel was delivered to its new owners on September 7, 2023. The Company recognized a gain of approximately
$&lt;span id="xdx_907_eifrs-full--GainsOnDisposalsOfNoncurrentAssets_pdn6_c20230101__20230811__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_zbrevlIU2Jt9"&gt;2.2
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million (absolute amount) as a result of the
sale, which is included in the income statement component of the consolidated statement of comprehensive income.&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
August 16, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the &lt;span id="xdx_90B_ecustom--VesselYearBuilt_c20230101__20230913__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_znwLaFq15dC4"&gt;2010&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-built
Star Globe for a gross price of $&lt;span id="xdx_906_eifrs-full--ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20230101__20230816__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_z2wnZaHQnSzj"&gt;11.2
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million (absolute amount), before commissions,
to an unaffiliated third party. The vessel was delivered to its new owners on September 13, 2023. The Company recognized a gain of approximately
$&lt;span id="xdx_903_eifrs-full--GainsOnDisposalsOfNoncurrentAssets_pdn6_c20230101__20230816__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_zfL3hNT0Ohg9"&gt;1.6
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million (absolute amount) as a result of the
sale, which is included in the income statement component of the consolidated statement of comprehensive income.&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
August 18, 2023, the Company signed two contracts for the construction and purchase of two fuel efficient &lt;span id="xdx_90E_ecustom--VesselType_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_zmyAidFUsush"&gt;bulk
carrier&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;of about &lt;span id="xdx_903_ecustom--VesselCapacity_pip0_uPure_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_zTtSmhUGyYg"&gt;64,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;dwt
each. The two vessels will be built at a reputable shipyard in Japan and are scheduled to be delivered during the &lt;span id="xdx_908_ecustom--VesselDeliveryDate1_uPure_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_zvWejlWLjb9i"&gt;second
half of 2026&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;. The total consideration for
the construction of both vessels is approximately $&lt;span id="xdx_90F_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_zrEHIXPxWK59"&gt;75.5 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million
(absolute amount), which the Company intends to finance with a combination of debt and equity. In August 2023 the Company paid the first
instalment of $&lt;span id="xdx_906_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230831__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoNewBulkCarriersMember_z7st6BvhYHY"&gt;7.5 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million
(absolute amount) for both vessels under construction.&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023 the Company&#x2019;s vessels 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 36pt; text-align: justify; text-indent: 0cm"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_zAvJWlBXJ7Qb"&gt;1.1&lt;/span&gt;
&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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;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 0 0 1cm; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023, 2022 and 2021, the Company performed an assessment on whether there were indicators that the vessels may be impaired
and no impairment indicators or indicators that previously recorded impairment needs to be reversed were identified for the Company&#x2019;s
vessels.&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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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; text-align: justify; text-indent: 0cm"&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
    <glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-15601">&lt;p id="xdx_896_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory_zXsIrZ5O0TL1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"&gt;&lt;span id="xdx_8B5_zEGDoFXjiFu1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Vessels,
net - 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-indent: -20pt; text-align: justify"&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 0 0 1cm; text-indent: -20pt; text-align: justify"&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; width: 46%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Vessels
    cost&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Dry
                                            docking &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
    &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;costs&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 10%"&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Net
                                            Book &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
    &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/span&gt;&lt;/p&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Balance
    at January 1, 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zvjJvqPRkbRj" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;162,992&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_znvV2Yuznb24" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(104,111)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zXmfEVVNvRj9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;11,883&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zG1bchJlcWm4" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(8,414)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zbP3gJPqjTT7" 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-family: Times New Roman, Times, Serif; 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: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Additions/
    Dry Docking Component&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zjaWnkljnt4g" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;70,746&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zV6jx5k7Y4b9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4,044&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zM8BMfPMncZk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;74,790&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zdFb8kSIBB26" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(3,665)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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_zP7aicBfsVO1" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(2,751)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zb3jiojyMsT9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(6,416)&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-family: Times New Roman, Times, Serif; 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_980_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zIXbrXjKVv7b" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;233,738&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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_zWkdot5GoCdd" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(107,776)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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_zDVvm7hJ8gy6" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;15,927&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zAmLjEll6fC" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(11,165)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zVMX0z4moYP7" 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-family: Times New Roman, Times, Serif; 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: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Additions/
    Dry Docking Component&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zMogopaLubx" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,178&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zP0uVfd0OgP7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7,438&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z9YZKDH75MZ3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8,616&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zsK0HGRlN8R4" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(5,233)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zWz3HU9Vla9g" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(4,646)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zNqzxYY8dcua" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(9,879)&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-family: Times New Roman, Times, Serif; 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_982_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zWXkAfHNZu38" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;234,916&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zf4SukAFNARe" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(113,009)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z8svodBYboLb" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;23,365&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zIAlanezOS6" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(15,811)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zX0k49P7VhPc" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;129,461&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Additions/
    Dry Docking Component&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zQicAQoVt5G1" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;161&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zBNbv8A2YOGb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,324&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zIIzI6zbrnha" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,485&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Reversal
    of Impairment&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_d0_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zUhfohS1Biod" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Reversal of Impairment"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4,400&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zGfp0pQ15uqi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Reversal of Impairment"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4,400&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z3g9YGKuGVX9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(4,372)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zJ1OTnYVvof3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(4,185)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zjor8iy1Ntob" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(8,557)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Sale
    of vessel&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di0_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zoR1k78K3Irc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(58,219)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zoGaTEeRFmd6" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;31,149&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zBgAMhXBnDx2" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(13,444)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount_iN_pn3n3_di_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z9mbtxOrWZze" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Sale of vessel"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9,282&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_pn3n3_di_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z0dntgKTBsg9" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(31,232)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Balance
    at December 31, 2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--Ships_iE_pn3n3_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ztUXvIIl9ZB" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;181,258&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zYtKTLzscNSh" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(86,232)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--Ships_iE_pn3n3_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zYc6ztYSyzE6" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;16,245&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zMtkwqt82DH8" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(10,714)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--Ships_iE_pn3n3_c20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zfDImLMzYTee" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;100,557&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-indent: -20pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -20pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

</glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory>
    <ifrs-full:Ships
      contextRef="AsOf2020-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24059"
      unitRef="USD">162992000</ifrs-full:Ships>
    <glbs:AccumulatedDepreciationPropertyPlantAndEquipment
      contextRef="AsOf2020-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
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      id="ixv-24060"
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    <ifrs-full:Ships
      contextRef="AsOf2020-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24061"
      unitRef="USD">11883000</ifrs-full:Ships>
    <glbs:AccumulatedDepreciationPropertyPlantAndEquipment
      contextRef="AsOf2020-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
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      id="ixv-24062"
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    <ifrs-full:Ships
      contextRef="AsOf2020-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      id="ixv-24063"
      unitRef="USD">62350000</ifrs-full:Ships>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2021-01-012021-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24064"
      unitRef="USD">70746000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2021-01-012021-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24065"
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      contextRef="From2021-01-012021-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      id="ixv-24066"
      unitRef="USD">74790000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
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      contextRef="From2021-01-012021-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="ixv-24067"
      unitRef="USD">3665000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="From2021-01-012021-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="ixv-24068"
      unitRef="USD">2751000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="From2021-01-012021-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      id="ixv-24069"
      unitRef="USD">6416000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:Ships
      contextRef="AsOf2021-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24070"
      unitRef="USD">233738000</ifrs-full:Ships>
    <glbs:AccumulatedDepreciationPropertyPlantAndEquipment
      contextRef="AsOf2021-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="ixv-24071"
      unitRef="USD">107776000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
    <ifrs-full:Ships
      contextRef="AsOf2021-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24072"
      unitRef="USD">15927000</ifrs-full:Ships>
    <glbs:AccumulatedDepreciationPropertyPlantAndEquipment
      contextRef="AsOf2021-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="ixv-24073"
      unitRef="USD">11165000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
    <ifrs-full:Ships
      contextRef="AsOf2021-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      id="ixv-24074"
      unitRef="USD">130724000</ifrs-full:Ships>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2022-01-012022-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24075"
      unitRef="USD">1178000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2022-01-012022-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24076"
      unitRef="USD">7438000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2022-01-012022-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      id="ixv-24077"
      unitRef="USD">8616000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="From2022-01-012022-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="ixv-24078"
      unitRef="USD">5233000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="From2022-01-012022-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="ixv-24079"
      unitRef="USD">4646000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="From2022-01-012022-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      id="ixv-24080"
      unitRef="USD">9879000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:Ships
      contextRef="AsOf2022-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24081"
      unitRef="USD">234916000</ifrs-full:Ships>
    <glbs:AccumulatedDepreciationPropertyPlantAndEquipment
      contextRef="AsOf2022-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="ixv-24082"
      unitRef="USD">113009000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
    <ifrs-full:Ships
      contextRef="AsOf2022-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24083"
      unitRef="USD">23365000</ifrs-full:Ships>
    <glbs:AccumulatedDepreciationPropertyPlantAndEquipment
      contextRef="AsOf2022-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="ixv-24084"
      unitRef="USD">15811000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
    <ifrs-full:Ships
      contextRef="AsOf2022-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      id="ixv-24085"
      unitRef="USD">129461000</ifrs-full:Ships>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2023-01-012023-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24086"
      unitRef="USD">161000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2023-01-012023-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24087"
      unitRef="USD">6324000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2023-01-012023-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      id="ixv-24088"
      unitRef="USD">6485000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
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      id="ixv-24089"
      unitRef="USD">4400000</ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2023-01-012023-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      id="ixv-24090"
      unitRef="USD">4400000</ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:DepreciationAndAmortisationExpense
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      id="ixv-24091"
      unitRef="USD">4372000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="From2023-01-012023-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="ixv-24092"
      unitRef="USD">4185000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="From2023-01-012023-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      id="ixv-24093"
      unitRef="USD">8557000</ifrs-full:DepreciationAndAmortisationExpense>
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      decimals="-3"
      id="ixv-24094"
      unitRef="USD">58219000</ifrs-full:DisposalsPropertyPlantAndEquipment>
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      contextRef="From2023-01-012023-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="ixv-24095"
      unitRef="USD">-31149000</glbs:AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount>
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      contextRef="From2023-01-012023-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24096"
      unitRef="USD">13444000</ifrs-full:DisposalsPropertyPlantAndEquipment>
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      contextRef="From2023-01-012023-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="ixv-24097"
      unitRef="USD">-9282000</glbs:AccumulatedDepreciationPropertyPlantAndEquipmentReversalAmount>
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      contextRef="From2023-01-012023-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      id="ixv-24098"
      unitRef="USD">31232000</ifrs-full:DisposalsPropertyPlantAndEquipment>
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      contextRef="AsOf2023-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24099"
      unitRef="USD">181258000</ifrs-full:Ships>
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      contextRef="AsOf2023-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="ixv-24100"
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      contextRef="AsOf2023-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      id="ixv-24101"
      unitRef="USD">16245000</ifrs-full:Ships>
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      contextRef="AsOf2023-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="ixv-24102"
      unitRef="USD">10714000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
    <ifrs-full:Ships
      contextRef="AsOf2023-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      id="ixv-24103"
      unitRef="USD">100557000</ifrs-full:Ships>
    <glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-15962">&lt;p id="xdx_892_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory_zXz9PfwDuSj" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -20pt"&gt;&lt;span id="xdx_8BB_zPh5r9L406Vi" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Vessels,
net - Consolidated Statement of Comprehensive Income/ (loss)&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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%; border-collapse: collapse"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_497_20230101__20231231_zTZwsqEns8yh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_492_20220101__20221231_zXlSB5GG0CE6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_492_20210101__20211231_zFZC5zweDUfj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_401_eifrs-full--DepreciationPropertyPlantAndEquipment_pn3n3_zZlu7E8hN6Bc" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Vessels&#x2019;
    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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4,372&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5,233&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,665&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40B_ecustom--DepreciationOfficeFurnitureAndEquipment_pn3n3_zcktveXiWzb9" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;42&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;40&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;39&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_407_eifrs-full--DepreciationRightofuseAssets_pn3n3_zDbKNkO2DIQk" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Depreciation
    of right of use asset (Note 16)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;311&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;327&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;206&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_401_eifrs-full--DepreciationExpense_iT_pn3n3_zcvkZcaHtHIk" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;4,725&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;5,600&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3,910&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory>
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      contextRef="From2023-01-01to2023-12-31"
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      contextRef="From2022-01-012022-12-31"
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      contextRef="From2021-01-012021-12-31"
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      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24107"
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    <glbs:DepreciationOfficeFurnitureAndEquipment
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24108"
      unitRef="USD">40000</glbs:DepreciationOfficeFurnitureAndEquipment>
    <glbs:DepreciationOfficeFurnitureAndEquipment
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24109"
      unitRef="USD">39000</glbs:DepreciationOfficeFurnitureAndEquipment>
    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24110"
      unitRef="USD">311000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24111"
      unitRef="USD">327000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24112"
      unitRef="USD">206000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:DepreciationExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24113"
      unitRef="USD">4725000</ifrs-full:DepreciationExpense>
    <ifrs-full:DepreciationExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24114"
      unitRef="USD">5600000</ifrs-full:DepreciationExpense>
    <ifrs-full:DepreciationExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24115"
      unitRef="USD">3910000</ifrs-full:DepreciationExpense>
    <glbs:VesselYearBuilt
      contextRef="From2021-01-012021-02-18_custom_NordVenusMember"
      id="ixv-24116">2011</glbs:VesselYearBuilt>
    <glbs:VesselType
      contextRef="From2021-01-012021-02-18_custom_NordVenusMember"
      id="ixv-24117">Kamsarmax</glbs:VesselType>
    <ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities
      contextRef="From2021-01-012021-02-18_custom_NordVenusMember"
      decimals="0"
      id="ixv-24118"
      unitRef="USD">16200000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
    <glbs:VesselCapacity
      contextRef="From2021-01-012021-02-18_custom_NordVenusMember"
      decimals="INF"
      id="ixv-24119"
      unitRef="Pure">80655</glbs:VesselCapacity>
    <glbs:VesselDeliveryDate
      contextRef="From2021-01-012021-02-18_custom_NordVenusMember"
      id="ixv-24120">2021-07-20</glbs:VesselDeliveryDate>
    <glbs:VesselYearBuilt
      contextRef="From2021-01-012021-03-19_custom_Yangze11Member"
      id="ixv-24121">2018</glbs:VesselYearBuilt>
    <glbs:VesselType
      contextRef="From2021-01-012021-03-19_custom_Yangze11Member"
      id="ixv-24122">Kamsarmax</glbs:VesselType>
    <ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities
      contextRef="From2021-01-012021-03-19_custom_Yangze11Member"
      decimals="0"
      id="ixv-24123"
      unitRef="USD">27000000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2021-01-012021-03-19_custom_Yangze11Member"
      decimals="0"
      id="ixv-24124"
      unitRef="USD">26400000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <glbs:DryDockingCostCapitalised
      contextRef="From2021-01-012021-03-19_custom_Yangze11Member"
      decimals="0"
      id="ixv-24125"
      unitRef="USD">600000</glbs:DryDockingCostCapitalised>
    <glbs:VesselCapacity
      contextRef="From2021-01-012021-03-19_custom_Yangze11Member"
      decimals="INF"
      id="ixv-24126"
      unitRef="Pure">82027</glbs:VesselCapacity>
    <glbs:VesselDeliveryDate
      contextRef="From2021-01-012021-03-19_custom_Yangze11Member"
      id="ixv-24127">2021-06-09</glbs:VesselDeliveryDate>
    <glbs:VesselYearBuilt
      contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember"
      id="ixv-24128">2015</glbs:VesselYearBuilt>
    <glbs:VesselType
      contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember"
      id="ixv-24129">Kamsarmax</glbs:VesselType>
    <ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities
      contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember"
      decimals="0"
      id="ixv-24130"
      unitRef="USD">28400000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember"
      decimals="0"
      id="ixv-24131"
      unitRef="USD">27900000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <glbs:DryDockingCostCapitalised
      contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember"
      decimals="0"
      id="ixv-24132"
      unitRef="USD">500000</glbs:DryDockingCostCapitalised>
    <glbs:VesselCapacity
      contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember"
      decimals="INF"
      id="ixv-24133"
      unitRef="Pure">81837</glbs:VesselCapacity>
    <glbs:VesselDeliveryDate
      contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember"
      id="ixv-24134">2021-11-29</glbs:VesselDeliveryDate>
    <glbs:VesselYearBuilt
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      id="ixv-24135">2007</glbs:VesselYearBuilt>
    <ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities
      contextRef="From2023-01-012023-03-06_custom_SunGlobeMember"
      decimals="0"
      id="ixv-24136"
      unitRef="USD">14100000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
    <ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2023-01-012023-12-31_custom_SunGlobeMember"
      decimals="-3"
      id="ixv-24137"
      unitRef="USD">4400000</ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:GainsOnDisposalsOfNoncurrentAssets
      contextRef="From2023-01-012023-06-05_custom_SunGlobeMember"
      decimals="-3"
      id="ixv-24138"
      unitRef="USD">71000</ifrs-full:GainsOnDisposalsOfNoncurrentAssets>
    <glbs:VesselYearBuilt
      contextRef="From2023-01-012023-08-11_custom_SkyGlobeMember"
      id="ixv-24139">2009</glbs:VesselYearBuilt>
    <ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities
      contextRef="From2023-01-012023-08-11_custom_SkyGlobeMember"
      decimals="0"
      id="ixv-24140"
      unitRef="USD">10700000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
    <ifrs-full:GainsOnDisposalsOfNoncurrentAssets
      contextRef="From2023-01-012023-08-11_custom_SkyGlobeMember"
      decimals="0"
      id="ixv-24141"
      unitRef="USD">2200000</ifrs-full:GainsOnDisposalsOfNoncurrentAssets>
    <glbs:VesselYearBuilt
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    <ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities
      contextRef="From2023-01-012023-08-16_custom_StarGlobeMember"
      decimals="0"
      id="ixv-24143"
      unitRef="USD">11200000</ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
    <ifrs-full:GainsOnDisposalsOfNoncurrentAssets
      contextRef="From2023-01-012023-08-16_custom_StarGlobeMember"
      decimals="0"
      id="ixv-24144"
      unitRef="USD">1600000</ifrs-full:GainsOnDisposalsOfNoncurrentAssets>
    <glbs:VesselType
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carrier</glbs:VesselType>
    <glbs:VesselCapacity
      contextRef="From2023-01-012023-08-18_custom_TwoNewBulkCarriersMember"
      decimals="INF"
      id="ixv-24146"
      unitRef="Pure">64000</glbs:VesselCapacity>
    <glbs:VesselDeliveryDate1
      contextRef="From2023-01-012023-08-18_custom_TwoNewBulkCarriersMember"
      id="ixv-24147">second
half of 2026</glbs:VesselDeliveryDate1>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2023-01-012023-08-18_custom_TwoNewBulkCarriersMember"
      decimals="0"
      id="ixv-24148"
      unitRef="USD">75500000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities
      contextRef="From2023-01-012023-08-31_custom_TwoNewBulkCarriersMember"
      decimals="0"
      id="ixv-24149"
      unitRef="USD">7500000</ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2022-01-012022-12-31_custom_FiveVesselsMember"
      decimals="-3"
      id="ixv-24150"
      unitRef="USD">1100000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:DisclosureOfInventoriesExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-16209">&lt;p id="xdx_80C_eifrs-full--DisclosureOfInventoriesExplanatory_ztXViigDH0Z4" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_82E_zYvmjxExza0k"&gt;
Inventories&lt;/span&gt;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_893_ecustom--DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory_z6GjR8l1DPHi" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span id="xdx_8B0_zumPlPB7zivi" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Inventories&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#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; width: 79%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_491_20231231_zDdhluEDQOv6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_497_20221231_zBuLK0iUivak" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;533&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,062&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;59&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;133&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;664&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,833&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-family: Times New Roman, Times, Serif; 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 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1,256&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3,028&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p id="xdx_8A0_zLYLsN91LYN8" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


</ifrs-full:DisclosureOfInventoriesExplanatory>
    <glbs:DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-16218">&lt;p id="xdx_893_ecustom--DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory_z6GjR8l1DPHi" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span id="xdx_8B0_zumPlPB7zivi" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Inventories&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#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; width: 79%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_491_20231231_zDdhluEDQOv6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_497_20221231_zBuLK0iUivak" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;533&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,062&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;59&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;133&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;664&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,833&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-family: Times New Roman, Times, Serif; 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 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1,256&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3,028&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
</glbs:DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory>
    <glbs:LubricantsInventoryCurrent
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24151"
      unitRef="USD">533000</glbs:LubricantsInventoryCurrent>
    <glbs:LubricantsInventoryCurrent
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-24152"
      unitRef="USD">1062000</glbs:LubricantsInventoryCurrent>
    <glbs:GasCylindersInventoryCurrent
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24153"
      unitRef="USD">59000</glbs:GasCylindersInventoryCurrent>
    <glbs:GasCylindersInventoryCurrent
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-24154"
      unitRef="USD">133000</glbs:GasCylindersInventoryCurrent>
    <glbs:BunkerInventoryCurrent
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24155"
      unitRef="USD">664000</glbs:BunkerInventoryCurrent>
    <glbs:BunkerInventoryCurrent
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-24156"
      unitRef="USD">1833000</glbs:BunkerInventoryCurrent>
    <ifrs-full:Inventories
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24157"
      unitRef="USD">1256000</ifrs-full:Inventories>
    <ifrs-full:Inventories
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-24158"
      unitRef="USD">3028000</ifrs-full:Inventories>
    <ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-16295">&lt;p id="xdx_80E_eifrs-full--DisclosureOfTradeAndOtherPayablesExplanatory_zEm4eystff77" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_82B_zdv1Xaej9ge"&gt;&#160;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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span&gt;&lt;b&gt;&#160;&lt;/b&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Trade
accounts payable in the consolidated statement of financial position as at December 31, 2023 and 2022, amounted to $&lt;span id="xdx_90F_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20231231_zmO6SQLk20j"&gt;362
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and $&lt;span id="xdx_901_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zEBhKZ8wikzi"&gt;3,548&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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; 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;

</ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory>
    <ifrs-full:TradeAndOtherCurrentPayables
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24159"
      unitRef="USD">362000</ifrs-full:TradeAndOtherCurrentPayables>
    <ifrs-full:TradeAndOtherCurrentPayables
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-24160"
      unitRef="USD">3548000</ifrs-full:TradeAndOtherCurrentPayables>
    <ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-16314">&lt;p id="xdx_801_eifrs-full--DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory_zsbmDBUCwDZ6" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_82C_zU7tax9GAVq6"&gt;Accrued
liabilities and other payables&lt;/span&gt;&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&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_z6YKnAZYa9N1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_8BF_zQOG1xul7Gce" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Accrued
liabilities and other payables&lt;/span&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="margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 79%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_495_20231231_zxk0zlBEkxF2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_494_20221231_zPtsMv5E6NC3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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;/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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_402_ecustom--AccruedAuditFeesCurrent_iI_pn3n3_zqC5gc2Dqq2e" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;122&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;77&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_ecustom--OtherAccruals_iI_pn3n3_zFpoH3WH7Fge" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,393&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5,552&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_ecustom--CurrentInsuranceDeductibles_iI_pn3n3_zKuVJNK1n68g" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;131&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;104&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_eifrs-full--OtherCurrentPayables_iI_pn3n3_z6gNxOa8wIF8" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;117&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;81&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_408_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iTI_pn3n3_zpTVM2dg8Wja" 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-family: Times New Roman, Times, Serif; 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 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1,763&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;5,814&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p id="xdx_8AD_zEvbTTNL63Vi" style="font: 9pt Times New Roman, Times, Serif; margin: 0; 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 0 0 21.3pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&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-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; 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: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory>
    <glbs:DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-16323">&lt;p id="xdx_89A_ecustom--DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory_z6YKnAZYa9N1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_8BF_zQOG1xul7Gce" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Accrued
liabilities and other payables&lt;/span&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="margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 79%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_495_20231231_zxk0zlBEkxF2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_494_20221231_zPtsMv5E6NC3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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;/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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_402_ecustom--AccruedAuditFeesCurrent_iI_pn3n3_zqC5gc2Dqq2e" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;122&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;77&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_409_ecustom--OtherAccruals_iI_pn3n3_zFpoH3WH7Fge" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,393&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5,552&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_ecustom--CurrentInsuranceDeductibles_iI_pn3n3_zKuVJNK1n68g" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;131&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;104&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_eifrs-full--OtherCurrentPayables_iI_pn3n3_z6gNxOa8wIF8" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;117&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;81&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_408_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iTI_pn3n3_zpTVM2dg8Wja" 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-family: Times New Roman, Times, Serif; 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 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1,763&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;5,814&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
</glbs:DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory>
    <glbs:AccruedAuditFeesCurrent
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24161"
      unitRef="USD">122000</glbs:AccruedAuditFeesCurrent>
    <glbs:AccruedAuditFeesCurrent
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-24162"
      unitRef="USD">77000</glbs:AccruedAuditFeesCurrent>
    <glbs:OtherAccruals
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24163"
      unitRef="USD">1393000</glbs:OtherAccruals>
    <glbs:OtherAccruals
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-24164"
      unitRef="USD">5552000</glbs:OtherAccruals>
    <glbs:CurrentInsuranceDeductibles
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24165"
      unitRef="USD">131000</glbs:CurrentInsuranceDeductibles>
    <glbs:CurrentInsuranceDeductibles
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-24166"
      unitRef="USD">104000</glbs:CurrentInsuranceDeductibles>
    <ifrs-full:OtherCurrentPayables
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24167"
      unitRef="USD">117000</ifrs-full:OtherCurrentPayables>
    <ifrs-full:OtherCurrentPayables
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-24168"
      unitRef="USD">81000</ifrs-full:OtherCurrentPayables>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24169"
      unitRef="USD">1763000</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-24170"
      unitRef="USD">5814000</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-16415">&lt;p id="xdx_80B_eifrs-full--DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_zpbkd8u0fPEa" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_829_zbqTElrMQ2he"&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-family: Times New Roman, Times, Serif; 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 21.3pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
authorized share capital of Globus consisted of the following:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89B_eifrs-full--DisclosureOfClassesOfShareCapitalExplanatory_zuzKY34zisOb" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_8B5_z7bw7yLDr8zl" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Share
Capital and Share Premium - Authorized share capital&lt;/span&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 0 0 21.3pt; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#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="padding-right: 5.4pt; padding-left: 5.4pt; width: 68%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_90C_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zZRXcXpP2Dcj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90F_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zLkLmtfe9wsf"&gt;&lt;span id="xdx_909_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_ze4ZK90G6UHg"&gt;500,000,000&lt;/span&gt;&lt;/span&gt;
    &lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Common shares of par value $&lt;span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zd7Mh20grWWd"&gt;&lt;span id="xdx_90A_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zJIHrxnkZnfg"&gt;&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zg8MAiQPGiJ1"&gt;0.004&lt;/span&gt;&lt;/span&gt;
    &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 id="xdx_90F_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_z2zsjB3iLeTh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,000&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_904_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zLHt1eFk13N3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,000&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_90E_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zFyWu7l0ltPe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,000&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 id="xdx_902_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zon92x8odfwf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90A_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_znY3tZxekZG8"&gt;&lt;span id="xdx_90A_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zFau5gqtHGKd"&gt;100,000,000&lt;/span&gt;&lt;/span&gt;
    &lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Class B Common shares of par value $&lt;span id="xdx_907_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zgT6Lt3TjHn5"&gt;&lt;span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zLITpqH9cEGj"&gt;&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zwQtYbyEpfV"&gt;0.001&lt;/span&gt;&lt;/span&gt;
    &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zrprFijtx6Ml" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;100&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_90D_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_znEwW31T13kj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;100&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_90B_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z5zV8t9X21l1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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 id="xdx_900_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zO7EakZ4x1g5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_907_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_znXKNO7C0BLh"&gt;&lt;span id="xdx_90E_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z1j5USyhxN57"&gt;100,000,000&lt;/span&gt;&lt;/span&gt;
    &lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Preferred shares of par value $&lt;span id="xdx_90E_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zcAW4ETLShg1"&gt;&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zHlO8ykFceHl"&gt;&lt;span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zLd12FrlyQzj"&gt;0.001&lt;/span&gt;&lt;/span&gt;
    &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 id="xdx_90E_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zPh2Wpgubz78" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;100&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zAVF5X0VcWHg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;100&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zUOFN9t4PV8j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;100&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-family: Times New Roman, Times, Serif; 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 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span id="xdx_90C_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231_zwgMUI1SIaqg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2,200&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231_zGcwri8lrgng" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2,200&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span id="xdx_900_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231_zhBRkWy0mrpd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2,200&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8AF_zHP6aMQVETr6" 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-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 0 0 21.3pt; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_90B_ecustom--VotingRights_pid_c20220101__20221231_zJKjd68bbCne" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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"&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; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Share
Capital and Share Premium (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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; 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;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;/p&gt;

&lt;p id="xdx_89D_ecustom--DisclosureOfCommonSharesExplanatory_znm2KE8dMg24" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_8BA_zlKwoupysGt6" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 1.65pt; width: 79%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;As
    at January 1, 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z5gkZoMaRiDb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3,040,123&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--IssuedCapital_iS_pn3n3_d0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zgZRcb8WZUHj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Issued
    during the year for share-based compensation (note 12)&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zajn1PcE6x1b" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12,178&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Issuance
    of new common stocks&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zG09L8lACQlb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14,905,000&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--IssueOfEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zvrMYDtr49of" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_987_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zmD55yUfEDC6" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,625,000&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zhdYSwQkWI6f" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_983_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z5ncWbdbGVl1" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;20,582,301&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--IssuedCapital_iS_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zOnCtePlDEc7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Issued
    during the year&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zkaGfZoZSKP" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl1027"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_982_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJzhE4d0HWh9" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;20,582,301&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--IssuedCapital_iS_pn3n3_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_ztkJ2oibsg5j" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Issued
    during the year&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zaQUZAD3eTkd" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl1030"&gt;&#x2014;&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;As
    at December 31, 2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iE_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z07U1E4kxiK2" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;20,582,301&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--IssuedCapital_iE_pn3n3_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zMTNtQNqqBQf" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_8AC_zDRzGHzwR4f9" style="margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;During
the year ended December 31, 2021, Globus issued &lt;span id="xdx_90B_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zRULiGd8CKDg"&gt;12,178 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;common
shares  (par value $&lt;span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zakg36gA5C3e"&gt;0.004 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;per
share) as share-based payments. For the years ended December 31, 2023 and 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 0 0 7.65pt; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023, 2022 and 2021, no Class B common shares or Series A preferred shares (par value $&lt;span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_do_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z2cbjCVBvb8d"&gt;0.001
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;per share) were outstanding. &lt;span id="xdx_90B_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zZrfL4XCDiW9" style="display: none"&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 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
August 3, 2023, the Company entered into a Shareholders Rights Agreement between the Company and Computershare Trust Company, N.A., as
rights agent, and the Company&#x2019;s board of directors authorized and declared a dividend distribution of one right for each outstanding
common share to shareholders of record as of the close of business on August 21, 2023. Each right entitles the registered holder to purchase
from the Company one one-thousandth of a share of Series C Participating Preferred Stock at an exercise price of $5.00 (absolute amount)
per one one-thousandth of a preferred share, subject to adjustment.&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
board of directors has adopted the Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics. In general
terms, it works by imposing a significant penalty upon, subject to limited exceptions, any person or group that acquires 15% or more
of the outstanding common shares without the approval of the board of directors. If a shareholder&#x2019;s beneficial ownership of the
Company&#x2019;s common shares as of the time of the public announcement of the rights plan and associated dividend declaration is at
or above the applicable threshold, that shareholder&#x2019;s then-existing ownership percentage would be grandfathered, but the rights
would become exercisable if at any time after such announcement, the shareholder increases its ownership percentage. The Rights Agreement
should not interfere with any merger or other business combination approved by the board of directors.&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;For
persons who, prior to the time of public announcement of the Rights Agreement, beneficially own 15% or more of the outstanding common
shares, the Rights Agreement &#x201c;grandfathers&#x201d; their current level of ownership, so long as they do not purchase additional
shares in excess of certain limitations. In addition, Georgios Feidakis, Athanasios Feidakis, Konstantina Feidakis, Angelina Feidakis,
Firment Shipping Inc. and Goldenmare Limited, or any of their respective affiliates are excluded from the definition of &#x201c;Acquiring
Person&#x201d; (as defined in the Rights Agreement) and therefore may obtain beneficial ownership of 15% or more of the outstanding common
shares without causing the Rights to be exercisable.&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Under
the Rights Agreement&#x2019;s terms, it will expire on February 3, 2025.&#160;&lt;/span&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;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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_zI3BCITrQxI8"&gt;10,000
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zGf3c3aLB2E4"&gt;0.001
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zPo0qmM4HGX1"&gt;130&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 6.45pt 0 1cm; 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 6.45pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 1cm; text-align: justify; text-indent: 0cm"&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&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
June 22, 2020, the Company issued &lt;span id="xdx_90D_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200622_zS1uobDqcsDc"&gt;342,857 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;of
its common shares, par value $&lt;span id="xdx_908_eifrs-full--ParValuePerShare_iI_pip0_c20211231_zFkGMRPV1KPf"&gt;0.004 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;per
share, in an underwritten public offering at a price of $&lt;span id="xdx_901_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200622_zom7Vuk8ATYj"&gt;35&lt;/span&gt; &lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(absolute
amount) 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_zsxa5PWNBkph"&gt;51,429 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zuLtlzCpcCW3"&gt;0.004 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zXFzKXuLKd0a"&gt;51,429 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zJKnYoP3Xvb8"&gt;51,393 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;common
shares, par value $&lt;span id="xdx_907_eifrs-full--ParValuePerShare_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_zi9nlNn5SbF4"&gt;0.004 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zenr1STb3jJh"&gt;51,393 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zyUYMAkk3Te6"&gt;35&lt;/span&gt; &lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(absolute
amount) per common share and expires &lt;span id="xdx_908_eifrs-full--DescriptionOfOptionLifeShareOptionsGranted_dc_uPure_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_ztFpaTrNxI33"&gt;five &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;years
from issuance. Total proceeds amounted to $&lt;span id="xdx_90D_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_zoyfAtYJjkXb"&gt;12,695 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;before
issuance expenses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 1cm; 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 0 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. Globus may
be required to pay certain amounts as liquidated damages as specified in the warrants in the event Globus does 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 6.45pt 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023 and 2022, the Company had issued &lt;span id="xdx_90E_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z1WzkyZobIK5"&gt;&lt;span id="xdx_90C_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zno9YF45mKy4"&gt;5,550&lt;/span&gt;
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;common shares, par value $&lt;span id="xdx_904_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zQMKp695gBql"&gt;&lt;span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zltKsgsOZBJ6"&gt;0.004&lt;/span&gt;
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;per share, pursuant to exercise of outstanding
Class A Warrants, resulting to cash proceeds of $&lt;span id="xdx_902_ecustom--ProceedsFromWarrantExercises_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z5LVvejwddEg"&gt;&lt;span id="xdx_904_ecustom--ProceedsFromWarrantExercises_pn3n3_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zwRQtCr98NHb"&gt;194&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
and had &lt;span id="xdx_902_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zvvkBwUZQ4Y9"&gt;&lt;span id="xdx_900_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zFaxU556a58a"&gt;388,700&lt;/span&gt;
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Class A Warrants outstanding to purchase an aggregate
of &lt;span id="xdx_905_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zW06nRam4dr"&gt;&lt;span id="xdx_904_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z9jpYtBrVRv9"&gt;388,700&lt;/span&gt;
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;common shares, par value $&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z4nsZBAVv9e4"&gt;&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zof32ZHV8cJ6"&gt;0.004&lt;/span&gt;
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;per share.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 1cm; text-align: justify; text-indent: 0cm"&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&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;&#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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;9.&#160;&#160;&#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-family: Times New Roman, Times, Serif; 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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;During
June and July 2020, in two concurrent private placements with two registered direct offerings the Company issued &lt;span id="xdx_900_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zTyHc2FkAzla"&gt;1,291,833
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;common shares and warrants (&#x201c;PP Warrants&#x201d;)
to purchase &lt;span id="xdx_909_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zFRi1vlDoftj"&gt;1,291,833
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;common shares. The exercise price of each PP
Warrant was $&lt;span id="xdx_90F_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zfoZC6qZRhqi"&gt;18
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(absolute amount) per common share. The exercise
price of each PP Warrant issued in June 2020 was initially $&lt;span id="xdx_905_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_z8NC4H9EQ008"&gt;30
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(absolute amount) per common share but in July
2020 was reduced to $&lt;span id="xdx_90B_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zqmwk66wEezb"&gt;18
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(absolute amount) per common share.&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-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 1cm; text-align: justify; text-indent: 0cm"&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&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; 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 common 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 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023 and 2022, 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_zIcw3RUWvYB7"&gt;&lt;span id="xdx_908_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zXRbLDdkpEri"&gt;1,291,833&lt;/span&gt;
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;PP Warrants outstanding to purchase an aggregate
of &lt;span id="xdx_90D_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zjKaWNX4qmj1"&gt;&lt;span id="xdx_904_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zcu0KRPbFJaa"&gt;1,291,833&lt;/span&gt;
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 7.65pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#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-family: Times New Roman, Times, Serif; 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 among other things (a) &lt;span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zu85ADmGfOU4"&gt;1,256,765
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;of its common shares, par value $&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zgucRZ9ytW9l"&gt;0.004
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;per share, and (b) 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_zZCCEqV1wbO2"&gt;1,270,587
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zUydudFGADhl"&gt;8.50
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(absolute amount) per common share. The exercise
price was reduced to $&lt;span id="xdx_90E_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zArrzkTGDdja"&gt;6.25&lt;/span&gt; (absolute amount) per share on January 29, 2021.&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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 common 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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023 and 2022, no December 2020 Warrants had been exercised and the Company had December 2020 Warrants outstanding to
purchase an aggregate of &lt;span id="xdx_90E_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_z26XRQ7uNwX"&gt;&lt;span id="xdx_903_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zSQihocj1TJ7"&gt;1,270,587&lt;/span&gt;
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
January 29, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to
issue among other things (a) &lt;span id="xdx_902_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zOZgG2upvBO"&gt;2,155,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;common
shares, par value $&lt;span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zxUUB2lOV4Kf"&gt;0.004 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;per
share, and (b) 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_zn4TFnjlbTDc"&gt;1,950,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zyoMBfkEgUAl"&gt;0.004 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zzrVMdRpt3th"&gt;6.25&lt;/span&gt; &lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(absolute
amount) per common share. &lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 31.2pt; text-align: justify; text-indent: -31.2pt"&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&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 31.2pt; text-align: justify; text-indent: -31.2pt"&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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 common 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 7.65pt; text-align: justify; text-indent: 0cm"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; 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 7.65pt; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; 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 7.65pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;9.&#160;&#160;&#160;&#160;&#160;&#160;Share
Capital and Share Premium (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7.65pt; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023 and 2022, no January 2021 Warrants had been exercised and the Company had January 2021 Warrants outstanding to purchase
an aggregate of &lt;span id="xdx_906_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zYA8GV7oA8j5"&gt;&lt;span id="xdx_902_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_z1YuhukcPoEf"&gt;1,950,000&lt;/span&gt;
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
February 17, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to
issue among other things (a) &lt;span id="xdx_90C_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zChYoPxCawZ9"&gt;3,850,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;common
shares par value $&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zaIEtKxROrl1"&gt;0.004 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;per
share, and (b) 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_ztMPasruwagg"&gt;4,800,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zHyl4w0D2PS5"&gt;0.004 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zXCHIiaK099b"&gt;6.25 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(absolute
amount) per common 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_zm3PEBY1hnWa"&gt;27,891&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
before issuance expenses of $&lt;span id="xdx_90F_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zowy1Tp3c6P2"&gt;152&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 common 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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023 and 2022, no February 2021 Warrants had been exercised and the Company had February 2021 Warrants outstanding to
purchase an aggregate of &lt;span id="xdx_908_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zj3i4P2mFZGj"&gt;&lt;span id="xdx_907_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zqCzlQSiPg91"&gt;4,800,000&lt;/span&gt;
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_zG4xiVwAksU7"&gt;8,900,000
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;common shares par value $&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zRIA9NjBsQCf"&gt;0.004
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;per share, and (b) 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_zUQK7fWfmYYa"&gt;10,000,000
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zJsUh2E35cua"&gt;0.004
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zOIPLWBxikua"&gt;5.00
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zBBTfiVbhM06"&gt;46,581&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
before issuance expenses of approximately $&lt;span id="xdx_903_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210301__20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zvQHuqHE0aJ1"&gt;129&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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;/p&gt;



&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 common 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 6.45pt 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
at December 31, 2023 and 2022, no June 2021 Warrants had been exercised and the Company had June 2021 Warrants outstanding to purchase
an aggregate of &lt;span id="xdx_900_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zWYu43uqZkV9"&gt;&lt;span id="xdx_901_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_z9EFOoIelNpj"&gt;10,000,000&lt;/span&gt;
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;common shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_zU4MplqDz4P6"&gt;401&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 6.45pt 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 and the effects of the share-based payments.
Accordingly, at December 31, 2023, 2022 and 2021, Globus share premium amounted to $&lt;span id="xdx_905_eifrs-full--SharePremium_iI_pn3n3_c20231231_zDz6LdIm2iKj"&gt;&lt;span id="xdx_902_eifrs-full--SharePremium_iI_pn3n3_c20221231_zfpsMc0G9DZ9"&gt;&lt;span id="xdx_90C_eifrs-full--SharePremium_iI_pn3n3_c20211231_zAnokejTTHla"&gt;284,406&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory>
    <ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-16424">&lt;p id="xdx_89B_eifrs-full--DisclosureOfClassesOfShareCapitalExplanatory_zuzKY34zisOb" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_8B5_z7bw7yLDr8zl" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Share
Capital and Share Premium - Authorized share capital&lt;/span&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 0 0 21.3pt; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#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="padding-right: 5.4pt; padding-left: 5.4pt; width: 68%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_90C_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zZRXcXpP2Dcj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90F_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zLkLmtfe9wsf"&gt;&lt;span id="xdx_909_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_ze4ZK90G6UHg"&gt;500,000,000&lt;/span&gt;&lt;/span&gt;
    &lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Common shares of par value $&lt;span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zd7Mh20grWWd"&gt;&lt;span id="xdx_90A_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zJIHrxnkZnfg"&gt;&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zg8MAiQPGiJ1"&gt;0.004&lt;/span&gt;&lt;/span&gt;
    &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 id="xdx_90F_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_z2zsjB3iLeTh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,000&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_904_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zLHt1eFk13N3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,000&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_90E_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zFyWu7l0ltPe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,000&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 id="xdx_902_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zon92x8odfwf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90A_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_znY3tZxekZG8"&gt;&lt;span id="xdx_90A_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zFau5gqtHGKd"&gt;100,000,000&lt;/span&gt;&lt;/span&gt;
    &lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Class B Common shares of par value $&lt;span id="xdx_907_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zgT6Lt3TjHn5"&gt;&lt;span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zLITpqH9cEGj"&gt;&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zwQtYbyEpfV"&gt;0.001&lt;/span&gt;&lt;/span&gt;
    &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zrprFijtx6Ml" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;100&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_90D_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_znEwW31T13kj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;100&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_90B_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z5zV8t9X21l1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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 id="xdx_900_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zO7EakZ4x1g5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_907_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_znXKNO7C0BLh"&gt;&lt;span id="xdx_90E_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z1j5USyhxN57"&gt;100,000,000&lt;/span&gt;&lt;/span&gt;
    &lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Preferred shares of par value $&lt;span id="xdx_90E_eifrs-full--ParValuePerShare_iI_pip0_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zcAW4ETLShg1"&gt;&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zHlO8ykFceHl"&gt;&lt;span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zLd12FrlyQzj"&gt;0.001&lt;/span&gt;&lt;/span&gt;
    &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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 id="xdx_90E_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zPh2Wpgubz78" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;100&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zAVF5X0VcWHg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;100&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zUOFN9t4PV8j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;100&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-family: Times New Roman, Times, Serif; 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 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span id="xdx_90C_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20231231_zwgMUI1SIaqg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2,200&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231_zGcwri8lrgng" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2,200&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span id="xdx_900_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231_zhBRkWy0mrpd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2,200&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2023-12-31_custom_CommonSharesMember"
      decimals="INF"
      id="ixv-24171"
      unitRef="Shares">500000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2022-12-31_custom_CommonSharesMember"
      decimals="INF"
      id="ixv-24172"
      unitRef="Shares">500000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2021-12-31_custom_CommonSharesMember"
      decimals="INF"
      id="ixv-24173"
      unitRef="Shares">500000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2023-12-31_custom_CommonSharesMember"
      decimals="INF"
      id="ixv-24174"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2022-12-31_custom_CommonSharesMember"
      decimals="INF"
      id="ixv-24175"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-12-31_custom_CommonSharesMember"
      decimals="INF"
      id="ixv-24176"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2023-12-31_custom_CommonSharesMember"
      decimals="-3"
      id="ixv-24177"
      unitRef="USD">2000000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2022-12-31_custom_CommonSharesMember"
      decimals="-3"
      id="ixv-24178"
      unitRef="USD">2000000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2021-12-31_custom_CommonSharesMember"
      decimals="-3"
      id="ixv-24179"
      unitRef="USD">2000000</glbs:ValueOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2023-12-31_custom_ClassBCommonSharesMember"
      decimals="INF"
      id="ixv-24180"
      unitRef="Shares">100000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember"
      decimals="INF"
      id="ixv-24181"
      unitRef="Shares">100000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2021-12-31_custom_ClassBCommonSharesMember"
      decimals="INF"
      id="ixv-24182"
      unitRef="Shares">100000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2023-12-31_custom_ClassBCommonSharesMember"
      decimals="INF"
      id="ixv-24183"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember"
      decimals="INF"
      id="ixv-24184"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-12-31_custom_ClassBCommonSharesMember"
      decimals="INF"
      id="ixv-24185"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2023-12-31_custom_ClassBCommonSharesMember"
      decimals="-3"
      id="ixv-24186"
      unitRef="USD">100000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember"
      decimals="-3"
      id="ixv-24187"
      unitRef="USD">100000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2021-12-31_custom_ClassBCommonSharesMember"
      decimals="-3"
      id="ixv-24188"
      unitRef="USD">100000</glbs:ValueOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2023-12-31_custom_PreferredSharesMember"
      decimals="INF"
      id="ixv-24189"
      unitRef="Shares">100000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2022-12-31_custom_PreferredSharesMember"
      decimals="INF"
      id="ixv-24190"
      unitRef="Shares">100000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2021-12-31_custom_PreferredSharesMember"
      decimals="INF"
      id="ixv-24191"
      unitRef="Shares">100000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2023-12-31_custom_PreferredSharesMember"
      decimals="INF"
      id="ixv-24192"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2022-12-31_custom_PreferredSharesMember"
      decimals="INF"
      id="ixv-24193"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-12-31_custom_PreferredSharesMember"
      decimals="INF"
      id="ixv-24194"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2023-12-31_custom_PreferredSharesMember"
      decimals="-3"
      id="ixv-24195"
      unitRef="USD">100000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2022-12-31_custom_PreferredSharesMember"
      decimals="-3"
      id="ixv-24196"
      unitRef="USD">100000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2021-12-31_custom_PreferredSharesMember"
      decimals="-3"
      id="ixv-24197"
      unitRef="USD">100000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24198"
      unitRef="USD">2200000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-24199"
      unitRef="USD">2200000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2021-12-31"
      decimals="-3"
      id="ixv-24200"
      unitRef="USD">2200000</glbs:ValueOfSharesAuthorised>
    <glbs:VotingRights contextRef="From2022-01-012022-12-31" id="ixv-24201">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="From2023-01-01to2023-12-31" id="ixv-16588">&lt;p id="xdx_89D_ecustom--DisclosureOfCommonSharesExplanatory_znm2KE8dMg24" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_8BA_zlKwoupysGt6" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;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="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 1.65pt; width: 79%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;As
    at January 1, 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z5gkZoMaRiDb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3,040,123&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--IssuedCapital_iS_pn3n3_d0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zgZRcb8WZUHj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Issued
    during the year for share-based compensation (note 12)&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zajn1PcE6x1b" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12,178&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Issuance
    of new common stocks&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zG09L8lACQlb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14,905,000&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--IssueOfEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zvrMYDtr49of" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_987_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zmD55yUfEDC6" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,625,000&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zhdYSwQkWI6f" 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_983_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z5ncWbdbGVl1" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;20,582,301&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--IssuedCapital_iS_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zOnCtePlDEc7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Issued
    during the year&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zkaGfZoZSKP" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl1027"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_982_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJzhE4d0HWh9" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;20,582,301&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--IssuedCapital_iS_pn3n3_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_ztkJ2oibsg5j" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Issued
    during the year&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zaQUZAD3eTkd" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl1030"&gt;&#x2014;&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;As
    at December 31, 2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iE_pip0_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z07U1E4kxiK2" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;20,582,301&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--IssuedCapital_iE_pn3n3_c20230101__20231231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zMTNtQNqqBQf" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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>
    <ifrs-full:NumberOfSharesIssuedAndFullyPaid
      contextRef="AsOf2020-12-31_ifrs-full_OrdinarySharesMember"
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      id="ixv-24202"
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      contextRef="AsOf2020-12-31_ifrs-full_IssuedCapitalMember23359968"
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      id="ixv-24203"
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    <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions
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    <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity
      contextRef="From2021-01-012021-12-31_ifrs-full_OrdinarySharesMember"
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      id="ixv-24205"
      unitRef="Shares">14905000</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity>
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      contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember23360000"
      decimals="-3"
      id="ixv-24206"
      unitRef="USD">60000</ifrs-full:IssueOfEquity>
    <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity
      contextRef="From2021-01-012021-12-31_ifrs-full_OrdinarySharesMember"
      decimals="INF"
      id="ixv-24207"
      unitRef="Shares">2625000</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity>
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      contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember23360000"
      decimals="-3"
      id="ixv-24208"
      unitRef="USD">10000</ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity>
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      contextRef="AsOf2021-12-31_ifrs-full_OrdinarySharesMember"
      decimals="INF"
      id="ixv-24209"
      unitRef="Shares">20582301</ifrs-full:NumberOfSharesIssuedAndFullyPaid>
    <ifrs-full:IssuedCapital
      contextRef="AsOf2021-12-31_ifrs-full_IssuedCapitalMember23360015"
      decimals="-3"
      id="ixv-24210"
      unitRef="USD">82000</ifrs-full:IssuedCapital>
    <ifrs-full:NumberOfSharesIssuedAndFullyPaid
      contextRef="AsOf2022-12-31_ifrs-full_OrdinarySharesMember"
      decimals="INF"
      id="ixv-24211"
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    <ifrs-full:IssuedCapital
      contextRef="AsOf2022-12-31_ifrs-full_IssuedCapitalMember23360046"
      decimals="-3"
      id="ixv-24212"
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    <ifrs-full:NumberOfSharesIssuedAndFullyPaid
      contextRef="AsOf2023-12-31_ifrs-full_OrdinarySharesMember"
      decimals="INF"
      id="ixv-24213"
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    <ifrs-full:IssuedCapital
      contextRef="AsOf2023-12-31_ifrs-full_IssuedCapitalMember23360093"
      decimals="-3"
      id="ixv-24214"
      unitRef="USD">82000</ifrs-full:IssuedCapital>
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      contextRef="From2021-01-012021-12-31_custom_CommonSharesMember"
      decimals="INF"
      id="ixv-24215"
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    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-12-31_custom_CommonSharesMember"
      decimals="INF"
      id="ixv-24216"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2023-12-31_custom_PreferredSharesMember"
      decimals="INF"
      id="ixv-24217"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <ifrs-full:NumberOfSharesOutstanding
      contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember"
      decimals="INF"
      id="ixv-24218"
      unitRef="Shares">0</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2021-01-012021-03-02_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember"
      decimals="INF"
      id="ixv-24219"
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    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-03-02_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember"
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      id="ixv-24220"
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    <glbs:IssueOfPreferredShares
      contextRef="From2021-01-012021-03-02_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember"
      decimals="-3"
      id="ixv-24221"
      unitRef="USD">130000</glbs:IssueOfPreferredShares>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-06-22"
      decimals="INF"
      id="ixv-24222"
      unitRef="Shares">342857</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-12-31"
      decimals="INF"
      id="ixv-24223"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ExercisePriceOfOutstandingShareOptions2019
      contextRef="AsOf2020-06-22"
      decimals="INF"
      id="ixv-24224"
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    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember_custom_FortyFiveDayOptionMember"
      decimals="INF"
      id="ixv-24225"
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    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember_custom_FortyFiveDayOptionMember"
      decimals="INF"
      id="ixv-24226"
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    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember_custom_FortyFiveDayOptionMember"
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      id="ixv-24227"
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      contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember"
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      id="ixv-24228"
      unitRef="Shares">51393</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember"
      decimals="INF"
      id="ixv-24229"
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    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember"
      decimals="INF"
      id="ixv-24230"
      unitRef="Shares">51393</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
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      contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember"
      decimals="INF"
      id="ixv-24231"
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    <ifrs-full:DescriptionOfOptionLifeShareOptionsGranted
      contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember"
      decimals="INF"
      id="ixv-24232"
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      contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember"
      decimals="-3"
      id="ixv-24233"
      unitRef="USD">12695000</ifrs-full:ProceedsFromExerciseOfOptions>
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      decimals="INF"
      id="ixv-24234"
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    <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity
      contextRef="From2022-01-012022-12-31_custom_ClassAWarrantsMember"
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      id="ixv-24235"
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      contextRef="AsOf2023-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      id="ixv-24236"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      id="ixv-24237"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <glbs:ProceedsFromWarrantExercises
      contextRef="From2022-01-012022-12-31_custom_ClassAWarrantsMember"
      decimals="-3"
      id="ixv-24238"
      unitRef="USD">194000</glbs:ProceedsFromWarrantExercises>
    <glbs:ProceedsFromWarrantExercises
      contextRef="From2023-01-012023-12-31_custom_ClassAWarrantsMember"
      decimals="-3"
      id="ixv-24239"
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    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2023-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      id="ixv-24240"
      unitRef="Shares">388700</glbs:NumberOfWarrantsOutstanding>
    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      id="ixv-24241"
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      contextRef="AsOf2023-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      id="ixv-24242"
      unitRef="Shares">388700</glbs:NumberOfSharesCalledByWarrants>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      id="ixv-24243"
      unitRef="Shares">388700</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2023-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      id="ixv-24244"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      id="ixv-24245"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-12-31_custom_PPWarrantsMember"
      decimals="INF"
      id="ixv-24246"
      unitRef="Shares">1291833</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity
      contextRef="From2020-01-012020-12-31_custom_PPWarrantsMember"
      decimals="INF"
      id="ixv-24247"
      unitRef="Shares">1291833</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity>
    <glbs:PurchasePriceOfOutstandingWarrants
      contextRef="AsOf2020-12-31_custom_PPWarrantsMember"
      decimals="INF"
      id="ixv-24248"
      unitRef="USDPShares">18</glbs:PurchasePriceOfOutstandingWarrants>
    <glbs:PurchasePriceOfOutstandingWarrants
      contextRef="AsOf2020-06-30_custom_PPWarrantsMember"
      decimals="INF"
      id="ixv-24249"
      unitRef="USDPShares">30</glbs:PurchasePriceOfOutstandingWarrants>
    <glbs:PurchasePriceOfOutstandingWarrants
      contextRef="AsOf2020-12-31_custom_PPWarrantsMember"
      decimals="INF"
      id="ixv-24250"
      unitRef="USDPShares">18</glbs:PurchasePriceOfOutstandingWarrants>
    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2022-12-31_custom_PPWarrantsMember"
      decimals="INF"
      id="ixv-24251"
      unitRef="Shares">1291833</glbs:NumberOfWarrantsOutstanding>
    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2023-12-31_custom_PPWarrantsMember"
      decimals="INF"
      id="ixv-24252"
      unitRef="Shares">1291833</glbs:NumberOfWarrantsOutstanding>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2022-12-31_custom_PPWarrantsMember"
      decimals="INF"
      id="ixv-24253"
      unitRef="Shares">1291833</glbs:NumberOfSharesCalledByWarrants>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2023-12-31_custom_PPWarrantsMember"
      decimals="INF"
      id="ixv-24254"
      unitRef="Shares">1291833</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-12-09_custom_InstitutionalInvestorsMember"
      decimals="INF"
      id="ixv-24255"
      unitRef="Shares">1256765</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-12-09_custom_InstitutionalInvestorsMember"
      decimals="INF"
      id="ixv-24256"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2020-12-10_custom_InstitutionalInvestorsMember_custom_DecemberWarrantsMember"
      decimals="INF"
      id="ixv-24257"
      unitRef="Shares">1270587</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:ExercisePriceOfOutstandingShareOptions2019
      contextRef="AsOf2020-12-10_custom_InstitutionalInvestorsMember_custom_DecemberWarrantsMember"
      decimals="INF"
      id="ixv-24258"
      unitRef="USDPShares">8.50</ifrs-full:ExercisePriceOfOutstandingShareOptions2019>
    <ifrs-full:ExercisePriceOfOutstandingShareOptions2019
      contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember_custom_DecemberWarrantsMember"
      decimals="INF"
      id="ixv-24259"
      unitRef="USDPShares">6.25</ifrs-full:ExercisePriceOfOutstandingShareOptions2019>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2022-12-31_custom_DecemberWarrantsMember"
      decimals="INF"
      id="ixv-24260"
      unitRef="Shares">1270587</glbs:NumberOfSharesCalledByWarrants>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2023-12-31_custom_DecemberWarrantsMember"
      decimals="INF"
      id="ixv-24261"
      unitRef="Shares">1270587</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2021-01-012021-01-29_custom_InstitutionalInvestorsMember"
      decimals="INF"
      id="ixv-24262"
      unitRef="Shares">2155000</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember"
      decimals="INF"
      id="ixv-24263"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember_custom_January2021WarrantsMember"
      decimals="INF"
      id="ixv-24264"
      unitRef="Shares">1950000</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember_custom_January2021WarrantsMember"
      decimals="INF"
      id="ixv-24265"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ExercisePriceOfOutstandingShareOptions2019
      contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember_custom_January2021WarrantsMember"
      decimals="INF"
      id="ixv-24266"
      unitRef="USDPShares">6.25</ifrs-full:ExercisePriceOfOutstandingShareOptions2019>
    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2023-12-31_custom_January2021WarrantsMember"
      decimals="INF"
      id="ixv-24267"
      unitRef="Shares">1950000</glbs:NumberOfWarrantsOutstanding>
    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2022-12-31_custom_January2021WarrantsMember"
      decimals="INF"
      id="ixv-24268"
      unitRef="Shares">1950000</glbs:NumberOfWarrantsOutstanding>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2021-01-012021-02-17_custom_InstitutionalInvestorsMember"
      decimals="INF"
      id="ixv-24269"
      unitRef="Shares">3850000</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-02-17_custom_InstitutionalInvestorsMember"
      decimals="INF"
      id="ixv-24270"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2021-02-17_custom_InstitutionalInvestorsMember_custom_February2021WarrantsMember"
      decimals="INF"
      id="ixv-24271"
      unitRef="Shares">4800000</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-02-17_custom_InstitutionalInvestorsMember_custom_February2021WarrantsMember"
      decimals="INF"
      id="ixv-24272"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ExercisePriceOfOutstandingShareOptions2019
      contextRef="AsOf2021-02-17_custom_InstitutionalInvestorsMember_custom_February2021WarrantsMember"
      decimals="INF"
      id="ixv-24273"
      unitRef="USDPShares">6.25</ifrs-full:ExercisePriceOfOutstandingShareOptions2019>
    <ifrs-full:ProceedsFromIssuingShares
      contextRef="From2021-01-012021-02-17_custom_InstitutionalInvestorsMember"
      decimals="-3"
      id="ixv-24274"
      unitRef="USD">27891000</ifrs-full:ProceedsFromIssuingShares>
    <ifrs-full:ShareIssueRelatedCost
      contextRef="From2021-01-012021-02-17_custom_InstitutionalInvestorsMember"
      decimals="-3"
      id="ixv-24275"
      unitRef="USD">152000</ifrs-full:ShareIssueRelatedCost>
    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2023-12-31_custom_February2021WarrantsMember"
      decimals="INF"
      id="ixv-24276"
      unitRef="Shares">4800000</glbs:NumberOfWarrantsOutstanding>
    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2022-12-31_custom_February2021WarrantsMember"
      decimals="INF"
      id="ixv-24277"
      unitRef="Shares">4800000</glbs:NumberOfWarrantsOutstanding>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2021-03-012021-06-29_custom_InstitutionalInvestorsMember"
      decimals="INF"
      id="ixv-24278"
      unitRef="Shares">8900000</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-06-29_custom_InstitutionalInvestorsMember"
      decimals="INF"
      id="ixv-24279"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2021-06-29_custom_InstitutionalInvestorsMember_custom_June2021WarrantsMember"
      decimals="INF"
      id="ixv-24280"
      unitRef="Shares">10000000</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-06-29_custom_InstitutionalInvestorsMember_custom_June2021WarrantsMember"
      decimals="INF"
      id="ixv-24281"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ExercisePriceOfOutstandingShareOptions2019
      contextRef="AsOf2021-06-29_custom_InstitutionalInvestorsMember_custom_June2021WarrantsMember"
      decimals="INF"
      id="ixv-24282"
      unitRef="USDPShares">5.00</ifrs-full:ExercisePriceOfOutstandingShareOptions2019>
    <ifrs-full:ProceedsFromIssuingShares
      contextRef="From2021-03-012021-06-29_custom_InstitutionalInvestorsMember"
      decimals="-3"
      id="ixv-24283"
      unitRef="USD">46581000</ifrs-full:ProceedsFromIssuingShares>
    <ifrs-full:ShareIssueRelatedCost
      contextRef="From2021-03-012021-06-29_custom_InstitutionalInvestorsMember"
      decimals="-3"
      id="ixv-24284"
      unitRef="USD">129000</ifrs-full:ShareIssueRelatedCost>
    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2022-12-31_custom_June2021WarrantsMember"
      decimals="INF"
      id="ixv-24285"
      unitRef="Shares">10000000</glbs:NumberOfWarrantsOutstanding>
    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2023-12-31_custom_June2021WarrantsMember"
      decimals="INF"
      id="ixv-24286"
      unitRef="Shares">10000000</glbs:NumberOfWarrantsOutstanding>
    <ifrs-full:ShareIssueRelatedCost
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24287"
      unitRef="USD">401000</ifrs-full:ShareIssueRelatedCost>
    <ifrs-full:SharePremium
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24288"
      unitRef="USD">284406000</ifrs-full:SharePremium>
    <ifrs-full:SharePremium
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-24289"
      unitRef="USD">284406000</ifrs-full:SharePremium>
    <ifrs-full:SharePremium
      contextRef="AsOf2021-12-31"
      decimals="-3"
      id="ixv-24290"
      unitRef="USD">284406000</ifrs-full:SharePremium>
    <ifrs-full:DisclosureOfEarningsPerShareExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-17039">&lt;p id="xdx_803_eifrs-full--DisclosureOfEarningsPerShareExplanatory_zATz8Ly5694i" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_82D_zK4jdablthlh"&gt;Earnings
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; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Basic
earnings per share (&#x201c;EPS&#x201d;) is calculated by dividing the net income 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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Diluted
earnings per share is calculated by dividing the net income 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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As
for the years ended December 31, 2023, 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,
2023, 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-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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
following reflects the net income per common share:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89E_ecustom--DisclosureOfEarningsPerShareTableExplanatory_zqD80yt5KU7j" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span id="xdx_8B9_z1beJXAGIvw2" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Earnings/(Loss)
per Share&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 68%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_496_20230101__20231231_zvhtRim2doe2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49C_20220101__20221231_zF6kJ337IRtb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_495_20210101__20211231_z8vmSFLOySa8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Income
    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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5,272&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24,280&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14,950&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted
    average number of shares &#x2013; basic and diluted&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;20,582,301&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;20,582,301&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14,809,536&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; text-align: justify"&gt;&#x202f;&#x202f;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Earnings
per common share &#x2013; basic and diluted&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90A_eifrs-full--DilutedEarningsLossPerShare_pip0_c20230101__20231231_zWiSQeYQm4rk"&gt;&lt;span id="xdx_908_eifrs-full--BasicEarningsLossPerShare_pip0_c20230101__20231231_zem4JVAIQgub"&gt;0.26&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_907_eifrs-full--DilutedEarningsLossPerShare_pip0_c20220101__20221231_zXxXwFwAWUli"&gt;&lt;span id="xdx_90A_eifrs-full--BasicEarningsLossPerShare_pip0_c20220101__20221231_zHfhaM48UKu2"&gt;1.18&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90E_eifrs-full--DilutedEarningsLossPerShare_pip0_c20210101__20211231_zO0LntZblQFg"&gt;&lt;span id="xdx_909_eifrs-full--BasicEarningsLossPerShare_pip0_c20210101__20211231_zJedmbpn4meb"&gt;1.01&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8A9_z51wTi4acvp1" style="font: 9pt Times New Roman, Times, Serif; margin: 0"&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"&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"&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&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfEarningsPerShareExplanatory>
    <glbs:DisclosureOfEarningsPerShareTableExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-17063">&lt;p id="xdx_89E_ecustom--DisclosureOfEarningsPerShareTableExplanatory_zqD80yt5KU7j" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span id="xdx_8B9_z1beJXAGIvw2" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Earnings/(Loss)
per Share&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 68%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_496_20230101__20231231_zvhtRim2doe2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49C_20220101__20221231_zF6kJ337IRtb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_495_20210101__20211231_z8vmSFLOySa8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Income
    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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5,272&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24,280&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14,950&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Weighted
    average number of shares &#x2013; basic and diluted&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;20,582,301&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;20,582,301&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;14,809,536&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; text-align: justify"&gt;&#x202f;&#x202f;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Earnings
per common share &#x2013; basic and diluted&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90A_eifrs-full--DilutedEarningsLossPerShare_pip0_c20230101__20231231_zWiSQeYQm4rk"&gt;&lt;span id="xdx_908_eifrs-full--BasicEarningsLossPerShare_pip0_c20230101__20231231_zem4JVAIQgub"&gt;0.26&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_907_eifrs-full--DilutedEarningsLossPerShare_pip0_c20220101__20221231_zXxXwFwAWUli"&gt;&lt;span id="xdx_90A_eifrs-full--BasicEarningsLossPerShare_pip0_c20220101__20221231_zHfhaM48UKu2"&gt;1.18&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span id="xdx_90E_eifrs-full--DilutedEarningsLossPerShare_pip0_c20210101__20211231_zO0LntZblQFg"&gt;&lt;span id="xdx_909_eifrs-full--BasicEarningsLossPerShare_pip0_c20210101__20211231_zJedmbpn4meb"&gt;1.01&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</glbs:DisclosureOfEarningsPerShareTableExplanatory>
    <ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24291"
      unitRef="USD">5272000</ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity>
    <ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24292"
      unitRef="USD">24280000</ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity>
    <ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24293"
      unitRef="USD">14950000</ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity>
    <ifrs-full:WeightedAverageShares
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24294"
      unitRef="Shares">20582301000</ifrs-full:WeightedAverageShares>
    <ifrs-full:WeightedAverageShares
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24295"
      unitRef="Shares">20582301000</ifrs-full:WeightedAverageShares>
    <ifrs-full:WeightedAverageShares
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24296"
      unitRef="Shares">14809536000</ifrs-full:WeightedAverageShares>
    <ifrs-full:DilutedEarningsLossPerShare
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-24297"
      unitRef="USDPShares">0.26</ifrs-full:DilutedEarningsLossPerShare>
    <ifrs-full:BasicEarningsLossPerShare
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-24298"
      unitRef="USDPShares">0.26</ifrs-full:BasicEarningsLossPerShare>
    <ifrs-full:DilutedEarningsLossPerShare
      contextRef="From2022-01-012022-12-31"
      decimals="INF"
      id="ixv-24299"
      unitRef="USDPShares">1.18</ifrs-full:DilutedEarningsLossPerShare>
    <ifrs-full:BasicEarningsLossPerShare
      contextRef="From2022-01-012022-12-31"
      decimals="INF"
      id="ixv-24300"
      unitRef="USDPShares">1.18</ifrs-full:BasicEarningsLossPerShare>
    <ifrs-full:DilutedEarningsLossPerShare
      contextRef="From2021-01-012021-12-31"
      decimals="INF"
      id="ixv-24301"
      unitRef="USDPShares">1.01</ifrs-full:DilutedEarningsLossPerShare>
    <ifrs-full:BasicEarningsLossPerShare
      contextRef="From2021-01-012021-12-31"
      decimals="INF"
      id="ixv-24302"
      unitRef="USDPShares">1.01</ifrs-full:BasicEarningsLossPerShare>
    <ifrs-full:DisclosureOfBorrowingsExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-17155">&lt;p id="xdx_80C_eifrs-full--DisclosureOfBorrowingsExplanatory_zbCa4B6DVZf5" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_823_zrVxksSd8Po3"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;Long-term
debt in the consolidated statement of financial position is analysed as follows:&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;


&lt;p id="xdx_897_ecustom--DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_zaLTrr5REjXa" style="margin-top: 0; margin-bottom: 0"&gt;&lt;span id="xdx_8B6_zq3LvaPNab1h" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Long-Term
Debt, 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="border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 45%"&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Modification
    of Loan&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Devocean
    Maritime LTD., Artful Shipholding S.A., Serena Maritime Limited, Salaminia Maritime Limited, Talisman Maritime Limited and Argo Maritime
    Limited.&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zeXdK2I8SLI1" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;52,620&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zFQq5jAotw01" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred finance costs"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(624)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--ModificationOfLoan_iNI_pn3n3_di_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zmOtCNv28QK3" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of loan"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(358)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--AccruedInterest_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zKUbZpCLaJi2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;621&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zTWy6vfi4Hi9" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized cost"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;52,259&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total
    at December 31, 2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--BorrowingsGross_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_z1LWZL2HVpe6" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;52,620&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zyFOugU6T8cl" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(624)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecustom--ModificationOfLoan_iNI_pn3n3_di_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_z3Jfdla0Txzl" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(358)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--AccruedInterest_iI_pn3n3_c20231231_zv75kcGrk07j" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;621&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_z7k750ANI8sc" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;52,259&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Less:
    Current Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zTl847o4YiFa" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(6,258)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zQRpqD8rpHD1" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;227&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--CurrentPortionOfModificationOfLoan_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zSNg6uAVlcff" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;152&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zNDLfIY4oQpk" 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;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(621)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_z6fYgntAowY9" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(6,500)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Long-Term
    Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zBctO09GxJg2" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Long-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;46,362&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zoNhAX0lz0Jh" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs - Long Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(397)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--NonCurrentPortionOfModificationOfLoan_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zhVuWoOeqJM6" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Loan-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(206)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--AccruedInterestNonCurrent_iNI_pn3n3_di0_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_z8QqX27czazg" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Long-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--LongtermBorrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zj0BHBvpC3b9" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Long-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;45,759&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total
    at December 31, 2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zpNJkfFxioe" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;44,375&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_z4Wfj1RcLRp3" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(541)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecustom--ModificationOfLoan_iNI_pn3n3_di0_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zrA9069dnIJ5" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of loan"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--AccruedInterest_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zvBu0AJBeXh8" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;491&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zXA3QaiVm1P2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Less:
    Current Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_z3QbwzaFlcdi" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(6,500)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zOmiqHPhQmn" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;188&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecustom--CurrentPortionOfModificationOfLoan_iI_pn3n3_d0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_z2cGxGxiT5t9" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zg6Bsi6RMi2g" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(491)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zmda9SmtpQB7" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Long-Term
    Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_z5aspcdrRGel" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Long-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;37,875&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zYq5EmxV2Ss6" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred finance costs - Long-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(353)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--NonCurrentPortionOfModificationOfLoan_iI_pn3n3_d0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zsjUxnjLqJ19" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Loan-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_ecustom--AccruedInterestNonCurrent_iNI_pn3n3_di0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zVm1Bfd8rYO9" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Long-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--LongtermBorrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zn3Ny34BHHG2" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Long-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;37,522&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p id="xdx_8AA_zqCYJT2i5noc" 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-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; text-align: justify"&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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
&lt;span id="xdx_908_ecustom--LineOfCreditFacilityInitiationDate2_pid_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_za6BKn0l4gZh"&gt;May
2021&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;, 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 $&lt;span id="xdx_902_ecustom--LineOfCreditFacilityBorrowingCapacity_iI_pn3n3_c20211231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zfEbRFTnjKtj"&gt;34,250
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(the &#x201c;CIT Loan Facility&#x201d;) with First-Citizens Bank &amp;amp; Trust Company (formerly known as CIT Bank N.A.) &lt;span id="xdx_907_ecustom--DescriptionOfBorrowingsScope_pid_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zljU9wkMpur9"&gt;for
the purpose of refinancing the existing indebtedness secured on the ships&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;.
The CIT Loan Facility is guaranteed by Globus. The CIT Loan Facility originally bore interest at &lt;span id="xdx_906_eifrs-full--BorrowingsInterestRateBasis_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zWz6T9oUIt95"&gt;LIBOR&lt;/span&gt; plus a margin of &lt;span id="xdx_905_eifrs-full--BorrowingsInterestRate_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zUG3uQxg9EG7"&gt;3.75&lt;/span&gt;% (or &lt;span id="xdx_90B_ecustom--BorrowingsDefaultInterestRate_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zpKRKTl8fCx"&gt;5.75&lt;/span&gt;%
default interest) per annum.&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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Long-Term
Debt, net (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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
CIT Loan Facility originally consisted of &lt;span id="xdx_904_ecustom--NumberOfLoanTranches_iI_dc_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zrwQQeLsXOL2"&gt;six&lt;/span&gt; tranches, payable in &lt;span id="xdx_902_ecustom--DebtInstrumentNumberOfRepaymentInstallments_uPure_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_z0VtTPPqtuwj"&gt;20&lt;/span&gt; consecutive &lt;span id="xdx_90D_ecustom--BorrowingsFrequencyOfPeriodicPayment_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zU0LuCT229w1"&gt;quarterly&lt;/span&gt; instalments with each instalment in an aggregate
amount of $&lt;span id="xdx_902_ecustom--BorrowingsPeriodicPayment_pdn6_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zIVrUmpyBFW"&gt;1.25&lt;/span&gt; million (absolute amount) as well as a balloon payment in an aggregate amount of $&lt;span id="xdx_909_ecustom--BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_iI_pdn6_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zycJE46uhar8"&gt;9.25&lt;/span&gt; million (absolute amount) due
together with the 20th and final instalment in &lt;span id="xdx_902_eifrs-full--BorrowingsMaturity_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_znpR6740MFMl"&gt;May 2026&lt;/span&gt;. On May 10, 2021, the Company fully drew $&lt;span id="xdx_903_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_ztLhR0MBSfub"&gt;34,250&lt;/span&gt; under the CIT Loan Facility,
paid $&lt;span id="xdx_90A_eifrs-full--BorrowingCostsIncurred_pn3n3_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zmfYSXBK0Qr5"&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 its previous EnTrust loan facility. The Company also entered into a swap agreement with respect to &lt;span id="xdx_901_eifrs-full--BorrowingsInterestRateBasis_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SwapAggrementCiTLoanFacilityMember_zR767ohPNvt1"&gt;LIBOR&lt;/span&gt;. The
Company paid First-Citizens Bank an upfront fee in the amount of &lt;span id="xdx_906_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SwapAggrementCiTLoanFacilityMember_zjUhbZyg55of"&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; text-align: justify"&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; text-align: justify"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
&lt;span id="xdx_902_ecustom--LineOfCreditFacilityInitiationDate2_pid_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zefdP7wZM9jf"&gt;August 2022&lt;/span&gt;, the Company entered into a deed of accession, amendment and restatement of the CIT Loan Facility with First-Citizens Bank,
whereby the CIT Loan Facility was amended and restated and an additional borrower, Salaminia Maritime Limited, acceded to the CIT Loan
Facility. The CIT Loan Facility principal amount was increased to $&lt;span id="xdx_909_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pdn6_c20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zrNcApRrVIg9"&gt;52.25&lt;/span&gt; million (absolute amount), by a top up loan amount of $18 million
(absolute amount) &lt;span id="xdx_908_ecustom--DescriptionOfBorrowingsScope_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zQo1rYx5CCgd"&gt;for the purpose of financing vessel Orion Globe and for general corporate and working capital purposes&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. On
August 10, 2022, the Company fully drew the $&lt;span id="xdx_903_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pdn6_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zl8ZAcGBLZph"&gt;18&lt;/span&gt; million (absolute amount) top up loan amount under the CIT Loan Facility and paid approximately
$&lt;span id="xdx_90E_eifrs-full--BorrowingCostsIncurred_pn3n3_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_z6YYa6rAfzA6"&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;/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&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;As noted above, following
the agreement reached in August 2022 the benchmark rate of the CIT Loan Facility was amended from LIBOR to Term SOFR and the applicable
margin was decreased from 3.75% to &lt;span id="xdx_90B_eifrs-full--BorrowingsInterestRate_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zbTbG0d2ItMi"&gt;3.35&lt;/span&gt;% (or &lt;span id="xdx_903_ecustom--BorrowingsDefaultInterestRate_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zcTOKzfUkXfi"&gt;5.25&lt;/span&gt;% default interest) per annum. This amendment to the loan agreement falls within the scope of Interest Rate&#160; 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 and replaced the respective
benchmark rate from LIBOR to Term &lt;span id="xdx_904_eifrs-full--BorrowingsInterestRateBasis_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zIIpK2X6p0Ef"&gt;SOFR&lt;/span&gt; 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_90B_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_z7a9Zewlphdb"&gt;163&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 21.3pt; text-align: justify"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
August 2023, the Company entered into a second deed of accession, amendment and restatement of the CIT Loan Facility with First-Citizens
Bank, whereby the CIT Loan Facility was further amended and restated and two additional borrowers, Argo Maritime Limited and Talisman
Maritime Limited, acceded to the CIT Loan Facility. The CIT Loan Facility was further increased to $&lt;span id="xdx_906_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pdn6_c20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zXbTO8FLJqy9"&gt;77.25&lt;/span&gt; million (absolute amount),
by a top up loan amount of $25 million (absolute amount) &lt;span id="xdx_903_ecustom--DescriptionOfBorrowingsScope_c20230101__20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_z5kIB9LCfN7g"&gt;for the purpose of financing vessels Diamond Globe and Power Globe and for general
corporate and working capital purposes&lt;/span&gt;. The CIT loan facility (including the new top up loan amount) became further secured by first
preferred mortgages over the vessels Diamond Globe and Power Globe. The CIT Loan Facility currently bears interest at Term &lt;span id="xdx_902_eifrs-full--BorrowingsInterestRateBasis_c20230101__20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zxCEFENCuCMj"&gt;SOFR&lt;/span&gt; together
with an adjustment of &lt;span id="xdx_905_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_pip2_uPure_c20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zRmvVWUbTclf"&gt;0.1&lt;/span&gt;% per annum plus a margin of &lt;span id="xdx_905_eifrs-full--BorrowingsInterestRate_iI_pip2_uPure_c20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zEvzxmJRHN7"&gt;2.70&lt;/span&gt;% (or &lt;span id="xdx_902_ecustom--BorrowingsDefaultInterestRate_iI_pip2_uPure_c20230831__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zDx7go7UJCt"&gt;4.70&lt;/span&gt;% default interest) per annum. The Company considered that the August
2023 amendments to the CIT Loan Facility did not substantially modify CIT Loan Facility&#x2019;s terms and the Company recognised a gain
on modification amounted to $&lt;span id="xdx_905_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pdn3_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_z87Fu7mYKg23"&gt;417&lt;/span&gt; that had adjusted the carrying value of the loan and classified under Gain from the modification of
the Loan in the consolidated statement of comprehensive income. On August 10, 2023, the Company fully drew the top up amount of $&lt;span id="xdx_907_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pdn6_c20230101__20230810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2023AgreementMember_zeyFyfLLPiGh"&gt;25&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 21.3pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
May 10, 2023 the Company prepaid the total remaining amount of $&lt;span id="xdx_900_ecustom--PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20230510__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobe1Member_zEjcYVK3FLw7"&gt;3,674
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;of the loan of Longevity Maritime Limited (the
owning company of the vessel Sun Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took
place on &lt;span id="xdx_907_ecustom--VesselDeliveryDate_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobe1Member_zYBJsLaDNixc"&gt;June
5, 2023&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt; (see Note 5).&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
August 29, 2023 the Company prepaid the total remaining amount of $&lt;span id="xdx_904_ecustom--PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20230829__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_zmeTgZ5Hnrgj"&gt;3,276&lt;/span&gt;
&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;of the loan of Domina Maritime Ltd (the owning
company of the vessel Sky Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place
on &lt;span id="xdx_903_ecustom--VesselDeliveryDate_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SkyGlobeMember_z4MCX2E2a455"&gt;September
7, 2023&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt; (see Note 5).&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
September 7, 2023 the Company prepaid the total remaining amount of $&lt;span id="xdx_904_ecustom--PrepaymentsOfBorrowingsClassifiedAsFinancingActivities_pn3n3_c20230101__20230907__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_zMwnYHfryqNk"&gt;3,555&lt;/span&gt;
&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;of the loan of Dulac Maritime S.A. (the owning
company of the vessel Star Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place
on &lt;span id="xdx_905_ecustom--VesselDeliveryDate_pn3n3_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StarGlobeMember_zFwWLUfHXEzc"&gt;September
13, 2023&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt; (see Note 5).&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Following
the conclusion of the second amendment and restatement of the CIT Loan Facility and the sales of the vessels Sun Globe, Sky Globe and
Star Globe, described above, the vessels securing the CIT Loan Facility are the Diamond Globe, Power Globe, Orion Globe, River Globe,
Moon Globe, and Galaxy Globe. The remaining borrowers under the CIT Loan Facility are Devocean Maritime Ltd., Artful Shipholding S.A.,
Serena Maritime Limited, Salaminia Maritime Limited, Argo Maritime Limited and Talisman Maritime Limited and the CIT Loan Facility remains
guaranteed by Globus Maritime Limited.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
CIT Loan Facility currently bears interest at Term SOFR together with an adjustment of 0.1% per annum plus a margin of 2.70% (or 4.70%
default interest) per annum. It consists of &lt;span id="xdx_90C_ecustom--NumberOfLoanTranches_iI_dc_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zRoUQ1DKMGS1"&gt;six
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;tranches, which shall be repaid in consecutive
quarterly installments with the final installment due on the first four tranches in &lt;span id="xdx_90C_eifrs-full--BorrowingsMaturity_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--FirstFourTranchesMember_zy3WZrsEmDuj"&gt;May 2026&lt;/span&gt; and on the final two tranches in &lt;span id="xdx_906_eifrs-full--BorrowingsMaturity_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--FinalTwoTranchesMember_zsZ4rEHiwOrg"&gt;August
2027&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
CIT Loan Facility may be prepaid prior to maturity. If the prepayment of the tranche financing Orion Globe occurs on or before August
10, 2024, the prepayment fee is &lt;span id="xdx_90E_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member_zHCJG5UHxnZ4"&gt;1&lt;/span&gt;% of the amount prepaid, subject to certain exceptions. If the prepayment of the tranche financing either
Diamond Globe or Power Globe occurs on or before August 2024, the prepayment fee is &lt;span id="xdx_903_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member_zaU4zbbQes28"&gt;2&lt;/span&gt;% of the amount prepaid and thereafter until August
2025, the prepayment fee is &lt;span id="xdx_902_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_uPure_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2023ButAfterMay2024Member_zUEtt56jbNyh"&gt;1&lt;/span&gt;% of the amount prepaid, subject to certain exceptions. The Company cannot reborrow any amount of the CIT
Loan Facility 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 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&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;/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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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;/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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Long-Term
Debt, 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;&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 0 0 1cm; text-align: justify; text-indent: 0cm"&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&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;
                                            First preferred mortgage over m/v River Globe, m/v Moon Globe, m/v Galaxy
Globe, m/v Orion Globe, m/v Power Globe and m/v Diamond 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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;
pledges over the shares  of each borrower; and&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;/p&gt;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2022;
pledges of bank accounts, a pledge of each borrower&#x2019;s rights under any swap 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-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 0 0 21.3pt; text-align: justify"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
                                            Company is not permitted, without the written consent of First-Citizens Bank, 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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
CIT Loan Facility contains various covenants requiring the borrowers and/or Globus to, among other things, ensure that:&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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#x2022;
the borrowers maintain a minimum cash reserve 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: 0 0 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x202f;&#x202f;&#x202f;&#x2022;&#x202f;a
minimum loan (including any exposure under a related swap agreement) to value ratio of 70% is maintained until &#x202f;&#x202f;&#x202f;May 2024, and &#x202f;thereafter
65%;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#x2022;
each borrower maintains in its earnings account minimum liquidity of $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: 0 0 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#x2022;
Globus maintains 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 Facility;&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#x2022;
Globus  maintains  a maximum leverage ratio of 0.75:1.00; and&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#x2022;
if Globus pays a dividend, subject to certain exceptions, then the debt service coverage ratio (i.e., aggregate EBITDA
of Globus  for any period to the debt service for such period) after such dividend and for the remaining tenure of the CIT Loan
Facility shall be at least 1.15:1.00.&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_90E_eifrs-full--DescriptionOfCollateralHeldAsSecurityAndOtherCreditEnhancements2014_c20230101__20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zrgtaQCAMzE1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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,Argo Maritime Limited, which is required to set aside
quarterly payments that aggregate to $675, and Talisman Limited, which is required to set aside quarterly payments that aggregate to $315.&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Globus
is prohibited from making dividends (other than up to $1,000 annually on or in respect of its preferred shares) in cash or redeem or
repurchase its common 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 is
in compliance with the debt service coverage ratio, and Globus 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;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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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  with which the directors are
obliged to comply, other than those persons disclosed to First-Citizens 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 0 0 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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;/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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&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&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11.&#160;&#160;&#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 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Company was in compliance with the covenants of the CIT Loan Facility as at December 31, 2023 and 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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
contractual annual loan principal payments to be made subsequent to December 31, 2023, were as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89C_ecustom--DisclosureOfLongTermDebtAnnualPrincipalPayments_zwfjMXzfilEb" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_8B2_zW99YuZiIL5l" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Long-Term
Debt, net - Annual loan principal payments&lt;/span&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 0 0 21.3pt; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2024&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zlsZ0w6OwHs3" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,258&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2025&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zYy0Fkdrfo98" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,258&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2026&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zVrmT9lxByt4" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;21,604&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2027
    &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zhv7y893t5V" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;18,500&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zHfLeE1Bota9" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;52,620&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&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 0 0 21.3pt; text-align: justify; text-indent: 18pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; 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 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-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 0 0 21.3pt; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2023&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_za8SetpxamG4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2024&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_ztSM8Cyi0HDg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2025&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zu0fTZ791dK9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2026&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zk4mGcFFaI4f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zsQmFiVactYc" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_8AF_z067TDBds752" style="font: 9pt Times New Roman, Times, Serif; margin: 0"&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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
weighted average interest rate for the years ended December 31, 2023 and 2022, was &lt;span id="xdx_90D_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_uPure_c20231231__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember_zr8BjBfRGM4i"&gt;8.19&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%
and &lt;span id="xdx_90B_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_uPure_c20221231__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember_z2LpA2s4pMf3"&gt;5.58&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;%,
respectively.&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;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -1cm"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; 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"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&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&gt;

</ifrs-full:DisclosureOfBorrowingsExplanatory>
    <glbs:DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition contextRef="From2023-01-01to2023-12-31" id="ixv-17165">&lt;p id="xdx_897_ecustom--DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_zaLTrr5REjXa" style="margin-top: 0; margin-bottom: 0"&gt;&lt;span id="xdx_8B6_zq3LvaPNab1h" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Long-Term
Debt, 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="border-bottom: Black 0.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 45%"&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Modification
    of Loan&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Devocean
    Maritime LTD., Artful Shipholding S.A., Serena Maritime Limited, Salaminia Maritime Limited, Talisman Maritime Limited and Argo Maritime
    Limited.&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zeXdK2I8SLI1" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;52,620&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zFQq5jAotw01" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred finance costs"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(624)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--ModificationOfLoan_iNI_pn3n3_di_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zmOtCNv28QK3" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of loan"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(358)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--AccruedInterest_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zKUbZpCLaJi2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;621&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zTWy6vfi4Hi9" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized cost"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;52,259&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total
    at December 31, 2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--BorrowingsGross_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_z1LWZL2HVpe6" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;52,620&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zyFOugU6T8cl" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(624)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecustom--ModificationOfLoan_iNI_pn3n3_di_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_z3Jfdla0Txzl" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(358)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--AccruedInterest_iI_pn3n3_c20231231_zv75kcGrk07j" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;621&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_z7k750ANI8sc" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;52,259&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Less:
    Current Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zTl847o4YiFa" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(6,258)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zQRpqD8rpHD1" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;227&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--CurrentPortionOfModificationOfLoan_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zSNg6uAVlcff" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;152&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zNDLfIY4oQpk" 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;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(621)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_z6fYgntAowY9" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(6,500)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Long-Term
    Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zBctO09GxJg2" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Long-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;46,362&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zoNhAX0lz0Jh" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs - Long Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(397)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--NonCurrentPortionOfModificationOfLoan_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zhVuWoOeqJM6" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Loan-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(206)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--AccruedInterestNonCurrent_iNI_pn3n3_di0_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_z8QqX27czazg" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Long-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--LongtermBorrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zj0BHBvpC3b9" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Long-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;45,759&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total
    at December 31, 2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_zpNJkfFxioe" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;44,375&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_z4Wfj1RcLRp3" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(541)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecustom--ModificationOfLoan_iNI_pn3n3_di0_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zrA9069dnIJ5" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of loan"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--AccruedInterest_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zvBu0AJBeXh8" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;491&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zXA3QaiVm1P2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Less:
    Current Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_z3QbwzaFlcdi" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(6,500)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zOmiqHPhQmn" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred Finance Costs - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;188&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecustom--CurrentPortionOfModificationOfLoan_iI_pn3n3_d0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_z2cGxGxiT5t9" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zg6Bsi6RMi2g" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(491)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zmda9SmtpQB7" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Current Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Long-Term
    Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--PrincipalMember_z5aspcdrRGel" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Principal - Long-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;37,875&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--DeferredfinancecostsMember_zYq5EmxV2Ss6" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Deferred finance costs - Long-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;(353)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--NonCurrentPortionOfModificationOfLoan_iI_pn3n3_d0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--ModificationOfLoanMember_zsjUxnjLqJ19" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Modification of Loan - Loan-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_ecustom--AccruedInterestNonCurrent_iNI_pn3n3_di0_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AccruedInterestMember_zVm1Bfd8rYO9" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Long-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--LongtermBorrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--AmortizedCostMember_zn3Ny34BHHG2" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Amortized Cost - Long-Term Portion"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;37,522&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
</glbs:DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition>
    <glbs:BorrowingsGross
      contextRef="AsOf2023-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember"
      decimals="-3"
      id="ixv-24303"
      unitRef="USD">52620000</glbs:BorrowingsGross>
    <glbs:DebtInstrumentUnamortisedDiscount
      contextRef="AsOf2023-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember"
      decimals="-3"
      id="ixv-24304"
      unitRef="USD">-624000</glbs:DebtInstrumentUnamortisedDiscount>
    <glbs:ModificationOfLoan
      contextRef="AsOf2023-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember"
      decimals="-3"
      id="ixv-24305"
      unitRef="USD">358000</glbs:ModificationOfLoan>
    <glbs:AccruedInterest
      contextRef="AsOf2023-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember"
      decimals="-3"
      id="ixv-24306"
      unitRef="USD">621000</glbs:AccruedInterest>
    <ifrs-full:Borrowings
      contextRef="AsOf2023-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember"
      decimals="-3"
      id="ixv-24307"
      unitRef="USD">52259000</ifrs-full:Borrowings>
    <glbs:BorrowingsGross
      contextRef="AsOf2023-12-31_custom_PrincipalMember"
      decimals="-3"
      id="ixv-24308"
      unitRef="USD">52620000</glbs:BorrowingsGross>
    <glbs:DebtInstrumentUnamortisedDiscount
      contextRef="AsOf2023-12-31_custom_DeferredfinancecostsMember"
      decimals="-3"
      id="ixv-24309"
      unitRef="USD">-624000</glbs:DebtInstrumentUnamortisedDiscount>
    <glbs:ModificationOfLoan
      contextRef="AsOf2023-12-31_custom_ModificationOfLoanMember"
      decimals="-3"
      id="ixv-24310"
      unitRef="USD">358000</glbs:ModificationOfLoan>
    <glbs:AccruedInterest
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24311"
      unitRef="USD">621000</glbs:AccruedInterest>
    <ifrs-full:Borrowings
      contextRef="AsOf2023-12-31_custom_AmortizedCostMember"
      decimals="-3"
      id="ixv-24312"
      unitRef="USD">52259000</ifrs-full:Borrowings>
    <glbs:CurrentPortionOfLongTermBorrowingsGross
      contextRef="AsOf2023-12-31_custom_PrincipalMember"
      decimals="-3"
      id="ixv-24313"
      unitRef="USD">-6258000</glbs:CurrentPortionOfLongTermBorrowingsGross>
    <glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount
      contextRef="AsOf2023-12-31_custom_DeferredfinancecostsMember"
      decimals="-3"
      id="ixv-24314"
      unitRef="USD">227000</glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount>
    <glbs:CurrentPortionOfModificationOfLoan
      contextRef="AsOf2023-12-31_custom_ModificationOfLoanMember"
      decimals="-3"
      id="ixv-24315"
      unitRef="USD">152000</glbs:CurrentPortionOfModificationOfLoan>
    <glbs:AccruedInterestCurrent
      contextRef="AsOf2023-12-31_custom_AccruedInterestMember"
      decimals="-3"
      id="ixv-24316"
      unitRef="USD">621000</glbs:AccruedInterestCurrent>
    <ifrs-full:CurrentPortionOfLongtermBorrowings
      contextRef="AsOf2023-12-31_custom_AmortizedCostMember"
      decimals="-3"
      id="ixv-24317"
      unitRef="USD">6500000</ifrs-full:CurrentPortionOfLongtermBorrowings>
    <glbs:LongTermBorrowingsGross
      contextRef="AsOf2023-12-31_custom_PrincipalMember"
      decimals="-3"
      id="ixv-24318"
      unitRef="USD">46362000</glbs:LongTermBorrowingsGross>
    <glbs:LongTermDebtInstrumentUnamortisedDiscount
      contextRef="AsOf2023-12-31_custom_DeferredfinancecostsMember"
      decimals="-3"
      id="ixv-24319"
      unitRef="USD">-397000</glbs:LongTermDebtInstrumentUnamortisedDiscount>
    <glbs:NonCurrentPortionOfModificationOfLoan
      contextRef="AsOf2023-12-31_custom_ModificationOfLoanMember"
      decimals="-3"
      id="ixv-24320"
      unitRef="USD">-206000</glbs:NonCurrentPortionOfModificationOfLoan>
    <glbs:AccruedInterestNonCurrent
      contextRef="AsOf2023-12-31_custom_AccruedInterestMember"
      decimals="-3"
      id="ixv-24321"
      unitRef="USD">-0</glbs:AccruedInterestNonCurrent>
    <ifrs-full:LongtermBorrowings
      contextRef="AsOf2023-12-31_custom_AmortizedCostMember"
      decimals="-3"
      id="ixv-24322"
      unitRef="USD">45759000</ifrs-full:LongtermBorrowings>
    <glbs:BorrowingsGross
      contextRef="AsOf2022-12-31_custom_PrincipalMember"
      decimals="-3"
      id="ixv-24323"
      unitRef="USD">44375000</glbs:BorrowingsGross>
    <glbs:DebtInstrumentUnamortisedDiscount
      contextRef="AsOf2022-12-31_custom_DeferredfinancecostsMember"
      decimals="-3"
      id="ixv-24324"
      unitRef="USD">-541000</glbs:DebtInstrumentUnamortisedDiscount>
    <glbs:ModificationOfLoan
      contextRef="AsOf2022-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember"
      decimals="-3"
      id="ixv-24325"
      unitRef="USD">-0</glbs:ModificationOfLoan>
    <glbs:AccruedInterest
      contextRef="AsOf2022-12-31_custom_AccruedInterestMember"
      decimals="-3"
      id="ixv-24326"
      unitRef="USD">491000</glbs:AccruedInterest>
    <ifrs-full:Borrowings
      contextRef="AsOf2022-12-31_custom_AmortizedCostMember"
      decimals="-3"
      id="ixv-24327"
      unitRef="USD">44325000</ifrs-full:Borrowings>
    <glbs:CurrentPortionOfLongTermBorrowingsGross
      contextRef="AsOf2022-12-31_custom_PrincipalMember"
      decimals="-3"
      id="ixv-24328"
      unitRef="USD">-6500000</glbs:CurrentPortionOfLongTermBorrowingsGross>
    <glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount
      contextRef="AsOf2022-12-31_custom_DeferredfinancecostsMember"
      decimals="-3"
      id="ixv-24329"
      unitRef="USD">188000</glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount>
    <glbs:CurrentPortionOfModificationOfLoan
      contextRef="AsOf2022-12-31_custom_ModificationOfLoanMember"
      decimals="-3"
      id="ixv-24330"
      unitRef="USD">0</glbs:CurrentPortionOfModificationOfLoan>
    <glbs:AccruedInterestCurrent
      contextRef="AsOf2022-12-31_custom_AccruedInterestMember"
      decimals="-3"
      id="ixv-24331"
      unitRef="USD">491000</glbs:AccruedInterestCurrent>
    <ifrs-full:CurrentPortionOfLongtermBorrowings
      contextRef="AsOf2022-12-31_custom_AmortizedCostMember"
      decimals="-3"
      id="ixv-24332"
      unitRef="USD">6803000</ifrs-full:CurrentPortionOfLongtermBorrowings>
    <glbs:LongTermBorrowingsGross
      contextRef="AsOf2022-12-31_custom_PrincipalMember"
      decimals="-3"
      id="ixv-24333"
      unitRef="USD">37875000</glbs:LongTermBorrowingsGross>
    <glbs:LongTermDebtInstrumentUnamortisedDiscount
      contextRef="AsOf2022-12-31_custom_DeferredfinancecostsMember"
      decimals="-3"
      id="ixv-24334"
      unitRef="USD">-353000</glbs:LongTermDebtInstrumentUnamortisedDiscount>
    <glbs:NonCurrentPortionOfModificationOfLoan
      contextRef="AsOf2022-12-31_custom_ModificationOfLoanMember"
      decimals="-3"
      id="ixv-24335"
      unitRef="USD">0</glbs:NonCurrentPortionOfModificationOfLoan>
    <glbs:AccruedInterestNonCurrent
      contextRef="AsOf2022-12-31_custom_AccruedInterestMember"
      decimals="-3"
      id="ixv-24336"
      unitRef="USD">-0</glbs:AccruedInterestNonCurrent>
    <ifrs-full:LongtermBorrowings
      contextRef="AsOf2022-12-31_custom_AmortizedCostMember"
      decimals="-3"
      id="ixv-24337"
      unitRef="USD">37522000</ifrs-full:LongtermBorrowings>
    <glbs:LineOfCreditFacilityInitiationDate2
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember"
      id="ixv-24338">May
2021</glbs:LineOfCreditFacilityInitiationDate2>
    <glbs:LineOfCreditFacilityBorrowingCapacity
      contextRef="AsOf2021-12-31_custom_CiTLoanFacilityMember"
      decimals="-3"
      id="ixv-24339"
      unitRef="USD">34250000</glbs:LineOfCreditFacilityBorrowingCapacity>
    <glbs:DescriptionOfBorrowingsScope
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember"
      id="ixv-24340">for
the purpose of refinancing the existing indebtedness secured on the ships</glbs:DescriptionOfBorrowingsScope>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember"
      id="ixv-24341">LIBOR</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsInterestRate
      contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember"
      decimals="INF"
      id="ixv-24342"
      unitRef="Pure">0.0375</ifrs-full:BorrowingsInterestRate>
    <glbs:BorrowingsDefaultInterestRate
      contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember"
      decimals="INF"
      id="ixv-24343"
      unitRef="Pure">0.0575</glbs:BorrowingsDefaultInterestRate>
    <glbs:NumberOfLoanTranches
      contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember"
      decimals="INF"
      id="ixv-24344"
      unitRef="Pure">6</glbs:NumberOfLoanTranches>
    <glbs:DebtInstrumentNumberOfRepaymentInstallments
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember"
      id="ixv-24345">20</glbs:DebtInstrumentNumberOfRepaymentInstallments>
    <glbs:BorrowingsFrequencyOfPeriodicPayment
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember"
      id="ixv-24346">quarterly</glbs:BorrowingsFrequencyOfPeriodicPayment>
    <glbs:BorrowingsPeriodicPayment
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember"
      decimals="0"
      id="ixv-24347"
      unitRef="USD">1250000</glbs:BorrowingsPeriodicPayment>
    <glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid
      contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember"
      decimals="0"
      id="ixv-24348"
      unitRef="USD">9250000</glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid>
    <ifrs-full:BorrowingsMaturity
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember"
      id="ixv-24349">May 2026</ifrs-full:BorrowingsMaturity>
    <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities
      contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember"
      decimals="-3"
      id="ixv-24350"
      unitRef="USD">34250000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
    <ifrs-full:BorrowingCostsIncurred
      contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember"
      decimals="-3"
      id="ixv-24351"
      unitRef="USD">545000</ifrs-full:BorrowingCostsIncurred>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember_custom_SwapAggrementCiTLoanFacilityMember"
      id="ixv-24352">LIBOR</ifrs-full:BorrowingsInterestRateBasis>
    <glbs:PercentageOfUpfrontFeeInLoanAgreement
      contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember_custom_SwapAggrementCiTLoanFacilityMember"
      decimals="INF"
      id="ixv-24353"
      unitRef="Pure">0.0125</glbs:PercentageOfUpfrontFeeInLoanAgreement>
    <glbs:LineOfCreditFacilityInitiationDate2
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember"
      id="ixv-24354">August 2022</glbs:LineOfCreditFacilityInitiationDate2>
    <glbs:LineOfCreditFacilityMaximumBorrowingCapacity
      contextRef="AsOf2022-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember"
      decimals="0"
      id="ixv-24355"
      unitRef="USD">52250000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
    <glbs:DescriptionOfBorrowingsScope
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember"
      id="ixv-24356">for the purpose of financing vessel Orion Globe and for general corporate and working capital purposes</glbs:DescriptionOfBorrowingsScope>
    <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities
      contextRef="From2022-01-012022-08-10_custom_CiTLoanFacilityMember_custom_August2022AgreementMember"
      decimals="0"
      id="ixv-24357"
      unitRef="USD">18000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
    <ifrs-full:BorrowingCostsIncurred
      contextRef="From2022-01-012022-08-10_custom_CiTLoanFacilityMember_custom_August2022AgreementMember"
      decimals="-3"
      id="ixv-24358"
      unitRef="USD">259000</ifrs-full:BorrowingCostsIncurred>
    <ifrs-full:BorrowingsInterestRate
      contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember"
      decimals="INF"
      id="ixv-24359"
      unitRef="Pure">0.0335</ifrs-full:BorrowingsInterestRate>
    <glbs:BorrowingsDefaultInterestRate
      contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember"
      decimals="INF"
      id="ixv-24360"
      unitRef="Pure">0.0525</glbs:BorrowingsDefaultInterestRate>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember"
      id="ixv-24361">SOFR</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives
      contextRef="From2022-01-012022-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember"
      decimals="-3"
      id="ixv-24362"
      unitRef="USD">163000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
    <glbs:LineOfCreditFacilityMaximumBorrowingCapacity
      contextRef="AsOf2023-08-31_custom_CiTLoanFacilityMember_custom_August2023AgreementMember"
      decimals="0"
      id="ixv-24363"
      unitRef="USD">77250000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
    <glbs:DescriptionOfBorrowingsScope
      contextRef="From2023-01-012023-08-31_custom_CiTLoanFacilityMember_custom_August2023AgreementMember"
      id="ixv-24364">for the purpose of financing vessels Diamond Globe and Power Globe and for general
corporate and working capital purposes</glbs:DescriptionOfBorrowingsScope>
    <ifrs-full:BorrowingsInterestRateBasis
      contextRef="From2023-01-012023-08-31_custom_CiTLoanFacilityMember_custom_August2023AgreementMember"
      id="ixv-24365">SOFR</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsAdjustmentToInterestRateBasis
      contextRef="AsOf2023-08-31_custom_CiTLoanFacilityMember_custom_August2023AgreementMember"
      decimals="INF"
      id="ixv-24366"
      unitRef="Pure">0.001</ifrs-full:BorrowingsAdjustmentToInterestRateBasis>
    <ifrs-full:BorrowingsInterestRate
      contextRef="AsOf2023-08-31_custom_CiTLoanFacilityMember_custom_August2023AgreementMember"
      decimals="INF"
      id="ixv-24367"
      unitRef="Pure">0.0270</ifrs-full:BorrowingsInterestRate>
    <glbs:BorrowingsDefaultInterestRate
      contextRef="AsOf2023-08-31_custom_CiTLoanFacilityMember_custom_August2023AgreementMember"
      decimals="INF"
      id="ixv-24368"
      unitRef="Pure">0.0470</glbs:BorrowingsDefaultInterestRate>
    <ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember_custom_August2023AgreementMember"
      decimals="0"
      id="ixv-24369"
      unitRef="USD">417000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
    <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities
      contextRef="From2023-01-012023-08-10_custom_CiTLoanFacilityMember_custom_August2023AgreementMember"
      decimals="0"
      id="ixv-24370"
      unitRef="USD">25000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
    <glbs:PrepaymentsOfBorrowingsClassifiedAsFinancingActivities
      contextRef="From2023-01-012023-05-10_custom_SunGlobe1Member"
      decimals="-3"
      id="ixv-24371"
      unitRef="USD">3674000</glbs:PrepaymentsOfBorrowingsClassifiedAsFinancingActivities>
    <glbs:VesselDeliveryDate
      contextRef="From2023-01-012023-12-31_custom_SunGlobe1Member"
      id="ixv-24372">2023-06-05</glbs:VesselDeliveryDate>
    <glbs:PrepaymentsOfBorrowingsClassifiedAsFinancingActivities
      contextRef="From2023-01-012023-08-29_custom_SkyGlobeMember"
      decimals="-3"
      id="ixv-24373"
      unitRef="USD">3276000</glbs:PrepaymentsOfBorrowingsClassifiedAsFinancingActivities>
    <glbs:VesselDeliveryDate
      contextRef="From2023-01-012023-12-31_custom_SkyGlobeMember"
      id="ixv-24374">2023-09-07</glbs:VesselDeliveryDate>
    <glbs:PrepaymentsOfBorrowingsClassifiedAsFinancingActivities
      contextRef="From2023-01-012023-09-07_custom_StarGlobeMember"
      decimals="-3"
      id="ixv-24375"
      unitRef="USD">3555000</glbs:PrepaymentsOfBorrowingsClassifiedAsFinancingActivities>
    <glbs:VesselDeliveryDate
      contextRef="From2023-01-012023-12-31_custom_StarGlobeMember"
      id="ixv-24376">2023-09-13</glbs:VesselDeliveryDate>
    <glbs:NumberOfLoanTranches
      contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember"
      decimals="INF"
      id="ixv-24377"
      unitRef="Pure">6</glbs:NumberOfLoanTranches>
    <ifrs-full:BorrowingsMaturity
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember_custom_FirstFourTranchesMember"
      id="ixv-24378">May 2026</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsMaturity
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember_custom_FinalTwoTranchesMember"
      id="ixv-24379">August
2027</ifrs-full:BorrowingsMaturity>
    <glbs:PercentageOfUpfrontFeeInLoanAgreement
      contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember_custom_SWAPAgreementMember_custom_PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member"
      decimals="INF"
      id="ixv-24380"
      unitRef="Pure">0.01</glbs:PercentageOfUpfrontFeeInLoanAgreement>
    <glbs:PercentageOfUpfrontFeeInLoanAgreement
      contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember_custom_SWAPAgreementMember_custom_PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member"
      decimals="INF"
      id="ixv-24381"
      unitRef="Pure">0.02</glbs:PercentageOfUpfrontFeeInLoanAgreement>
    <glbs:PercentageOfUpfrontFeeInLoanAgreement
      contextRef="AsOf2023-12-31_custom_CiTLoanFacilityMember_custom_SWAPAgreementMember_custom_PrepaymentOnOrBeforeAugust2023ButAfterMay2024Member"
      decimals="INF"
      id="ixv-24382"
      unitRef="Pure">0.01</glbs:PercentageOfUpfrontFeeInLoanAgreement>
    <ifrs-full:DescriptionOfCollateralHeldAsSecurityAndOtherCreditEnhancements2014
      contextRef="From2023-01-012023-12-31_custom_CiTLoanFacilityMember"
      id="ixv-24383">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,Argo Maritime Limited, which is required to set aside
quarterly payments that aggregate to $675, and Talisman Limited, which is required to set aside quarterly payments that aggregate to $315.</ifrs-full:DescriptionOfCollateralHeldAsSecurityAndOtherCreditEnhancements2014>
    <glbs:DisclosureOfLongTermDebtAnnualPrincipalPayments contextRef="From2023-01-01to2023-12-31" id="ixv-17757">&lt;p id="xdx_89C_ecustom--DisclosureOfLongTermDebtAnnualPrincipalPayments_zwfjMXzfilEb" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_8B2_zW99YuZiIL5l" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Long-Term
Debt, net - Annual loan principal payments&lt;/span&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 0 0 21.3pt; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2024&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zlsZ0w6OwHs3" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,258&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2025&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zYy0Fkdrfo98" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,258&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2026&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zVrmT9lxByt4" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;21,604&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2027
    &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zhv7y893t5V" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;18,500&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zHfLeE1Bota9" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;52,620&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&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 0 0 21.3pt; text-align: justify; text-indent: 18pt"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; 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 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-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 0 0 21.3pt; text-align: justify; text-indent: 0cm"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2023&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_za8SetpxamG4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2024&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_ztSM8Cyi0HDg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2025&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zu0fTZ791dK9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2026&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zk4mGcFFaI4f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zsQmFiVactYc" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan balance"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;

</glbs:DisclosureOfLongTermDebtAnnualPrincipalPayments>
    <ifrs-full:Borrowings
      contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_custom_CiTMember"
      decimals="-3"
      id="ixv-24384"
      unitRef="USD">6258000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="AsOf2023-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_custom_CiTMember"
      decimals="-3"
      id="ixv-24385"
      unitRef="USD">6258000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="AsOf2023-12-31_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_custom_CiTMember"
      decimals="-3"
      id="ixv-24386"
      unitRef="USD">21604000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="AsOf2023-12-31_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_custom_CiTMember"
      decimals="-3"
      id="ixv-24387"
      unitRef="USD">18500000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="AsOf2023-12-31_custom_CiTMember"
      decimals="-3"
      id="ixv-24388"
      unitRef="USD">52620000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_custom_CiTMember"
      decimals="-3"
      id="ixv-24389"
      unitRef="USD">6500000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="AsOf2022-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_custom_CiTMember"
      decimals="-3"
      id="ixv-24390"
      unitRef="USD">6500000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="AsOf2022-12-31_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_custom_CiTMember"
      decimals="-3"
      id="ixv-24391"
      unitRef="USD">6500000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="AsOf2022-12-31_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_custom_CiTMember"
      decimals="-3"
      id="ixv-24392"
      unitRef="USD">24875000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="AsOf2022-12-31_custom_CiTMember"
      decimals="-3"
      id="ixv-24393"
      unitRef="USD">44375000</ifrs-full:Borrowings>
    <ifrs-full:BorrowingsInterestRate
      contextRef="AsOf2023-12-31_ifrs-full_WeightedAverageMember"
      decimals="INF"
      id="ixv-24394"
      unitRef="Pure">0.0819</ifrs-full:BorrowingsInterestRate>
    <ifrs-full:BorrowingsInterestRate
      contextRef="AsOf2022-12-31_ifrs-full_WeightedAverageMember"
      decimals="INF"
      id="ixv-24395"
      unitRef="Pure">0.0558</ifrs-full:BorrowingsInterestRate>
    <ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-17911">&lt;p id="xdx_803_eifrs-full--DisclosureOfOtherOperatingExpenseExplanatory_zpjRzaPhsrmc" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;12.&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_82E_zAIDI565SC3"&gt;&#160;Voyage
Expenses and Vessel Operating Expenses&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Voyage
expenses and vessel operating expenses in the consolidated statements of comprehensive income consisted of the following:&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89B_ecustom--DisclosureOfVoyageExpenses_z1CzlPDfmPM1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"&gt;&lt;span id="xdx_8B8_zOIRt4iKYRnh" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Voyage
Expenses and Vessel Operating Expenses - Voyage expenses&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Voyage
expenses consisted of:&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;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49F_20230101__20231231_ztbbyoRBnSK2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_494_20220101__20221231_zFmzd6MQBQbf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_494_20210101__20211231_zCegoOgoVjv4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;397&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;924&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;626&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,083&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,876&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;456&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;573&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;502&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-family: Times New Roman, Times, Serif; 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 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3,936&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;5,373&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1,128&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8A8_zugQNzikKzM8" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&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; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_890_ecustom--DisclosureOfVesselOperatingExpenses_z0ezeP8KWjwa" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span&gt;Vessel
operating expenses consisted of:&lt;/span&gt;&lt;/b&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span&gt;&#160;&lt;span id="xdx_8B4_zHbNC9QteTPj" style="display: none"&gt;Voyage Expenses and Vessel Operating Expenses - Vessel operating expenses&lt;/span&gt;&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: 0.5in"&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49F_20230101__20231231_z6cgvkqnWn76" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_491_20220101__20221231_zCqfZOzCZqG1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49E_20210101__20211231_zYMv5QRPPm2g" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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_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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8,259&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8,952&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7,570&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,176&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,349&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,067&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,981&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,935&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,414&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;912&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;924&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;555&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,325&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,340&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,712&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;437&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;512&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;490&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-family: Times New Roman, Times, Serif; 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 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;16,090&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;18,012&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;13,808&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: 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&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;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory>
    <glbs:DisclosureOfVoyageExpenses contextRef="From2023-01-01to2023-12-31" id="ixv-17922">&lt;p id="xdx_89B_ecustom--DisclosureOfVoyageExpenses_z1CzlPDfmPM1" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"&gt;&lt;span id="xdx_8B8_zOIRt4iKYRnh" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Voyage
Expenses and Vessel Operating Expenses - Voyage expenses&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Voyage
expenses consisted of:&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;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49F_20230101__20231231_ztbbyoRBnSK2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_494_20220101__20221231_zFmzd6MQBQbf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_494_20210101__20211231_zCegoOgoVjv4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;397&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;924&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;626&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,083&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,876&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;456&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;573&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;502&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-family: Times New Roman, Times, Serif; 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 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3,936&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;5,373&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1,128&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</glbs:DisclosureOfVoyageExpenses>
    <ifrs-full:FeeAndCommissionExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24396"
      unitRef="USD">397000</ifrs-full:FeeAndCommissionExpense>
    <ifrs-full:FeeAndCommissionExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24397"
      unitRef="USD">924000</ifrs-full:FeeAndCommissionExpense>
    <ifrs-full:FeeAndCommissionExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24398"
      unitRef="USD">626000</ifrs-full:FeeAndCommissionExpense>
    <ifrs-full:FuelExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24399"
      unitRef="USD">3083000</ifrs-full:FuelExpense>
    <ifrs-full:FuelExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24400"
      unitRef="USD">3876000</ifrs-full:FuelExpense>
    <ifrs-full:FuelExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24401"
      unitRef="USD">0</ifrs-full:FuelExpense>
    <glbs:OtherVoyageExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24402"
      unitRef="USD">456000</glbs:OtherVoyageExpense>
    <glbs:OtherVoyageExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24403"
      unitRef="USD">573000</glbs:OtherVoyageExpense>
    <glbs:OtherVoyageExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24404"
      unitRef="USD">502000</glbs:OtherVoyageExpense>
    <ifrs-full:ServicesExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24405"
      unitRef="USD">3936000</ifrs-full:ServicesExpense>
    <ifrs-full:ServicesExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24406"
      unitRef="USD">5373000</ifrs-full:ServicesExpense>
    <ifrs-full:ServicesExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24407"
      unitRef="USD">1128000</ifrs-full:ServicesExpense>
    <glbs:DisclosureOfVesselOperatingExpenses contextRef="From2023-01-01to2023-12-31" id="ixv-18029">&lt;p id="xdx_890_ecustom--DisclosureOfVesselOperatingExpenses_z0ezeP8KWjwa" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span&gt;Vessel
operating expenses consisted of:&lt;/span&gt;&lt;/b&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;span&gt;&#160;&lt;span id="xdx_8B4_zHbNC9QteTPj" style="display: none"&gt;Voyage Expenses and Vessel Operating Expenses - Vessel operating expenses&lt;/span&gt;&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: 0.5in"&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49F_20230101__20231231_z6cgvkqnWn76" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_491_20220101__20221231_zCqfZOzCZqG1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49E_20210101__20211231_zYMv5QRPPm2g" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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_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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8,259&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8,952&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7,570&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,176&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,349&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,067&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,981&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,935&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,414&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;912&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;924&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;555&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,325&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,340&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,712&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;437&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;512&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;490&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-family: Times New Roman, Times, Serif; 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 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;16,090&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;18,012&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;13,808&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: 0.5in"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&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;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</glbs:DisclosureOfVesselOperatingExpenses>
    <ifrs-full:WagesAndSalaries
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24408"
      unitRef="USD">8259000</ifrs-full:WagesAndSalaries>
    <ifrs-full:WagesAndSalaries
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24409"
      unitRef="USD">8952000</ifrs-full:WagesAndSalaries>
    <ifrs-full:WagesAndSalaries
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24410"
      unitRef="USD">7570000</ifrs-full:WagesAndSalaries>
    <ifrs-full:InsuranceExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24411"
      unitRef="USD">1176000</ifrs-full:InsuranceExpense>
    <ifrs-full:InsuranceExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24412"
      unitRef="USD">1349000</ifrs-full:InsuranceExpense>
    <ifrs-full:InsuranceExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24413"
      unitRef="USD">1067000</ifrs-full:InsuranceExpense>
    <ifrs-full:RepairsAndMaintenanceExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24414"
      unitRef="USD">2981000</ifrs-full:RepairsAndMaintenanceExpense>
    <ifrs-full:RepairsAndMaintenanceExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24415"
      unitRef="USD">3935000</ifrs-full:RepairsAndMaintenanceExpense>
    <ifrs-full:RepairsAndMaintenanceExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24416"
      unitRef="USD">2414000</ifrs-full:RepairsAndMaintenanceExpense>
    <ifrs-full:RawMaterialsAndConsumablesUsed
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24417"
      unitRef="USD">912000</ifrs-full:RawMaterialsAndConsumablesUsed>
    <ifrs-full:RawMaterialsAndConsumablesUsed
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24418"
      unitRef="USD">924000</ifrs-full:RawMaterialsAndConsumablesUsed>
    <ifrs-full:RawMaterialsAndConsumablesUsed
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24419"
      unitRef="USD">555000</ifrs-full:RawMaterialsAndConsumablesUsed>
    <glbs:StoresExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24420"
      unitRef="USD">2325000</glbs:StoresExpense>
    <glbs:StoresExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24421"
      unitRef="USD">2340000</glbs:StoresExpense>
    <glbs:StoresExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24422"
      unitRef="USD">1712000</glbs:StoresExpense>
    <ifrs-full:MiscellaneousOtherOperatingExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24423"
      unitRef="USD">437000</ifrs-full:MiscellaneousOtherOperatingExpense>
    <ifrs-full:MiscellaneousOtherOperatingExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24424"
      unitRef="USD">512000</ifrs-full:MiscellaneousOtherOperatingExpense>
    <ifrs-full:MiscellaneousOtherOperatingExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24425"
      unitRef="USD">490000</ifrs-full:MiscellaneousOtherOperatingExpense>
    <glbs:OperatingCosts
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24426"
      unitRef="USD">16090000</glbs:OperatingCosts>
    <glbs:OperatingCosts
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24427"
      unitRef="USD">18012000</glbs:OperatingCosts>
    <glbs:OperatingCosts
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24428"
      unitRef="USD">13808000</glbs:OperatingCosts>
    <ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-18181">&lt;p id="xdx_80D_eifrs-full--DisclosureOfGeneralAndAdministrativeExpenseExplanatory_zS3XXLl0btmg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_829_ziZCYcBNOiic"&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;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
amount shown in the consolidated statements of comprehensive income is analyzed as follows:&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_899_ecustom--DisclosureOfAdministrativeExpenses_zYCWs2RDObp5" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;span id="xdx_8B6_z3vdDyI5Ea56" style="display: none"&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;/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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49D_20230101__20231231_zpnVp9FnVZ25" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_496_20220101__20221231_zB0naL4hYz0i" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_498_20210101__20211231_zT5cmO85G2Ia" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-size: 12pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,971&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,454&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,455&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;227&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;204&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;215&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;275&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;271&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;329&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;21&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;16&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;16&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Greek
    tax authorities (note 17) &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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;236&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;292&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;185&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;808&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;636&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;404&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-family: Times New Roman, Times, Serif; 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 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3,541&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2,876&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2,610&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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_8AD_z0ougkGDheD4" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&#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&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; 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&gt;

</ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory>
    <glbs:DisclosureOfAdministrativeExpenses contextRef="From2023-01-01to2023-12-31" id="ixv-18194">&lt;p id="xdx_899_ecustom--DisclosureOfAdministrativeExpenses_zYCWs2RDObp5" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;span id="xdx_8B6_z3vdDyI5Ea56" style="display: none"&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;/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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49D_20230101__20231231_zpnVp9FnVZ25" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_496_20220101__20221231_zB0naL4hYz0i" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_498_20210101__20211231_zT5cmO85G2Ia" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-size: 12pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,971&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,454&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,455&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;227&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;204&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;215&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;275&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;271&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;329&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;21&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;16&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;16&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Greek
    tax authorities (note 17) &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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;236&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;292&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;185&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;808&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;636&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;404&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-family: Times New Roman, Times, Serif; 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 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3,541&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2,876&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2,610&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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</glbs:DisclosureOfAdministrativeExpenses>
    <glbs:PersonnelExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24429"
      unitRef="USD">1971000</glbs:PersonnelExpense>
    <glbs:PersonnelExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24430"
      unitRef="USD">1454000</glbs:PersonnelExpense>
    <glbs:PersonnelExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24431"
      unitRef="USD">1455000</glbs:PersonnelExpense>
    <ifrs-full:AuditorsRemuneration
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24432"
      unitRef="USD">227000</ifrs-full:AuditorsRemuneration>
    <ifrs-full:AuditorsRemuneration
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24433"
      unitRef="USD">204000</ifrs-full:AuditorsRemuneration>
    <ifrs-full:AuditorsRemuneration
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24434"
      unitRef="USD">215000</ifrs-full:AuditorsRemuneration>
    <glbs:ConsultingFeesExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24435"
      unitRef="USD">275000</glbs:ConsultingFeesExpense>
    <glbs:ConsultingFeesExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24436"
      unitRef="USD">271000</glbs:ConsultingFeesExpense>
    <glbs:ConsultingFeesExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24437"
      unitRef="USD">329000</glbs:ConsultingFeesExpense>
    <ifrs-full:CommunicationExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24438"
      unitRef="USD">21000</ifrs-full:CommunicationExpense>
    <ifrs-full:CommunicationExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24439"
      unitRef="USD">16000</ifrs-full:CommunicationExpense>
    <ifrs-full:CommunicationExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24440"
      unitRef="USD">16000</ifrs-full:CommunicationExpense>
    <glbs:StationeryExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24441"
      unitRef="USD">3000</glbs:StationeryExpense>
    <glbs:StationeryExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24442"
      unitRef="USD">3000</glbs:StationeryExpense>
    <glbs:StationeryExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24443"
      unitRef="USD">6000</glbs:StationeryExpense>
    <ifrs-full:TaxExpenseOtherThanIncomeTaxExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24444"
      unitRef="USD">236000</ifrs-full:TaxExpenseOtherThanIncomeTaxExpense>
    <ifrs-full:TaxExpenseOtherThanIncomeTaxExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24445"
      unitRef="USD">292000</ifrs-full:TaxExpenseOtherThanIncomeTaxExpense>
    <ifrs-full:TaxExpenseOtherThanIncomeTaxExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24446"
      unitRef="USD">185000</ifrs-full:TaxExpenseOtherThanIncomeTaxExpense>
    <ifrs-full:OtherExpenseByNature
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24447"
      unitRef="USD">808000</ifrs-full:OtherExpenseByNature>
    <ifrs-full:OtherExpenseByNature
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24448"
      unitRef="USD">636000</ifrs-full:OtherExpenseByNature>
    <ifrs-full:OtherExpenseByNature
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24449"
      unitRef="USD">404000</ifrs-full:OtherExpenseByNature>
    <ifrs-full:AdministrativeExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24450"
      unitRef="USD">3541000</ifrs-full:AdministrativeExpense>
    <ifrs-full:AdministrativeExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24451"
      unitRef="USD">2876000</ifrs-full:AdministrativeExpense>
    <ifrs-full:AdministrativeExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24452"
      unitRef="USD">2610000</ifrs-full:AdministrativeExpense>
    <ifrs-full:DisclosureOfInterestExpenseExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-18380">&lt;p id="xdx_803_eifrs-full--DisclosureOfInterestExpenseExplanatory_zLqp2QRFDGK8" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_82B_z41Jx6FoDe8i"&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-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; text-align: justify"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
amounts in the consolidated statements of comprehensive income are analyzed as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_895_ecustom--DisclosureOfInterestExpenseAndFinanceCostsExplanatory_zLtzGX9dbAQa" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span id="xdx_8B6_zFEOiZngQlIk" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;Interest
Expense and Finance Costs&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_494_20230101__20231231_zdHIjqqLDCP" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_497_20220101__20221231_zOK8vfo3dnve" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_497_20210101__20211231_zqyw4Jwv1ql6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,847&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,047&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,958&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;67&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;60&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;59&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;323&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;165&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;547&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;28&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;54&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;52&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;30&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;34&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;646&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Gain
    from termination of lease liability&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(40)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_401_eifrs-full--ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances_pn3n3_d0_zueGC1CGqmLi" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Amortization
    of gain of Loan modification&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;59&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_408_eifrs-full--FinanceCosts_iT_pn3n3_zshVe2xtUuRe" 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-family: Times New Roman, Times, Serif; 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 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;4,354&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2,320&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3,262&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8AD_zN2rLooEwpR1" style="margin-top: 0; margin-bottom: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_zE4DswtdjZf4"&gt;0.6
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 1cm; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfInterestExpenseExplanatory>
    <glbs:DisclosureOfInterestExpenseAndFinanceCostsExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-18390">&lt;p id="xdx_895_ecustom--DisclosureOfInterestExpenseAndFinanceCostsExplanatory_zLtzGX9dbAQa" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span id="xdx_8B6_zFEOiZngQlIk" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;Interest
Expense and Finance Costs&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_494_20230101__20231231_zdHIjqqLDCP" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_497_20220101__20221231_zOK8vfo3dnve" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_497_20210101__20211231_zqyw4Jwv1ql6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,847&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,047&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,958&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;67&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;60&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;59&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;323&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;165&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;547&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;28&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;54&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;52&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;30&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;34&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;646&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Gain
    from termination of lease liability&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(40)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_401_eifrs-full--ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances_pn3n3_d0_zueGC1CGqmLi" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Amortization
    of gain of Loan modification&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;59&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_408_eifrs-full--FinanceCosts_iT_pn3n3_zshVe2xtUuRe" 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-family: Times New Roman, Times, Serif; 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 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;4,354&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2,320&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;3,262&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</glbs:DisclosureOfInterestExpenseAndFinanceCostsExplanatory>
    <ifrs-full:InterestExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24453"
      unitRef="USD">3847000</ifrs-full:InterestExpense>
    <ifrs-full:InterestExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24454"
      unitRef="USD">2047000</ifrs-full:InterestExpense>
    <ifrs-full:InterestExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24455"
      unitRef="USD">1958000</ifrs-full:InterestExpense>
    <ifrs-full:BankAndSimilarCharges
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24456"
      unitRef="USD">67000</ifrs-full:BankAndSimilarCharges>
    <ifrs-full:BankAndSimilarCharges
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24457"
      unitRef="USD">60000</ifrs-full:BankAndSimilarCharges>
    <ifrs-full:BankAndSimilarCharges
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24458"
      unitRef="USD">59000</ifrs-full:BankAndSimilarCharges>
    <glbs:AmortizationOfDebtDiscount
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24459"
      unitRef="USD">323000</glbs:AmortizationOfDebtDiscount>
    <glbs:AmortizationOfDebtDiscount
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24460"
      unitRef="USD">165000</glbs:AmortizationOfDebtDiscount>
    <glbs:AmortizationOfDebtDiscount
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24461"
      unitRef="USD">547000</glbs:AmortizationOfDebtDiscount>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24462"
      unitRef="USD">28000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24463"
      unitRef="USD">54000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24464"
      unitRef="USD">52000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:OtherFinanceCost
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24465"
      unitRef="USD">30000</ifrs-full:OtherFinanceCost>
    <ifrs-full:OtherFinanceCost
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24466"
      unitRef="USD">34000</ifrs-full:OtherFinanceCost>
    <ifrs-full:OtherFinanceCost
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24467"
      unitRef="USD">646000</ifrs-full:OtherFinanceCost>
    <glbs:CreditAdjustmentOfFinanceCost
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24468"
      unitRef="USD">-0</glbs:CreditAdjustmentOfFinanceCost>
    <glbs:CreditAdjustmentOfFinanceCost
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24469"
      unitRef="USD">40000</glbs:CreditAdjustmentOfFinanceCost>
    <glbs:CreditAdjustmentOfFinanceCost
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24470"
      unitRef="USD">-0</glbs:CreditAdjustmentOfFinanceCost>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24471"
      unitRef="USD">59000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24472"
      unitRef="USD">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24473"
      unitRef="USD">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossLoansAndAdvances>
    <ifrs-full:FinanceCosts
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24474"
      unitRef="USD">4354000</ifrs-full:FinanceCosts>
    <ifrs-full:FinanceCosts
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24475"
      unitRef="USD">2320000</ifrs-full:FinanceCosts>
    <ifrs-full:FinanceCosts
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24476"
      unitRef="USD">3262000</ifrs-full:FinanceCosts>
    <ifrs-full:OtherFinanceCost
      contextRef="From2021-01-012021-12-31_custom_EnTrustMember"
      decimals="0"
      id="ixv-24477"
      unitRef="USD">600000</ifrs-full:OtherFinanceCost>
    <ifrs-full:DisclosureOfContingentLiabilitiesExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-18546">&lt;p id="xdx_809_eifrs-full--DisclosureOfContingentLiabilitiesExplanatory_znzGV21mVSYa" style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_82E_zh0tiypxJBsi"&gt;Contingencies&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 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfContingentLiabilitiesExplanatory>
    <ifrs-full:DisclosureOfCommitmentsExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-18559">&lt;p id="xdx_80A_eifrs-full--DisclosureOfCommitmentsExplanatory_zYEHDbwVyppc" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_829_zSLskpAyuyj1"&gt;Commitments&lt;/span&gt;&lt;/b&gt;&lt;/span&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; 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; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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: 1cm"&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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Company enters into time charter arrangements on its vessels. As at December 31, 2023, the non-cancellable arrangements had remaining
terms between nil days to eight months, assuming redelivery at the earliest possible date. 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. Future net minimum
lease revenues receivable under non-cancellable operating leases as at December 31, 2023 and 2022, 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 style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_892_ecustom--DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_zMeuUC8xN7F" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span id="xdx_8B9_zyGEcplZBOpc" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Commitments
- Future minimum lease revenues receivable under non-cancellable operating leases&lt;/b&gt;&lt;/span&gt;&lt;b&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/b&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="padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt; width: 79%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; font-size: 11pt; text-indent: 0cm; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; font-size: 11pt; text-indent: 0cm; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Within
    one year&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_z4VS7IJkmEmh" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8,060&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zUHXcdON9772" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,675&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20231231_z71y3THgRreg" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right" title="Total"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;8,060&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231_zxU20Lstbz0k" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right" title="Total"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;6,675&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8A5_zzrrRkVAZy5k" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&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 0 0 1cm; text-align: justify; text-indent: 0cm"&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&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 in 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&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&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&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-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; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Commitments (continued)&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;vessel.
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 consist of the crew expenses, maintenance and consumable costs and was
approximately $&lt;span id="xdx_906_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20230101__20231231__ifrs-full--PropertyPlantAndEquipmentByOperatingLeaseStatusAxis__ifrs-full--PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_zekzcIIU3iQl"&gt;16,473
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and $&lt;span id="xdx_90A_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231__ifrs-full--PropertyPlantAndEquipmentByOperatingLeaseStatusAxis__ifrs-full--PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_zSwJivryHDDf"&gt;18,451
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;for year ended December 31, 2023 and 2022, respectively.
The lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue
and was $&lt;span id="xdx_90E_eifrs-full--OperatingLeaseIncome_pn3n3_c20230101__20231231__ifrs-full--PropertyPlantAndEquipmentByOperatingLeaseStatusAxis__ifrs-full--PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_z9hjvoNe3aU7"&gt;14,367
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and $&lt;span id="xdx_90F_eifrs-full--OperatingLeaseIncome_pn3n3_c20220101__20221231__ifrs-full--PropertyPlantAndEquipmentByOperatingLeaseStatusAxis__ifrs-full--PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_z2vxwEtWm0Zd"&gt;42,939
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;for the year ended December 31, 2023 and 2022,
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; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
depreciation charge for right-of-use assets for the years ended December 31, 2023, 2022 and 2021, was $&lt;span id="xdx_90D_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zUgF6effNE0e"&gt;311&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
$&lt;span id="xdx_908_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_z18FysKM7nDc"&gt;327&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and
$&lt;span id="xdx_90A_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zs0g3n5piyog"&gt;206&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
respectively, and recognized under depreciation in the income statement component of the consolidated statements of comprehensive income.
The interest expense on lease liability for the years ended December 31, 2023, 2022 and 2021, was $&lt;span id="xdx_90D_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zdLLjXXvRys7"&gt;28&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
$&lt;span id="xdx_901_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zZBojmCjedKk"&gt;54&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and
$&lt;span id="xdx_90D_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zeHP60lCWJW8"&gt;52&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
respectively, and recognized under interest expense and finance costs in the income statement component of the consolidated statements
of comprehensive income.&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;At
December 31, 2023 and 2022, the current lease liability amounted to $&lt;span id="xdx_906_eifrs-full--CurrentLeaseLiabilities_iI_pn3n3_c20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zqG2A280V1sh"&gt;188
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and $&lt;span id="xdx_903_eifrs-full--CurrentLeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zLYAfzYuh6O2"&gt;321&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
respectively. The non-current lease liability amounted to nil and $&lt;span id="xdx_903_eifrs-full--NoncurrentLeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zkdHTBDs5CH4"&gt;188&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
respectively. As at December 31, 2023, and 2022, the net carrying amount of the right of use asset was $&lt;span id="xdx_90E_eifrs-full--RightofuseAssets_iI_pn3n3_c20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zbIe8iiEgSoi"&gt;182&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
and $&lt;span id="xdx_90E_eifrs-full--RightofuseAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zt2znnoccxt1"&gt;493&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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, 2023, 2022 and 2021, were approximately $&lt;span id="xdx_902_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zoYrnYr7Rvl9"&gt;349&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
$&lt;span id="xdx_90A_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zJcl5RZIXcYd"&gt;341
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and $&lt;span id="xdx_904_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zD98infY08Gb"&gt;314&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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. &lt;span id="xdx_90F_eifrs-full--NoncurrentLeaseLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--ClassesOfAssetsAxis__custom--OfficeLeaseContractMember_zWDuvN6QJ5k1" style="display: none"&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 1cm; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Commitments
under shipbuilding contracts&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: 1cm"&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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_zj3v8Gs1LZob"&gt;bulk
carrier&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;of about &lt;span id="xdx_90D_ecustom--VesselCapacity_pip0_uPure_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zXqBotiNsmm8"&gt;64,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;dwt
vessel. The vessel will be built at Nihon Shipyard Co. in Japan. The total consideration for the construction of the vessel is
approximately $&lt;span id="xdx_90F_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zRlk6b3cGGE7" title="Consideration amount"&gt;37.5 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million
(absolute amount), which the Company intends to finance with a combination of debt and equity. In May 2022 the Company paid the
first instalment of $&lt;span id="xdx_900_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220101__20220531__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zsrobsms4Hw1" title="Instalment amount"&gt;7.4 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million
(absolute amount), in March 2023 paid the second instalment of $&lt;span id="xdx_901_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zgtieAR0pBbh" title="Instalment amount"&gt;3.8 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million
(absolute amount), in September 2023 paid the third instalment of $&lt;span id="xdx_903_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230930__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zrubXUAh5zza" title="Instalment amount"&gt;3.7 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million
(absolute amount) and in November 2023 paid the 4th instalment of $&lt;span id="xdx_904_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20231130__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zvjW9FIHf6Ii" title="Instalment amount"&gt;3.7 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million
(absolute amount), which are included under Advances for vessel purchase in the consolidated statement of financial position. On
January 25, 2024, the Company paid the remaining $&lt;span id="xdx_908_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20240101__20240125__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zE4jQGMypqSj" title="Instalment amount"&gt;18.5 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million
(absolute amount) and took delivery of m/v GLBS Hero (see Note 20).&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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_906_ecustom--VesselType_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_zhCP1akDKUl9"&gt;&lt;span id="xdx_901_ecustom--VesselType_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zEj4VcxSaXN9"&gt;bulk
carrier&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;of about &lt;span id="xdx_903_ecustom--VesselCapacity_pip0_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_zM8vRfxKkOs1"&gt;&lt;span id="xdx_907_ecustom--VesselCapacity_pip0_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zhfoOJcboqV7"&gt;64,000&lt;/span&gt;
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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_zLxZgNLVJbmj"&gt;during
the third quarter of 2024&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and the second one scheduled
&lt;span id="xdx_901_ecustom--VesselDeliveryDate1_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zk6j7BBJw6ag"&gt;during
the fourth quarter of 2024&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;. The total consideration
for the construction of both vessels is approximately $&lt;span id="xdx_907_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zEnc3AbLwgW" title="Consideration amount"&gt;70.3
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million (absolute amount), which the Company
intends to finance with a combination of debt and equity. In May 2022 the Company paid the first instalment of $&lt;span id="xdx_901_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220101__20220531__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_z72kAyrMHgD2" title="Instalment amount"&gt;13.8
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million (absolute amount) and in November 2022
paid the second instalment of $&lt;span id="xdx_903_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220601__20221130__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zCCQFMhL0Gy6" title="Instalment amount"&gt;6.9
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
August 18, 2023, the Company signed two contracts for the construction and purchase of two fuel efficient &lt;span id="xdx_90B_ecustom--VesselType_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_zl7TTqOXw3Oe"&gt;bulk
carrier&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;of about &lt;span id="xdx_90E_ecustom--VesselCapacity_pip0_uPure_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_zDaBPrx1RfIf"&gt;64,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;dwt
each. The two vessels will be built at a reputable shipyard in Japan and are scheduled to be delivered &lt;span id="xdx_90B_ecustom--VesselDeliveryDate1_uPure_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_zQX1pejOX4pk"&gt;during
the second half of 2026&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;. The total
consideration for the construction of both vessels is approximately $&lt;span id="xdx_90A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20230101__20230831__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_zAUVGOOo9jXf" title="Consideration amount"&gt;75.5 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million
(absolute amount), which the Company intends to finance with a combination of debt and equity. In August 2023 the Company paid the first
instalment of $&lt;span id="xdx_909_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230818__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TwoFuelEfficientBulkCarrierSAMember_z7e4WY6lhEd" title="Instalment amount"&gt;7.5 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million
(absolute amount) for both vessels under construction.&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-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 0 0 7.65pt; text-align: justify; text-indent: 20.7pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;The
contractual annual payments per subsidiary to be made subsequent to December 31, 2023, were as follows:&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_899_ecustom--DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory_zx4bH7Leas48" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;span id="xdx_8B9_zUbuirO0u5Qc"&gt;&lt;span id="xdx_8BB_zdjfgHB1JMEg" style="display: none"&gt;Commitments
- Future minimum contractual obligations&lt;/span&gt;&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="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49E_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_z5mUXGDYofP9" 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-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49D_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zGXnIQMhFUQ1" 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-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49A_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zQFteH8YshFa" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Paralus
    Shipholding S.A.&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_493_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--OlympiaShipholdingSAMember_zYkyMz7zkZgh" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Olympia
    Shipholding S.A.&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49C_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ThaliaShipholdingSAMember_zgIh1yfspdTe" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Thalia
    Shipholding S.A.&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_495_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TotalMember_zDa9H9g3ESo4" 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;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_407_ecustom--ContractualObligationsDueInNextTwelveMonths_iI_d0_maCOzWax_zyZXuO7r5svl" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2024&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;br/&gt;
    18,500&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24,785&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24,785&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,760&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,760&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;br/&gt;
    75,590&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_400_ecustom--ContractualObligationsDueInSecondYear_iI_d0_maCOzWax_zDLYdvWwJLF6" style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2025&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,760&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,760&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;7,520&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_404_ecustom--ContractualObligationsDueInThirdYear_iI_d0_maCOzWax_zyilcDSAjHYc" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2026&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;26,530&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;26,530&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;53,060&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_404_ecustom--ContractualObligations_iTI_d0_mtCOzWax_zA11JbbQynP1" style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;18,500&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;24,785&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;24,785&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;34,050&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;34,050&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;136,170&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A7_zGAZIZrEz9Zg" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 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;&#160;&lt;b&gt;&#160;&lt;/b&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;/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&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-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 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.65pt; text-align: justify; text-indent: 20pt"&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&gt;

</ifrs-full:DisclosureOfCommitmentsExplanatory>
    <glbs:DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-18577">&lt;p id="xdx_892_ecustom--DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_zMeuUC8xN7F" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span id="xdx_8B9_zyGEcplZBOpc" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Commitments
- Future minimum lease revenues receivable under non-cancellable operating leases&lt;/b&gt;&lt;/span&gt;&lt;b&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/b&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="padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt; width: 79%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; font-size: 11pt; text-indent: 0cm; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; font-size: 11pt; text-indent: 0cm; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Within
    one year&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_z4VS7IJkmEmh" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;8,060&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zUHXcdON9772" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,675&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20231231_z71y3THgRreg" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right" title="Total"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;8,060&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231_zxU20Lstbz0k" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right" title="Total"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;6,675&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</glbs:DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory>
    <ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived
      contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember"
      decimals="-3"
      id="ixv-24478"
      unitRef="USD">8060000</ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived>
    <ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived
      contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember"
      decimals="-3"
      id="ixv-24479"
      unitRef="USD">6675000</ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived>
    <ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24480"
      unitRef="USD">8060000</ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived>
    <ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived
      contextRef="AsOf2022-12-31"
      decimals="-3"
      id="ixv-24481"
      unitRef="USD">6675000</ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2023-01-012023-12-31_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember"
      decimals="-3"
      id="ixv-24482"
      unitRef="USD">16473000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2022-01-012022-12-31_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember"
      decimals="-3"
      id="ixv-24483"
      unitRef="USD">18451000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:OperatingLeaseIncome
      contextRef="From2023-01-012023-12-31_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember"
      decimals="-3"
      id="ixv-24484"
      unitRef="USD">14367000</ifrs-full:OperatingLeaseIncome>
    <ifrs-full:OperatingLeaseIncome
      contextRef="From2022-01-012022-12-31_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember"
      decimals="-3"
      id="ixv-24485"
      unitRef="USD">42939000</ifrs-full:OperatingLeaseIncome>
    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2023-01-012023-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24486"
      unitRef="USD">311000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2022-01-012022-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24487"
      unitRef="USD">327000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2021-01-012021-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24488"
      unitRef="USD">206000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2023-01-012023-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24489"
      unitRef="USD">28000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2022-01-012022-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24490"
      unitRef="USD">54000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2021-01-012021-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24491"
      unitRef="USD">52000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:CurrentLeaseLiabilities
      contextRef="AsOf2023-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24492"
      unitRef="USD">188000</ifrs-full:CurrentLeaseLiabilities>
    <ifrs-full:CurrentLeaseLiabilities
      contextRef="AsOf2022-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24493"
      unitRef="USD">321000</ifrs-full:CurrentLeaseLiabilities>
    <ifrs-full:NoncurrentLeaseLiabilities
      contextRef="AsOf2022-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24494"
      unitRef="USD">188000</ifrs-full:NoncurrentLeaseLiabilities>
    <ifrs-full:RightofuseAssets
      contextRef="AsOf2023-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24495"
      unitRef="USD">182000</ifrs-full:RightofuseAssets>
    <ifrs-full:RightofuseAssets
      contextRef="AsOf2022-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24496"
      unitRef="USD">493000</ifrs-full:RightofuseAssets>
    <glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities
      contextRef="From2023-01-012023-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24497"
      unitRef="USD">349000</glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities>
    <glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities
      contextRef="From2022-01-012022-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24498"
      unitRef="USD">341000</glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities>
    <glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities
      contextRef="From2021-01-012021-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24499"
      unitRef="USD">314000</glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities>
    <ifrs-full:NoncurrentLeaseLiabilities
      contextRef="AsOf2023-12-31_custom_OfficeLeaseContractMember"
      decimals="-3"
      id="ixv-24500"
      unitRef="USD">0</ifrs-full:NoncurrentLeaseLiabilities>
    <glbs:VesselType
      contextRef="From2022-01-012022-04-29_custom_CalypsoShipholdingSAMember"
      id="ixv-24501">bulk
carrier</glbs:VesselType>
    <glbs:VesselCapacity
      contextRef="From2022-01-012022-04-29_custom_CalypsoShipholdingSAMember"
      decimals="INF"
      id="ixv-24502"
      unitRef="Pure">64000</glbs:VesselCapacity>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2022-01-012022-04-29_custom_CalypsoShipholdingSAMember"
      decimals="0"
      id="ixv-24503"
      unitRef="USD">37500000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities
      contextRef="From2022-01-012022-05-31_custom_CalypsoShipholdingSAMember"
      decimals="0"
      id="ixv-24504"
      unitRef="USD">7400000</ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities>
    <ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities
      contextRef="From2023-01-012023-03-31_custom_CalypsoShipholdingSAMember"
      decimals="0"
      id="ixv-24505"
      unitRef="USD">3800000</ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities>
    <ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities
      contextRef="From2023-01-012023-09-30_custom_CalypsoShipholdingSAMember"
      decimals="0"
      id="ixv-24506"
      unitRef="USD">3700000</ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities>
    <ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities
      contextRef="From2023-01-012023-11-30_custom_CalypsoShipholdingSAMember"
      decimals="0"
      id="ixv-24507"
      unitRef="USD">3700000</ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities>
    <ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities
      contextRef="From2024-01-012024-01-25_custom_CalypsoShipholdingSAMember"
      decimals="0"
      id="ixv-24508"
      unitRef="USD">18500000</ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities>
    <glbs:VesselType
      contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedMember"
      id="ixv-24509">bulk
carrier</glbs:VesselType>
    <glbs:VesselType
      contextRef="From2022-01-012022-05-13_custom_ParalusShipholdingSAMember"
      id="ixv-24510">bulk
carrier</glbs:VesselType>
    <glbs:VesselCapacity
      contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedMember"
      decimals="INF"
      id="ixv-24511"
      unitRef="Pure">64000</glbs:VesselCapacity>
    <glbs:VesselCapacity
      contextRef="From2022-01-012022-05-13_custom_ParalusShipholdingSAMember"
      decimals="INF"
      id="ixv-24512"
      unitRef="Pure">64000</glbs:VesselCapacity>
    <glbs:VesselDeliveryDate1
      contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedMember"
      id="ixv-24513">during
the third quarter of 2024</glbs:VesselDeliveryDate1>
    <glbs:VesselDeliveryDate1
      contextRef="From2022-01-012022-05-13_custom_ParalusShipholdingSAMember"
      id="ixv-24514">during
the fourth quarter of 2024</glbs:VesselDeliveryDate1>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember"
      decimals="0"
      id="ixv-24515"
      unitRef="USD">70300000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities
      contextRef="From2022-01-012022-05-31_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember"
      decimals="0"
      id="ixv-24516"
      unitRef="USD">13800000</ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities>
    <ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities
      contextRef="From2022-06-012022-11-30_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember"
      decimals="0"
      id="ixv-24517"
      unitRef="USD">6900000</ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities>
    <glbs:VesselType
      contextRef="From2023-01-012023-08-18_custom_TwoFuelEfficientBulkCarrierSAMember"
      id="ixv-24518">bulk
carrier</glbs:VesselType>
    <glbs:VesselCapacity
      contextRef="From2023-01-012023-08-18_custom_TwoFuelEfficientBulkCarrierSAMember"
      decimals="INF"
      id="ixv-24519"
      unitRef="Pure">64000</glbs:VesselCapacity>
    <glbs:VesselDeliveryDate1
      contextRef="From2023-01-012023-08-18_custom_TwoFuelEfficientBulkCarrierSAMember"
      id="ixv-24520">during
the second half of 2026</glbs:VesselDeliveryDate1>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2023-01-012023-08-31_custom_TwoFuelEfficientBulkCarrierSAMember"
      decimals="0"
      id="ixv-24521"
      unitRef="USD">75500000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities
      contextRef="From2023-01-012023-08-18_custom_TwoFuelEfficientBulkCarrierSAMember"
      decimals="0"
      id="ixv-24522"
      unitRef="USD">7500000</ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities>
    <glbs:DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-18787">&lt;p id="xdx_899_ecustom--DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory_zx4bH7Leas48" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;span id="xdx_8B9_zUbuirO0u5Qc"&gt;&lt;span id="xdx_8BB_zdjfgHB1JMEg" style="display: none"&gt;Commitments
- Future minimum contractual obligations&lt;/span&gt;&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="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49E_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_z5mUXGDYofP9" 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-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49D_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zGXnIQMhFUQ1" 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-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49A_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zQFteH8YshFa" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Paralus
    Shipholding S.A.&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_493_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--OlympiaShipholdingSAMember_zYkyMz7zkZgh" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Olympia
    Shipholding S.A.&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_49C_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ThaliaShipholdingSAMember_zgIh1yfspdTe" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Thalia
    Shipholding S.A.&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_495_20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--TotalMember_zDa9H9g3ESo4" 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;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_407_ecustom--ContractualObligationsDueInNextTwelveMonths_iI_d0_maCOzWax_zyZXuO7r5svl" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2024&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;br/&gt;
    18,500&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24,785&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;24,785&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,760&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,760&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;br/&gt;
    75,590&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_400_ecustom--ContractualObligationsDueInSecondYear_iI_d0_maCOzWax_zDLYdvWwJLF6" style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2025&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,760&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,760&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;7,520&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_404_ecustom--ContractualObligationsDueInThirdYear_iI_d0_maCOzWax_zyilcDSAjHYc" 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2026&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;26,530&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;26,530&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;53,060&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_404_ecustom--ContractualObligations_iTI_d0_mtCOzWax_zA11JbbQynP1" style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;18,500&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;24,785&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;24,785&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;34,050&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;34,050&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;136,170&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
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    <ifrs-full:DisclosureOfIncomeTaxExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-18988">&lt;p id="xdx_803_eifrs-full--DisclosureOfIncomeTaxExplanatory_zAdBvTEDRo58" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_826_zF3d3hWuDxf6"&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-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;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.&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: -14.15pt"&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;&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-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
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, 2023, 2022 and 2021, the tax expense under the law amounted to $&lt;span id="xdx_90E_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20230101__20231231_zHg9hdKNU6od"&gt;236&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
$&lt;span id="xdx_901_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20220101__20221231_z31CL1gLzMxd"&gt;292&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;and
$&lt;span id="xdx_902_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20210101__20211231_zckalCzHWag"&gt;185&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;,
respectively and is included in administrative expenses in the consolidated statements of comprehensive income.&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-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;&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 1cm; text-align: justify"&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;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 0 0 1cm; text-align: justify"&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;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 2023.&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-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;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 0 0 1cm; text-align: justify"&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
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 0 0 1cm; text-align: justify"&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;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-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;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-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 0 0 72pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-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 0 0 72pt; text-align: justify"&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"&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-family: Times New Roman, Times, Serif; 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: -36pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;17.&#160;&#160;&#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 72pt; text-align: justify"&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 0 0 72pt; text-align: justify"&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-family: Times New Roman, Times, Serif; 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-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; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&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;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 0 0 1cm; text-align: justify; text-indent: 7.65pt"&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;&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: 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;&lt;i&gt;&#160;&lt;/i&gt;&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;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 0 0 1cm; text-align: justify; text-indent: 7.65pt"&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;&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 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;&lt;i&gt;&#160;&lt;/i&gt;&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;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 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;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 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 0 0 1cm; text-align: justify"&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
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 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 0 0 1cm; text-align: justify"&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;For
the years ended December 31, 2023, 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, 2023, 2022 and 2021. &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 0 0 7.65pt; text-align: justify"&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;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-family: Times New Roman, Times, Serif; 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-align: justify"&gt;&#160;&lt;/p&gt;

</ifrs-full:DisclosureOfIncomeTaxExplanatory>
    <ifrs-full:TaxExpenseOtherThanIncomeTaxExpense
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24547"
      unitRef="USD">236000</ifrs-full:TaxExpenseOtherThanIncomeTaxExpense>
    <ifrs-full:TaxExpenseOtherThanIncomeTaxExpense
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24548"
      unitRef="USD">292000</ifrs-full:TaxExpenseOtherThanIncomeTaxExpense>
    <ifrs-full:TaxExpenseOtherThanIncomeTaxExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24549"
      unitRef="USD">185000</ifrs-full:TaxExpenseOtherThanIncomeTaxExpense>
    <ifrs-full:DisclosureOfFinancialRiskManagementExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-19162">&lt;p id="xdx_80F_eifrs-full--DisclosureOfFinancialRiskManagementExplanatory_zdq4yeDTWGnf" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;18.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_82B_zsuvZUdwz4Jl"&gt;Financial risk management objectives
and policies&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-family: Times New Roman, Times, Serif; 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 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;The
Company&#x2019;s financial liabilities are long-term borrowings, trade and other payables and the financial derivative instruments. 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 instruments 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 0 0 1cm; 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;&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-family: Times New Roman, Times, Serif; 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 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;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, 2023 and 2022, 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 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;&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-family: Times New Roman, Times, Serif; 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 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;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.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89E_ecustom--DisclosureOfInterestRateRiskExplanatory_zjBXJUlOVOw4" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span id="xdx_8B9_zKPoaqLMANJ" style="display: none; font-family: Times New Roman, Times, Serif; 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; padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt; width: 79%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: top; text-align: right; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; text-align: right; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;$
    Term SOFR&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--IncreaseInInterestRates_pip0_uPure_c20230101__20231231_z83anFqYtjwj" style="text-align: right; text-indent: 0cm" title="Increase in Libor/SOFR"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;+15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20230101__20231231_zMfMWU1ASC3b" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor/SOFR)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(70)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--DecreaseInInterestRates_pip0_uPure_c20230101__20231231_zM4QIhJoREK6" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-20&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20230101__20231231_zhgpGvKjv4Oh" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor/SOFR)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;94&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;$
    Libor/Term SOFR&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_ecustom--IncreaseInInterestRates_pip0_uPure_c20220101__20221231_zGGvZjoWsos2" style="text-align: right; text-indent: 0cm" title="Increase in Libor"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;+15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231_zNFhTbZFuulg" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(55)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--DecreaseInInterestRates_pip0_uPure_c20220101__20221231_zGGC168BSzX9" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-20&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231_zYuibHrlnnP9" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;73&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;$
    Libor&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--IncreaseInInterestRates_pip0_uPure_c20210101__20211231_zqdvIyvK0hnf" style="text-align: right; text-indent: 0cm" title="Increase in Libor"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;+15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231_z3ITs78TS2xe" style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(52)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--DecreaseInInterestRates_pip0_uPure_c20210101__20211231_zATO529VUOe3" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-20&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231_zehBFiEUifx" style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;69&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8A4_zdszrMFUgRM1" style="margin-top: 0; margin-bottom: 0"&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; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&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 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 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;The
following table demonstrates the sensitivity to a reasonably possible change in the Euro exchange rate, with all other variables
held constant, to the &#160;Company&#x2019;s income 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, 2023, 2022 and 2021, was not
material.&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_892_ecustom--DisclosureOfForeignCurrencyRiskExplanatory_zO2aNUYEB7hd" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span id="xdx_8B8_zccKo07XWOC4" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
risk management objectives and policies - Foreign currency risk&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="padding-right: 5.4pt; padding-left: 5.4pt; width: 79%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Effect
    on income&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--IncreaseInExchangeRates_pip0_uPure_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z8ixWJbqysv4" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;+10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zX0fyb4RKpW8" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(533)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zKMBt0as0um2" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkYrVPWnFKQl" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;533&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--IncreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z1hz53wfIwGc" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;+10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z1rLdDKT3CB5" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_z00dQayTjYAi" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zRcSEisQgfWf" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecustom--IncreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zbMic05lb3Eh" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;+10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zB0ZMLJNUt3a" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--DecreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zZjmZ4hZYid4" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z5RkitYVakMh" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8A0_zPuz0eRKange" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&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; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&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 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 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;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;/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-family: Times New Roman, Times, Serif; 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 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;&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; text-indent: -36pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 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;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;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_899_eifrs-full--SummaryQuantitativeDataAboutEntitysExposureToRisk_zIQTWNpERkM4" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;span id="xdx_8B1_zZZ4qLk9uL64" style="display: none"&gt;Financial
risk management objectives and policies - Concentration of credit risk table&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="font-weight: bold; text-align: right; width: 34%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zpVvuTpPbu4a" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,430&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zAVJvkzLvLw" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;21%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zDqCwDpacjlh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,606&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zsYbvSmRrJij" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zuVhfX4it2h" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zQFOB86vcy13" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;B&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zvLrYaKKmY09" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4,830&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zU3az1XNeWnd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;16%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zkHqUG1vCKya" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zbM7EESopjyk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zZ6STw111Jo7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4,571&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zuinmO0M8r6d" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11%&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;C&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zDE0lp5Uh5z" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zB8HuapfSR4l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zmvpgwvQd8S8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zL2iwNcPaOF6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zMGvwGjj7KMe" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7,726&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_ziKksdW1aRJg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;18%&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;D&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zUKxFebCpjn3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_z0d8tfIzwpL7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zlHOAk74D954" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,548&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zTbreQ5rEic7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zP33o3GxPTSh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zmb0FeloeXd1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Other &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zv89rTOsTGii" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;19,580&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zAm8c5zaQHO" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;63%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zYBbiQqGiezb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;48,236&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zznaE1icGvK5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;78%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zSN1Hmi06cZ" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;30,914&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zZRjidq3DS8g" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;71%&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20230101__20231231_zbBnGKQpemz4" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;30,840&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20230101__20231231_z5xTXLf407k4" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;100%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231_zW12NybdwIk3" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;61,390&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231_zAS130lfKiic" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;100%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231_z8zfa90udbql" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;43,211&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231_zV9sGDL0FFT1" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;100%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8AD_zjDCBx1XByaf" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; 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; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&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 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 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;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 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 monitors its 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: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"&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;The
table below summarizes the maturity profile of the Company&#x2019;s financial liabilities (including interest) at December 31, 2023 and
2022 based on contractual undiscounted cash flows.&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89A_eifrs-full--DescriptionOfManagingLiquidityRisk_zoyTOlKf1qLj" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_8B3_zpIqrxHsV6v7" style="display: none; font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 45%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Year
    ended December 31, 2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Long-term
    debt&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zrDghjE8atv9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,663&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zAooiG33QYga" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7,781&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zt9DHn7DoIF4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;53,583&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zmqKcjsmlIs9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231_zuRyfzeCDEcf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;64,027&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Lease
    liabilities &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zznMnk6F54Gh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;81&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zDlFaTXVquA6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;107&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_z4hUlLOas0H6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zkg0OBBmqBrg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231_zHuXiZOqM8fc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;188&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Accrued
    liabilities and other payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zv8vlHZbsIva" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,763&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zm1Cf42Wkcnd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zedyhC6yS6D1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zBVbi79beiu6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20231231_zkQvWihsGXYf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,763&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Trade
    accounts payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zpxGx0L2WNhk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;362&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zDMFXyvzn0Bl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zjcJkxdn5mKj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_znvTwbhsWsWf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20231231_zudGXUwpELKl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;362&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_ztv7nNZKGTWh" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;4,869&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zU3rbIG1rLT6" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;7,888&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zRAToNvIDz" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;53,583&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zb1cFeE5kDv5" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231_z8Mpyu0SF6k5" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;66,340&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-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 45%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Long-term
    debt&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zRUlcjpEinrg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,495&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zNa1B8f6wWHh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7,266&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zRS6kVMaZdWa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;43,816&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zvyCL0L5T40f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231_zdL4tIYSu8vb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Lease
    liabilities &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_z2Yj519HZ0Og" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;80&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zi2wk1PV38q4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;241&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_z8TyUer5zK87" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;188&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_ztFlHjc1dQ94" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231_zpTKm9tBgO9f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Accrued
    liabilities and other payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zELUAqlcU6h4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5,814&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zLMJOGScK0kl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zm9vUtc7z8ea" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_z0K2uqwE4K4e" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231_zxfKe0SjM8H3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Trade
    accounts payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zqvyf2MLnLyi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,548&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zIC8KdzweDWa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zXALyPzHmZIb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zUep9rdNaWCi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zjA4yrDOz37c" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_z6FwY6Ka4iE1" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;11,937&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_z3LDIOukRrL4" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;7,507&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zPfZRg1Kglu3" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;44,004&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zCzUJ6L2UpUh" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231_z76puX9r7PM8" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 id="xdx_8A2_zVhauS32dsIa" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; 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 0 0 1cm; text-align: justify"&gt;&lt;/p&gt;




&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;18.&#160;&#160;&#160;&#160;&#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-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;&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 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 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;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, 2023 and 2022.&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfFinancialRiskManagementExplanatory>
    <glbs:DisclosureOfInterestRateRiskExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-19193">&lt;p id="xdx_89E_ecustom--DisclosureOfInterestRateRiskExplanatory_zjBXJUlOVOw4" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span id="xdx_8B9_zKPoaqLMANJ" style="display: none; font-family: Times New Roman, Times, Serif; 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; padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt; width: 79%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: top; text-align: right; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; text-align: right; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;$
    Term SOFR&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--IncreaseInInterestRates_pip0_uPure_c20230101__20231231_z83anFqYtjwj" style="text-align: right; text-indent: 0cm" title="Increase in Libor/SOFR"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;+15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20230101__20231231_zMfMWU1ASC3b" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor/SOFR)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(70)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--DecreaseInInterestRates_pip0_uPure_c20230101__20231231_zM4QIhJoREK6" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-20&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20230101__20231231_zhgpGvKjv4Oh" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor/SOFR)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;94&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;$
    Libor/Term SOFR&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_ecustom--IncreaseInInterestRates_pip0_uPure_c20220101__20221231_zGGvZjoWsos2" style="text-align: right; text-indent: 0cm" title="Increase in Libor"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;+15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231_zNFhTbZFuulg" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(55)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--DecreaseInInterestRates_pip0_uPure_c20220101__20221231_zGGC168BSzX9" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-20&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231_zYuibHrlnnP9" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;73&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;$
    Libor&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--IncreaseInInterestRates_pip0_uPure_c20210101__20211231_zqdvIyvK0hnf" style="text-align: right; text-indent: 0cm" title="Increase in Libor"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;+15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231_z3ITs78TS2xe" style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(52)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--DecreaseInInterestRates_pip0_uPure_c20210101__20211231_zATO529VUOe3" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-20&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231_zehBFiEUifx" style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;69&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</glbs:DisclosureOfInterestRateRiskExplanatory>
    <glbs:IncreaseInInterestRates
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-24550"
      unitRef="Pure">15</glbs:IncreaseInInterestRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24551"
      unitRef="USD">-70000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit>
    <glbs:DecreaseInInterestRates
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-24552"
      unitRef="Pure">-20</glbs:DecreaseInInterestRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24553"
      unitRef="USD">94000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit>
    <glbs:IncreaseInInterestRates
      contextRef="From2022-01-012022-12-31"
      decimals="INF"
      id="ixv-24554"
      unitRef="Pure">15</glbs:IncreaseInInterestRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24555"
      unitRef="USD">-55000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit>
    <glbs:DecreaseInInterestRates
      contextRef="From2022-01-012022-12-31"
      decimals="INF"
      id="ixv-24556"
      unitRef="Pure">-20</glbs:DecreaseInInterestRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24557"
      unitRef="USD">73000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit>
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      contextRef="From2021-01-012021-12-31"
      decimals="INF"
      id="ixv-24558"
      unitRef="Pure">15</glbs:IncreaseInInterestRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24559"
      unitRef="USD">-52000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit>
    <glbs:DecreaseInInterestRates
      contextRef="From2021-01-012021-12-31"
      decimals="INF"
      id="ixv-24560"
      unitRef="Pure">-20</glbs:DecreaseInInterestRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24561"
      unitRef="USD">69000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit>
    <glbs:DisclosureOfForeignCurrencyRiskExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-19332">&lt;p id="xdx_892_ecustom--DisclosureOfForeignCurrencyRiskExplanatory_zO2aNUYEB7hd" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span id="xdx_8B8_zccKo07XWOC4" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Financial
risk management objectives and policies - Foreign currency risk&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="padding-right: 5.4pt; padding-left: 5.4pt; width: 79%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Effect
    on income&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--IncreaseInExchangeRates_pip0_uPure_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z8ixWJbqysv4" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;+10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zX0fyb4RKpW8" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;(533)&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zKMBt0as0um2" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20230101__20231231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkYrVPWnFKQl" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;533&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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--IncreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z1hz53wfIwGc" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;+10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z1rLdDKT3CB5" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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_z00dQayTjYAi" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zRcSEisQgfWf" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecustom--IncreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zbMic05lb3Eh" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;+10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zB0ZMLJNUt3a" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--DecreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zZjmZ4hZYid4" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;-10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z5RkitYVakMh" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</glbs:DisclosureOfForeignCurrencyRiskExplanatory>
    <glbs:IncreaseInExchangeRates
      contextRef="From2023-01-012023-12-31_ifrs-full_CurrencyRiskMember"
      decimals="INF"
      id="ixv-24562"
      unitRef="Pure">0.10</glbs:IncreaseInExchangeRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit
      contextRef="From2023-01-012023-12-31_ifrs-full_CurrencyRiskMember"
      decimals="-3"
      id="ixv-24563"
      unitRef="USD">-533000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit>
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      contextRef="From2023-01-012023-12-31_ifrs-full_CurrencyRiskMember"
      decimals="INF"
      id="ixv-24564"
      unitRef="Pure">-0.10</glbs:DecreaseInExchangeRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit
      contextRef="From2023-01-012023-12-31_ifrs-full_CurrencyRiskMember"
      decimals="-3"
      id="ixv-24565"
      unitRef="USD">533000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit>
    <glbs:IncreaseInExchangeRates
      contextRef="From2022-01-012022-12-31_ifrs-full_CurrencyRiskMember"
      decimals="INF"
      id="ixv-24566"
      unitRef="Pure">0.10</glbs:IncreaseInExchangeRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit
      contextRef="From2022-01-012022-12-31_ifrs-full_CurrencyRiskMember"
      decimals="-3"
      id="ixv-24567"
      unitRef="USD">-573000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit>
    <glbs:DecreaseInExchangeRates
      contextRef="From2022-01-012022-12-31_ifrs-full_CurrencyRiskMember"
      decimals="INF"
      id="ixv-24568"
      unitRef="Pure">-0.10</glbs:DecreaseInExchangeRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit
      contextRef="From2022-01-012022-12-31_ifrs-full_CurrencyRiskMember"
      decimals="-3"
      id="ixv-24569"
      unitRef="USD">573000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit>
    <glbs:IncreaseInExchangeRates
      contextRef="From2021-01-012021-12-31_ifrs-full_CurrencyRiskMember"
      decimals="INF"
      id="ixv-24570"
      unitRef="Pure">0.10</glbs:IncreaseInExchangeRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit
      contextRef="From2021-01-012021-12-31_ifrs-full_CurrencyRiskMember"
      decimals="-3"
      id="ixv-24571"
      unitRef="USD">-478000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit>
    <glbs:DecreaseInExchangeRates
      contextRef="From2021-01-012021-12-31_ifrs-full_CurrencyRiskMember"
      decimals="INF"
      id="ixv-24572"
      unitRef="Pure">-0.10</glbs:DecreaseInExchangeRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit
      contextRef="From2021-01-012021-12-31_ifrs-full_CurrencyRiskMember"
      decimals="-3"
      id="ixv-24573"
      unitRef="USD">478000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit>
    <ifrs-full:SummaryQuantitativeDataAboutEntitysExposureToRisk contextRef="From2023-01-01to2023-12-31" id="ixv-19468">&lt;p id="xdx_899_eifrs-full--SummaryQuantitativeDataAboutEntitysExposureToRisk_zIQTWNpERkM4" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;span id="xdx_8B1_zZZ4qLk9uL64" style="display: none"&gt;Financial
risk management objectives and policies - Concentration of credit risk table&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="font-weight: bold; text-align: right; width: 34%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;A&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zpVvuTpPbu4a" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,430&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zAVJvkzLvLw" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;21%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zDqCwDpacjlh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,606&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zsYbvSmRrJij" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zuVhfX4it2h" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zQFOB86vcy13" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;B&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zvLrYaKKmY09" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4,830&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zU3az1XNeWnd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;16%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zkHqUG1vCKya" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zbM7EESopjyk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zZ6STw111Jo7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;4,571&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zuinmO0M8r6d" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11%&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;C&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zDE0lp5Uh5z" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zB8HuapfSR4l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zmvpgwvQd8S8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zL2iwNcPaOF6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zMGvwGjj7KMe" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7,726&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_ziKksdW1aRJg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;18%&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;D&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zUKxFebCpjn3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_z0d8tfIzwpL7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zlHOAk74D954" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;6,548&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zTbreQ5rEic7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;11%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zP33o3GxPTSh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zmb0FeloeXd1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Other &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zv89rTOsTGii" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;19,580&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20230101__20231231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zAm8c5zaQHO" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;63%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zYBbiQqGiezb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;48,236&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zznaE1icGvK5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;78%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zSN1Hmi06cZ" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;30,914&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zZRjidq3DS8g" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;71%&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20230101__20231231_zbBnGKQpemz4" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;30,840&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20230101__20231231_z5xTXLf407k4" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;100%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231_zW12NybdwIk3" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;61,390&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231_zAS130lfKiic" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;100%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231_z8zfa90udbql" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;43,211&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231_zV9sGDL0FFT1" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;100%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</ifrs-full:SummaryQuantitativeDataAboutEntitysExposureToRisk>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2023-01-012023-12-31_custom_MajorChartererMember"
      decimals="-3"
      id="ixv-24574"
      unitRef="USD">6430000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2023-01-012023-12-31_custom_MajorChartererMember"
      decimals="INF"
      id="ixv-24575"
      unitRef="Pure">0.21</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2022-01-012022-12-31_custom_MajorChartererMember"
      decimals="-3"
      id="ixv-24576"
      unitRef="USD">6606000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2022-01-012022-12-31_custom_MajorChartererMember"
      decimals="INF"
      id="ixv-24577"
      unitRef="Pure">0.11</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2021-01-012021-12-31_custom_MajorChartererMember"
      decimals="-3"
      id="ixv-24578"
      unitRef="USD">0</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2021-01-012021-12-31_custom_MajorChartererMember"
      decimals="INF"
      id="ixv-24579"
      unitRef="Pure">0</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2023-01-012023-12-31_custom_MajorChartererBMember"
      decimals="-3"
      id="ixv-24580"
      unitRef="USD">4830000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2023-01-012023-12-31_custom_MajorChartererBMember"
      decimals="INF"
      id="ixv-24581"
      unitRef="Pure">0.16</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2022-01-012022-12-31_custom_MajorChartererBMember"
      decimals="-3"
      id="ixv-24582"
      unitRef="USD">0</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2022-01-012022-12-31_custom_MajorChartererBMember"
      decimals="INF"
      id="ixv-24583"
      unitRef="Pure">0</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2021-01-012021-12-31_custom_MajorChartererBMember"
      decimals="-3"
      id="ixv-24584"
      unitRef="USD">4571000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2021-01-012021-12-31_custom_MajorChartererBMember"
      decimals="INF"
      id="ixv-24585"
      unitRef="Pure">0.11</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2023-01-012023-12-31_custom_MajorChartererCMember"
      decimals="-3"
      id="ixv-24586"
      unitRef="USD">0</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2023-01-012023-12-31_custom_MajorChartererCMember"
      decimals="INF"
      id="ixv-24587"
      unitRef="Pure">0</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2022-01-012022-12-31_custom_MajorChartererCMember"
      decimals="-3"
      id="ixv-24588"
      unitRef="USD">0</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2022-01-012022-12-31_custom_MajorChartererCMember"
      decimals="INF"
      id="ixv-24589"
      unitRef="Pure">0</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2021-01-012021-12-31_custom_MajorChartererCMember"
      decimals="-3"
      id="ixv-24590"
      unitRef="USD">7726000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2021-01-012021-12-31_custom_MajorChartererCMember"
      decimals="INF"
      id="ixv-24591"
      unitRef="Pure">0.18</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2023-01-012023-12-31_custom_MajorChartererDMember"
      decimals="-3"
      id="ixv-24592"
      unitRef="USD">0</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2023-01-012023-12-31_custom_MajorChartererDMember"
      decimals="INF"
      id="ixv-24593"
      unitRef="Pure">0</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2022-01-012022-12-31_custom_MajorChartererDMember"
      decimals="-3"
      id="ixv-24594"
      unitRef="USD">6548000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2022-01-012022-12-31_custom_MajorChartererDMember"
      decimals="INF"
      id="ixv-24595"
      unitRef="Pure">0.11</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2021-01-012021-12-31_custom_MajorChartererDMember"
      decimals="-3"
      id="ixv-24596"
      unitRef="USD">0</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2021-01-012021-12-31_custom_MajorChartererDMember"
      decimals="INF"
      id="ixv-24597"
      unitRef="Pure">0</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2023-01-012023-12-31_custom_OtherMajorCharterersMember"
      decimals="-3"
      id="ixv-24598"
      unitRef="USD">19580000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2023-01-012023-12-31_custom_OtherMajorCharterersMember"
      decimals="INF"
      id="ixv-24599"
      unitRef="Pure">0.63</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2022-01-012022-12-31_custom_OtherMajorCharterersMember"
      decimals="-3"
      id="ixv-24600"
      unitRef="USD">48236000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2022-01-012022-12-31_custom_OtherMajorCharterersMember"
      decimals="INF"
      id="ixv-24601"
      unitRef="Pure">0.78</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2021-01-012021-12-31_custom_OtherMajorCharterersMember"
      decimals="-3"
      id="ixv-24602"
      unitRef="USD">30914000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2021-01-012021-12-31_custom_OtherMajorCharterersMember"
      decimals="INF"
      id="ixv-24603"
      unitRef="Pure">0.71</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2023-01-01to2023-12-31"
      decimals="-3"
      id="ixv-24604"
      unitRef="USD">30840000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2023-01-01to2023-12-31"
      decimals="INF"
      id="ixv-24605"
      unitRef="Pure">1</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2022-01-012022-12-31"
      decimals="-3"
      id="ixv-24606"
      unitRef="USD">61390000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2022-01-012022-12-31"
      decimals="INF"
      id="ixv-24607"
      unitRef="Pure">1</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      id="ixv-24608"
      unitRef="USD">43211000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2021-01-012021-12-31"
      decimals="INF"
      id="ixv-24609"
      unitRef="Pure">1</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:DescriptionOfManagingLiquidityRisk contextRef="From2023-01-01to2023-12-31" id="ixv-19697">&lt;p id="xdx_89A_eifrs-full--DescriptionOfManagingLiquidityRisk_zoyTOlKf1qLj" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_8B3_zpIqrxHsV6v7" style="display: none; font-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 45%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Year
    ended December 31, 2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Long-term
    debt&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zrDghjE8atv9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,663&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zAooiG33QYga" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7,781&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zt9DHn7DoIF4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;53,583&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zmqKcjsmlIs9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20231231_zuRyfzeCDEcf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;64,027&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Lease
    liabilities &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zznMnk6F54Gh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;81&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zDlFaTXVquA6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;107&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_z4hUlLOas0H6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zkg0OBBmqBrg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--LeaseLiabilities_iI_pn3n3_c20231231_zHuXiZOqM8fc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;188&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Accrued
    liabilities and other payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zv8vlHZbsIva" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,763&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zm1Cf42Wkcnd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zedyhC6yS6D1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zBVbi79beiu6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20231231_zkQvWihsGXYf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,763&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Trade
    accounts payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zpxGx0L2WNhk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;362&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zDMFXyvzn0Bl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zjcJkxdn5mKj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_znvTwbhsWsWf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20231231_zudGXUwpELKl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;362&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_ztv7nNZKGTWh" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;4,869&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zU3rbIG1rLT6" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;7,888&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zRAToNvIDz" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;53,583&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20231231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zb1cFeE5kDv5" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20231231_z8Mpyu0SF6k5" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;66,340&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-family: Times New Roman, Times, Serif; 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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 45%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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; width: 10%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Long-term
    debt&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zRUlcjpEinrg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;2,495&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zNa1B8f6wWHh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;7,266&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zRS6kVMaZdWa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;43,816&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zvyCL0L5T40f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231_zdL4tIYSu8vb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Lease
    liabilities &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_z2Yj519HZ0Og" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;80&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zi2wk1PV38q4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;241&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_z8TyUer5zK87" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;188&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_ztFlHjc1dQ94" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231_zpTKm9tBgO9f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Accrued
    liabilities and other payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zELUAqlcU6h4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;5,814&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zLMJOGScK0kl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zm9vUtc7z8ea" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_z0K2uqwE4K4e" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231_zxfKe0SjM8H3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Trade
    accounts payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zqvyf2MLnLyi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;3,548&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zIC8KdzweDWa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zXALyPzHmZIb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zUep9rdNaWCi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zjA4yrDOz37c" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_z6FwY6Ka4iE1" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;11,937&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_z3LDIOukRrL4" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;7,507&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zPfZRg1Kglu3" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;44,004&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zCzUJ6L2UpUh" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231_z76puX9r7PM8" style="border-top: Black 0.5pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;63,448&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</ifrs-full:DescriptionOfManagingLiquidityRisk>
    <ifrs-full:NoncurrentFinancialLiabilities
      contextRef="AsOf2023-12-31_custom_LessThanThreeMonthsMember"
      decimals="-3"
      id="ixv-24610"
      unitRef="USD">2663000</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities
      contextRef="AsOf2023-12-31_custom_ThreeToTwelveMonthsMember"
      decimals="-3"
      id="ixv-24611"
      unitRef="USD">7781000</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities
      contextRef="AsOf2023-12-31_custom_OneToFiveYearsMember"
      decimals="-3"
      id="ixv-24612"
      unitRef="USD">53583000</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities
      contextRef="AsOf2023-12-31_custom_MoreThanFiveYearsMember"
      decimals="-3"
      id="ixv-24613"
      unitRef="USD">0</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24614"
      unitRef="USD">64027000</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:LeaseLiabilities
      contextRef="AsOf2023-12-31_custom_LessThanThreeMonthsMember"
      decimals="-3"
      id="ixv-24615"
      unitRef="USD">81000</ifrs-full:LeaseLiabilities>
    <ifrs-full:LeaseLiabilities
      contextRef="AsOf2023-12-31_custom_ThreeToTwelveMonthsMember"
      decimals="-3"
      id="ixv-24616"
      unitRef="USD">107000</ifrs-full:LeaseLiabilities>
    <ifrs-full:LeaseLiabilities
      contextRef="AsOf2023-12-31_custom_OneToFiveYearsMember"
      decimals="-3"
      id="ixv-24617"
      unitRef="USD">0</ifrs-full:LeaseLiabilities>
    <ifrs-full:LeaseLiabilities
      contextRef="AsOf2023-12-31_custom_MoreThanFiveYearsMember"
      decimals="-3"
      id="ixv-24618"
      unitRef="USD">0</ifrs-full:LeaseLiabilities>
    <ifrs-full:LeaseLiabilities
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24619"
      unitRef="USD">188000</ifrs-full:LeaseLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities
      contextRef="AsOf2023-12-31_custom_LessThanThreeMonthsMember"
      decimals="-3"
      id="ixv-24620"
      unitRef="USD">1763000</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities
      contextRef="AsOf2023-12-31_custom_ThreeToTwelveMonthsMember"
      decimals="-3"
      id="ixv-24621"
      unitRef="USD">0</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities
      contextRef="AsOf2023-12-31_custom_OneToFiveYearsMember"
      decimals="-3"
      id="ixv-24622"
      unitRef="USD">0</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities
      contextRef="AsOf2023-12-31_custom_MoreThanFiveYearsMember"
      decimals="-3"
      id="ixv-24623"
      unitRef="USD">0</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24624"
      unitRef="USD">1763000</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:TradeAndOtherCurrentPayables
      contextRef="AsOf2023-12-31_custom_LessThanThreeMonthsMember"
      decimals="-3"
      id="ixv-24625"
      unitRef="USD">362000</ifrs-full:TradeAndOtherCurrentPayables>
    <ifrs-full:TradeAndOtherCurrentPayables
      contextRef="AsOf2023-12-31_custom_ThreeToTwelveMonthsMember"
      decimals="-3"
      id="ixv-24626"
      unitRef="USD">0</ifrs-full:TradeAndOtherCurrentPayables>
    <ifrs-full:TradeAndOtherCurrentPayables
      contextRef="AsOf2023-12-31_custom_OneToFiveYearsMember"
      decimals="-3"
      id="ixv-24627"
      unitRef="USD">0</ifrs-full:TradeAndOtherCurrentPayables>
    <ifrs-full:TradeAndOtherCurrentPayables
      contextRef="AsOf2023-12-31_custom_MoreThanFiveYearsMember"
      decimals="-3"
      id="ixv-24628"
      unitRef="USD">0</ifrs-full:TradeAndOtherCurrentPayables>
    <ifrs-full:TradeAndOtherCurrentPayables
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24629"
      unitRef="USD">362000</ifrs-full:TradeAndOtherCurrentPayables>
    <ifrs-full:FinancialLiabilities
      contextRef="AsOf2023-12-31_custom_LessThanThreeMonthsMember"
      decimals="-3"
      id="ixv-24630"
      unitRef="USD">4869000</ifrs-full:FinancialLiabilities>
    <ifrs-full:FinancialLiabilities
      contextRef="AsOf2023-12-31_custom_ThreeToTwelveMonthsMember"
      decimals="-3"
      id="ixv-24631"
      unitRef="USD">7888000</ifrs-full:FinancialLiabilities>
    <ifrs-full:FinancialLiabilities
      contextRef="AsOf2023-12-31_custom_OneToFiveYearsMember"
      decimals="-3"
      id="ixv-24632"
      unitRef="USD">53583000</ifrs-full:FinancialLiabilities>
    <ifrs-full:FinancialLiabilities
      contextRef="AsOf2023-12-31_custom_MoreThanFiveYearsMember"
      decimals="-3"
      id="ixv-24633"
      unitRef="USD">0</ifrs-full:FinancialLiabilities>
    <ifrs-full:FinancialLiabilities
      contextRef="AsOf2023-12-31"
      decimals="-3"
      id="ixv-24634"
      unitRef="USD">66340000</ifrs-full:FinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities
      contextRef="AsOf2022-12-31_custom_LessThanThreeMonthsMember"
      decimals="-3"
      id="ixv-24635"
      unitRef="USD">2495000</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities
      contextRef="AsOf2022-12-31_custom_ThreeToTwelveMonthsMember"
      decimals="-3"
      id="ixv-24636"
      unitRef="USD">7266000</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities
      contextRef="AsOf2022-12-31_custom_OneToFiveYearsMember"
      decimals="-3"
      id="ixv-24637"
      unitRef="USD">43816000</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities
      contextRef="AsOf2022-12-31_custom_MoreThanFiveYearsMember"
      decimals="-3"
      id="ixv-24638"
      unitRef="USD">0</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities
      contextRef="AsOf2022-12-31"
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      decimals="-3"
      id="ixv-24641"
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      decimals="-3"
      id="ixv-24642"
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      id="ixv-24643"
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      decimals="-3"
      id="ixv-24644"
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      id="ixv-24648"
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      contextRef="AsOf2022-12-31"
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      id="ixv-24649"
      unitRef="USD">5814000</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
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      id="ixv-24650"
      unitRef="USD">3548000</ifrs-full:TradeAndOtherCurrentPayables>
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    <ifrs-full:DisclosureOfFairValueMeasurementExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-20053">&lt;p id="xdx_80C_eifrs-full--DisclosureOfFairValueMeasurementExplanatory_zH3WYulyjVm" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_82F_zFCZjkLIWGR6"&gt;
Fair values&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 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 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;&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-family: Times New Roman, Times, Serif; 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 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;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 2.22). 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 id="xdx_89B_ecustom--DisclosureOfFairValuesExplanatory_zX6iRAvQt914" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;span id="xdx_8B0_zYTCkA1aBd6k" style="display: none"&gt;Fair
values measurement&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; text-indent: -54pt"&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Carrying
    amount&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Fair
    value&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; width: 50%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Level
    1&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Level
    2&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Level
    3&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;December&#160;31,
    2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    assets&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    assets measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Non-current
    portion of fair value of derivative financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z013FqTuhB39" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;495&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_z4wWL9BH8J93" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zayAE5uoqe9h" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;495&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zseXUYLZ1zB1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zUwtBx26xVTk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;495&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Current
    portion of fair value of derivative financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zUu8dC0BN7J7" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;808&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zvOz47xAIBDb" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zK9IqqZK8yt1" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;808&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zcne5DEei3Y" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zo4U1NVAuGsg" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;808&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--FinancialAssetsAtFairValue_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zF377UnAOGg4" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1,303&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    liabilities&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    liabilities not measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Long-term
    borrowings&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zGfzfD4pHYti" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;52,620&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--Borrowings_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zqmy4sGEeUZ" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zTtIqJGeSOUf" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;54,107&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--Borrowings_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zlHEutpJoIci" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zKWkj4fd9dab" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;54,107&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--FinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_z0Gx5N5DS0x5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;52,620&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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 54pt; text-align: justify; text-indent: -54pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 54pt; text-align: justify; text-indent: -54pt"&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Carrying
    amount&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Fair
    value&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; width: 50%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Level
    1&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Level
    2&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Level
    3&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;December&#160;31,
    2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    assets&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    assets measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Non-current
    portion of fair value of derivative financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_znttGlOm3M6k" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,315&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zVKajZKUbul7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zHfKzIwWHnC2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,315&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zuZsQEveJS62" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z0ADzZKfkto1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Current
    portion of fair value of derivative financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zOo5s01T62H7" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,092&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zSBvmglWbV68" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zaB6kBXeTc0l" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,092&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zgpb02k3fYS6" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zZuCWvnT4ual" style="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-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2,407&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    liabilities&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    liabilities not measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Long-term
    borrowings&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_z5ruuSaumohc" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;44,375&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--Borrowings_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zecK6EKTzUdf" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zmOYEXNymamf" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;45,549&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zAvVefkcO499" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_ziK1mLtDQvg8" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;44,375&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8A0_zxBctvxGYNl3" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&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; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;19.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fair values (continued)&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-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;&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 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 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;&lt;b&gt;Valuation
techniques and significant unobservable inputs&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-family: Times New Roman, Times, Serif; 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 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;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; 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 id="xdx_892_ecustom--DisclosureOfValuationTechniquesAndSignificantUnobservableInputs_zUqgrGGzVdAg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_8B2_z6C9UoLfjLn5" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Valuation
techniques and significant unobservable inputs&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: 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Derivative
    financial instruments:&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Discount
    rate&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p id="xdx_8AD_zvmhC8LIqtnb" style="font: 9pt Times New Roman, Times, Serif; margin: 0; 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; 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;&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 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;There
were no transfers between these levels in 2022 and 2023.&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-family: Times New Roman, Times, Serif; font-size: 10pt"&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-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; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfFairValueMeasurementExplanatory>
    <glbs:DisclosureOfFairValuesExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-20069">&lt;p id="xdx_89B_ecustom--DisclosureOfFairValuesExplanatory_zX6iRAvQt914" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;span id="xdx_8B0_zYTCkA1aBd6k" style="display: none"&gt;Fair
values measurement&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; text-indent: -54pt"&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Carrying
    amount&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Fair
    value&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; width: 50%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Level
    1&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Level
    2&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Level
    3&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;December&#160;31,
    2023&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    assets&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    assets measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Non-current
    portion of fair value of derivative financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z013FqTuhB39" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;495&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_z4wWL9BH8J93" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zayAE5uoqe9h" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;495&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zseXUYLZ1zB1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zUwtBx26xVTk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;495&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Current
    portion of fair value of derivative financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zUu8dC0BN7J7" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;808&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zvOz47xAIBDb" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zK9IqqZK8yt1" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;808&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zcne5DEei3Y" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zo4U1NVAuGsg" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;808&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--FinancialAssetsAtFairValue_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zF377UnAOGg4" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;1,303&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    liabilities&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    liabilities not measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Long-term
    borrowings&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zGfzfD4pHYti" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;52,620&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--Borrowings_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zqmy4sGEeUZ" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zTtIqJGeSOUf" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;54,107&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--Borrowings_iI_pn3n3_d0_c20231231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialLiabilitiesAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zlHEutpJoIci" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--Borrowings_iI_pn3n3_c20231231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zKWkj4fd9dab" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term borrowings"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;54,107&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--FinancialLiabilities_iI_pn3n3_c20231231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_z0Gx5N5DS0x5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;52,620&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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 54pt; text-align: justify; text-indent: -54pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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 54pt; text-align: justify; text-indent: -54pt"&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Carrying
    amount&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Fair
    value&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; width: 50%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Level
    1&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Level
    2&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Level
    3&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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; width: 9%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;December&#160;31,
    2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    assets&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    assets measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Non-current
    portion of fair value of derivative financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_znttGlOm3M6k" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,315&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zVKajZKUbul7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zHfKzIwWHnC2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,315&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zuZsQEveJS62" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z0ADzZKfkto1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Non-current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Current
    portion of fair value of derivative financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zOo5s01T62H7" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,092&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIMember_zSBvmglWbV68" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zaB6kBXeTc0l" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;1,092&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_d0_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIIMember_zgpb02k3fYS6" style="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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zZuCWvnT4ual" style="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-family: Times New Roman, Times, Serif; 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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;2,407&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&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;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    liabilities&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Financial
    liabilities not measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Long-term
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    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
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    &lt;td style="text-align: right"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
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    <glbs:DisclosureOfValuationTechniquesAndSignificantUnobservableInputs contextRef="From2023-01-01to2023-12-31" id="ixv-20737">&lt;p id="xdx_892_ecustom--DisclosureOfValuationTechniquesAndSignificantUnobservableInputs_zUqgrGGzVdAg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span id="xdx_8B2_z6C9UoLfjLn5" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Valuation
techniques and significant unobservable inputs&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: 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Valuation
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    &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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
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    &lt;td style="text-align: justify; padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Discount
    rate&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

</glbs:DisclosureOfValuationTechniquesAndSignificantUnobservableInputs>
    <ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory contextRef="From2023-01-01to2023-12-31" id="ixv-20891">&lt;p id="xdx_800_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zq9kTJ6G0u2a" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_825_zSym7cD1dPD9"&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-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;On
January 22, 2024, the Company paid the remaining $&lt;span id="xdx_90D_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_uUSD_c20240101__20240122__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MvGLBSHerosMember_zGWzowzzO641" title="Remaining amount paid"&gt;18.5 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;million
(absolute amount) at Nihon Shipyard Co. in Japan and on &lt;span id="xdx_909_ecustom--VesselDeliveryDate1_c20240101__20240122__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MvGLBSHerosMember_z8ejpNDVeTW4"&gt;January 25, 2024&lt;/span&gt; the Company took delivery of a new Ultramax with carrying
capacity of approximately &lt;span id="xdx_90A_ecustom--VesselCapacity_pip0_uPure_c20240101__20240122__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MvGLBSHerosMember_zMluawU3wa67"&gt;64,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;DWT,
of which the Company had previously announced on May 10, 2022 and was named &#x201c;m/v GLBS Hero&#x201d;.&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;/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
February 23, 2024, Globus, through its subsidiary Daxos Maritime Limited, entered into a $&lt;span id="xdx_90F_ecustom--LineOfCreditFacilityBorrowingCapacity_iI_pdn6_c20240223__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GLBSMightMember_zG9zEFhXK126" title="Line Of Credit Facility Borrowing Capacity"&gt;28&lt;/span&gt; million (absolute amount) sale and leaseback
agreement with SK Shipholding S.A., a subsidiary of Shinken Bussan Co., Ltd. of Japan, with respect to the approximately &lt;span id="xdx_909_ecustom--VesselCapacity_pip0_uPure_c20240101__20240223__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GLBSMightMember_zU4T6ZTAGff"&gt;64,000&lt;/span&gt; dwt bulk
carrier to be named &#x201c;GLBS MIGHT,&#x201d; which is scheduled to be delivered from the relevant shipyard &lt;span id="xdx_90B_ecustom--VesselDeliveryDate1_c20240101__20240223__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GLBSMightMember_zd4ckjKykIB9"&gt;during the third quarter
of 2024&lt;/span&gt;. The Company has an obligation to purchase back the vessel at the
end of the ten-year charter period.&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;On
March 13, 2024, the Company awarded a consultant affiliated with our chief executive officer a one-time bonus of $&lt;span id="xdx_904_ecustom--OneTimeCashBonusPayment_pdn6_c20240101__20240313__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GLBSMightMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ConsultantAffiliatedwithChiefExecutiveOfficerMember_zVn4njimx8l9" title="One time bonus"&gt;3&lt;/span&gt;
million (absolute amount), half of which is payable immediately upon the delivery of the newbuilding vessel Hull NE442 (i.e., the
vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the agreement dated May 13, 2022) and the balance at the
delivery of Hull NE443 (i.e., the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the other agreement
dated May 13, 2022), in each case assuming Athanasios Feidakis remains Chief Executive Officer at each such relevant
time.&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;On March 13, 2024, the Board of Directors adopted the Globus Maritime Limited
2024 Equity Incentive Plan, or the Plan. The purpose of the Plan is to provide Company&#x2019;s officers, key employees, directors, consultants
and service provider, whose initiative and efforts are deemed to be important to the successful conduct of Company&#x2019;s business, with
incentives to (a) enter into and remain in the service of the Company or affiliates, (b) acquire a proprietary interest in the success
of the Company, (c) maximize their performance and (d) enhance the long-term performance of the Company. The number of common shares reserved
for issuance under the Plan is &lt;span id="xdx_906_ecustom--CommonStockSharesIssued1_iI_pip0_c20240313__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--GlobusMaritimeLimited2024Member_z7OKpkfRJWr7" title="Shares issued"&gt;2,000,000&lt;/span&gt; shares.&#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;&#160;&lt;/span&gt;&#160;&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;&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;&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;&#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;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
    <ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities
      contextRef="From2024-01-012024-01-22_custom_MvGLBSHerosMember"
      decimals="0"
      id="ixv-24694"
      unitRef="USD">18500000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
    <glbs:VesselDeliveryDate1
      contextRef="From2024-01-012024-01-22_custom_MvGLBSHerosMember"
      id="ixv-24695">January 25, 2024</glbs:VesselDeliveryDate1>
    <glbs:VesselCapacity
      contextRef="From2024-01-012024-01-22_custom_MvGLBSHerosMember"
      decimals="INF"
      id="ixv-24696"
      unitRef="Pure">64000</glbs:VesselCapacity>
    <glbs:LineOfCreditFacilityBorrowingCapacity
      contextRef="AsOf2024-02-23_custom_GLBSMightMember"
      decimals="0"
      id="ixv-24697"
      unitRef="USD">28000000</glbs:LineOfCreditFacilityBorrowingCapacity>
    <glbs:VesselCapacity
      contextRef="From2024-01-012024-02-23_custom_GLBSMightMember"
      decimals="INF"
      id="ixv-24698"
      unitRef="Pure">64000</glbs:VesselCapacity>
    <glbs:VesselDeliveryDate1
      contextRef="From2024-01-012024-02-23_custom_GLBSMightMember"
      id="ixv-24699">during the third quarter
of 2024</glbs:VesselDeliveryDate1>
    <glbs:OneTimeCashBonusPayment
      contextRef="From2024-01-012024-03-13_custom_GLBSMightMember_custom_ConsultantAffiliatedwithChiefExecutiveOfficerMember"
      decimals="0"
      id="ixv-24700"
      unitRef="USD">3000000</glbs:OneTimeCashBonusPayment>
    <glbs:CommonStockSharesIssued1
      contextRef="AsOf2024-03-13_custom_GlobusMaritimeLimited2024Member"
      decimals="INF"
      id="ixv-24701"
      unitRef="Shares">2000000</glbs:CommonStockSharesIssued1>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
