<SEC-DOCUMENT>0001140361-22-028838.txt : 20220809
<SEC-HEADER>0001140361-22-028838.hdr.sgml : 20220809
<ACCEPTANCE-DATETIME>20220809091258
ACCESSION NUMBER:		0001140361-22-028838
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220809
FILED AS OF DATE:		20220809
DATE AS OF CHANGE:		20220809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Castor Maritime Inc.
		CENTRAL INDEX KEY:			0001720161
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38802
		FILM NUMBER:		221146846

	BUSINESS ADDRESS:	
		STREET 1:		CHRISTODOULOU CHATZIPAVLOU 223
		STREET 2:		HAWAII ROYAL GARDENS, APART. 16
		CITY:			LIMASSOL
		STATE:			G4
		ZIP:			3036
		BUSINESS PHONE:		357 25357767

	MAIL ADDRESS:	
		STREET 1:		CHRISTODOULOU CHATZIPAVLOU 223
		STREET 2:		HAWAII ROYAL GARDENS, APART. 16
		CITY:			LIMASSOL
		STATE:			G4
		ZIP:			3036
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>brhc10040557_6k.htm
<DESCRIPTION>6-K
<TEXT>
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  <div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div>&#160;</div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 6-K</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
    <div style="text-align: center; font-weight: bold;">PURSUANT TO RULE 13A-16 OR 15D-16 OF</div>
    <div style="text-align: center; font-weight: bold;">THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">For the month of August 2022</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">Commission File Number: 001-38802</div>
    <div>&#160;</div>
    <div style="text-align: center; font-size: 24pt; font-weight: bold;">CASTOR MARITIME INC.</div>
    <div style="text-align: center; font-weight: bold;">(Translation of registrant&#8217;s name into English)</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">223 Christodoulou Chatzipavlou Street, Hawaii Royal Gardens, 3036 Limassol, Cyprus</div>
    <div style="text-align: center; font-weight: bold;">(Address of principal executive office)</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="zff43964d288b4ce3b858f0434ae50b55" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div style="text-align: right;">Form 20-F&#160; &#9746;</div>
          </td>
          <td style="width: 5.12%; vertical-align: top;">&#160;</td>
          <td style="width: 47%; vertical-align: top;">
            <div style="text-align: justify;">Form 40-F&#160; &#9744;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&#160; &#9744;</div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b) (1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&#160; &#9744;</div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Note:</font> Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private
      issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&#8217;s &#8220;home country&#8221;), or under the rules of the home country exchange on which the
      registrant&#8217;s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&#8217;s security holders, and, if discussing a material event, has already been the
      subject of a Form 6-K submission or other Commission filing on EDGAR.</div>
    <div>&#160;
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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    </div>
    <div style="text-align: center; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Attached to this report on Form 6-K as <a href="brhc10040557_ex99-1.htm">Exhibit 99.1</a> is a copy of the press release
      issued by Castor Maritime Inc. (the &#8220;Company&#8221;) on August 9, 2022, reporting the Company&#8217;s financial results for the three and six months ended June 30, 2022.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="text-align: justify;">SIGNATURES</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z66b929d455b84e1f9d5de6374d867757" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div style="font-weight: bold;">CASTOR MARITIME INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Dated: August 9, 2022</div>
          </td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 35%; vertical-align: top; border-bottom: 2px solid black;">
            <div>/s/ Petros Panagiotidis</div>
          </td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">
            <div>Petros Panagiotidis</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">
            <div>Chairman, Chief Executive Officer and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">
            <div>Chief Financial Officer</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>&#160;
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc10040557_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div>
    <div style="text-align: center;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" id="zb68eed336f504d618099ef6abb28c303" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td rowspan="1" style="width: 50.00%;">
              <div style="text-align: center;"><img width="238" height="161" src="image0.jpg"></div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;">Castor Maritime Inc. Reports Net income of $27.8 Million for<br>
    </div>
    <div style="text-align: center; font-weight: bold;">the Three Months Ended June 30, 2022 and $47.7 Million Net income for the Six </div>
    <div style="text-align: center; font-weight: bold;">Months Ended June 30, 2022.</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: justify;">Limassol, Cyprus, August 9, 2022 &#8211; Castor Maritime Inc. (NASDAQ: CTRM) (&#8220;Castor&#8221; or the &#8220;Company&#8221;), a diversified global shipping company, today announced its results for the three months and six months ended June 30,
      2022.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">Highlights of the Second Quarter Ended June 30, 2022:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd254246e219a4d9c81f8c0333085fbfe">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-size: 8pt;">&#9632;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Revenues, net: $67.5 million for the three months ended June 30, 2022, as compared to $21.8 million for the three months ended June 30, 2021, or a 209.6% increase;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc47f419fee8f4eb8b1e1b6cec8aa181f">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-size: 8pt;">&#9632;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Net income: $27.8 million for the three months ended June 30, 2022, as compared to $6.5 million for the three months ended June 30, 2021, or a 327.7% increase;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd2a8eef0cdb94f03a056ca7889560e5c">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-size: 8pt;">&#9632;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Earnings per common share: $0.29 earnings per share for the three months ended June 30, 2022, as compared to earnings per share of $0.07 for the three months ended June 30, 2021;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb688ba3dbbf74818b7c8311f3c873f9b">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-size: 8pt;">&#9632;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">EBITDA</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="font-weight: bold;">: $36.0 million for the three months ended June 30, 2022, as compared to $10.0 million for the three months ended June
                30, 2021;</font></div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; font-size: 8pt;">&#9632;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Cash and restricted cash of $115.3 million as of June 30, 2022, as compared to $43.4 million as of December 31, 2021; and</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; font-size: 8pt;">&#9632;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Delivery of the </font><font style="font-weight: bold; font-style: italic;">M/T Wonder Arcturus</font><font style="font-weight: bold;"> to its new owners on July 15, 2022, after entering into an agreement&#160;
                to sell the vessel on May 9, 2022 for $13.15 million, resulting in an expected capital gain of $3.7 million before expenses in the third quarter of 2022.</font></div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">Earnings Highlights of the Six Months Ended June 30, 2022:</div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; font-size: 8pt;">&#9632;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Revenues, net: $122.1 million for the six months ended June 30, 2022, as compared to $28.8 million for the six months ended June 30, 2021, or a 324.0% increase;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z15f1ee938b504d49bb4e107270522559">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-size: 8pt;">&#9632;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Net income: Net income of $47.7 million for the six months ended June 30, 2022, as compared to net income of $7.6 million for the six months ended June 30, 2021, or a 527.6% increase;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaacf45bb8c9541c28017d670a44cccba">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-size: 8pt;">&#9632;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Earnings per common share: $0.50 earnings per share for the six months ended June 30, 2022, as compared to earnings per share of $0.10 for the six months ended June 30, 2021; and</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbe8227dff4a2406895772a1e262c735e">

        <tr>
          <td style="width: 36pt; vertical-align: top; font-size: 8pt;">&#9632;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">EBITDA</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="font-weight: bold;">: $63.9 million for the six months ended June 30, 2022, as compared to $12.6 million for the six months ended June 30,
                2021.</font></div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="text-align: justify;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) EBITDA is not a recognized measure under United States generally accepted accounting principles (&#8220;U.S. GAAP&#8221;). Please refer to Appendix B for the definition and reconciliation of this measure to the most
        directly comparable financial measure calculated and presented in accordance with U.S. GAAP.</sup></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
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    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="text-align: justify; font-weight: bold;">Management Commentary:</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Mr. Petros Panagiotidis, Chief Executive Officer of Castor commented:</div>
    <div>&#160;</div>
    <div style="text-align: justify;">&#8220;In the second quarter of 2022, we enjoyed the improvement of the Aframax and Handysize tanker segments earnings along with another robust quarter in the dry cargo market, with the result of Castor reporting a record
      net income of approximately $28 million. Our balance sheet is strong with a healthy liquidity position and low leverage. As of June 30, 2022, our free cash was approximately $104 million, which compares with total assets of $552.4 million and the
      Company&#8217;s market capitalization of approximately $126.8 million as of end of the first half of 2022. We continue to generate healthy cash flows, with $52.8 million of cash generated from our operations in the first half of 2022.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We did not sell any common shares under the ATM Program, which expired in June 2022, during the second quarter of 2022 and up to the date of this release. We will continue to seek attractive acquisition opportunities
      across the shipping space to further pursue Castor&#8217;s growth trajectory.&#8221;</div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; font-weight: bold;">Earnings Commentary:</div>
      <div>&#160;</div>
    </div>
    <div style="text-align: justify; font-weight: bold;">Second Quarter ended June 30, 2022, and 2021 Results</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Vessel revenues, net of charterers&#8217; commissions, for the three months ended June 30, 2022, increased to $67.5 million from $21.8 million in the same period of 2021. This increase was largely driven by the increase in
      our Available Days (defined below) from 1,420 in the three months ended June 30, 2021, to 2,565 in the three months ended June 30, 2022, following the increase in the size of our fleet. The increase in vessel revenues during the three months ended
      June 30, 2022, as compared with the same period of 2021, was further underpinned by the continuing solid performance of the dry bulk shipping market and the improved Aframax and Handysize tanker vessel earnings as compared to the same period of 2021.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">The increase in voyage expenses, to $11.8 million in the three months ended June 30, 2022, from $1.4 million in the same period of 2021, is mainly associated with the expansion of our tanker fleet. The expansion of our
      tanker fleet resulted in: (i) increased bunkers consumption and port expenses during the three months ended June 30, 2022, as our larger tanker fleet operated mostly under voyage charters <a name="z_Hlk109951795"></a>(under which we bear such
      expenses) during the three months ended June 30, 2022, compared to the three months ended June 30, 2021 when our tankers were primarily employed under time charter contracts (under which case such expenses are borne by our charterers), and (ii)
      increased brokerage commission expenses, corresponding to the increase in vessel revenues discussed above.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">The increase in vessel operating expenses by $8.4 million, from $8.0 million in the three months ended June 30, 2021 to $16.4 million in the same period of 2022, as well as the increase in vessels&#8217; depreciation and
      amortization costs by $3.1 million, from $3.0 million in the three months ended June 30, 2021 to $6.1 million in the same period of 2022, mainly reflect the increase in our Ownership Days following the expansion of our fleet and increased maintenance
      and insurance costs for certain of our vessels.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">General and administrative expenses in the three months ended June 30, 2022, amounted to $1.1 million, whereas, in the same period of 2021 general and administrative expenses totaled $0.7 million. This increase stemmed
      from higher corporate fees primarily due to the growth of our company.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="text-align: justify;">Management fees in the three months ended June 30, 2022, amounted to $2.2 million, whereas, in the same period of 2021 management fees totaled $1.8 million. This increase in management fees is due to the substantial
      increase in our Ownership Days for which our managers charge us with a daily management fee, following the acquisitions discussed above.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">During the three months ended June 30, 2022, we incurred net interest costs and finance costs amounting to $1.7 million compared to $0.5 million <font style="color: #000000;">during the same period in 2021. The
        increase is due to our higher level of weighted average indebtedness during the </font>three months ended June 30, <font style="color: #000000;">2022, as compared with the same period of 2021.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;"><font style="color: #000000;">Recent </font>Financial and Business <font style="color: #000000;">Developments Commentary:</font></div>
    <div>&#160; <br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">Equity update</div>
    <div>&#160;</div>
    <div style="text-align: justify;">On June 15, 2022, the amended and restated equity distribution agreement with the agent under our at-the-market common stock offering program (&#8220;ATM Program&#8221;) expired. From January 1, 2022 to date, no sales of common
      shares took place under the ATM Program and there have been no warrant exercises under our outstanding warrant schemes. As of August 5, 2022, we had issued and outstanding 94,610,088 common shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">Liquidity/ Financing/ Cash flow update</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our consolidated cash position as of June 30, 2022, increased by $71.9 million, to $115.3 million, as compared with our cash position on December 31, 2021. During the six-month period ended June 30, 2022, our cash
      position improved mainly as a result of: (i) $52.8 million of net operating cash flows generated, and (ii) net financing cash inflows of approximately $54.3 million following our entry into one secured loan facility in January 2022. From these
      amounts, during the six months ended June 30, 2022, we used $23.1 million to fund the acquisition of the <font style="font-style: italic;">M/V</font>&#160;<font style="font-style: italic;">Magic Callisto</font> and other capital expenditures of our
      fleet, whereas $12.1 million were used for scheduled principal repayments of our debt.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">As of June 30, 2022, our total debt, gross of unamortized deferred loan fees, was $146.7 million of which $30.3 million is repayable within one year, as compared to $103.8 million of gross total debt as of December 31,
      2021.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">Completion of sale of the <font style="font-style: italic;">M/T Wonder Arcturus</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">On July 15, 2022, we completed the previously announced sale of the <font style="font-style: italic;">M/T Wonder Arcturus</font> by delivering the vessel to its new owners.<font style="color: #201F1E;"> The Company
        expects to record during the third quarter of 2022 a gain on the sale of the subject vessel of approximately $3.7 million, excluding any transaction related costs.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Fleet Employment Status (as of August 5, 2022)</font> During the three months ended June 30, 2022, we operated on average 29.0 vessels earning a Daily TCE Rate of $21,705 as compared to
      an average 16.2 vessels earning a Daily TCE Rate of $14,381 during the same period in 2021. Our current employment profile is presented below.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7229871b2cab411ca1b2870b5165beda">

          <tr>
            <td nowrap="nowrap" colspan="9" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic; font-weight: bold;">Dry Bulk Carriers</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" rowspan="2" style="width: 15%; vertical-align: middle; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">Vessel Name</div>
            </td>
            <td nowrap="nowrap" rowspan="2" style="width: 12.99%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Type</div>
            </td>
            <td rowspan="2" style="width: 7.72%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
            </td>
            <td rowspan="2" style="width: 5.54%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Year<br>
                Built</div>
            </td>
            <td nowrap="nowrap" rowspan="2" style="width: 11.71%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Country of</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Construction</div>
            </td>
            <td nowrap="nowrap" rowspan="2" style="width: 11.71%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Type of<br>
                Employment</div>
            </td>
            <td nowrap="nowrap" rowspan="2" style="width: 14.28%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Daily Gross</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Charter Rate</div>
            </td>
            <td nowrap="nowrap" colspan="2" style="vertical-align: middle; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">Estimated Redelivery</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Date</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">Earliest</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Latest</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Orion</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Capesize</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">180,200</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2006</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Japan</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">101% of BCI5TC <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Jan-24</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Apr-24</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Venus</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Kamsarmax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">83,416</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2010</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Japan</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$25,000 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Apr-23</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Jul-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Thunder</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Kamsarmax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">83,375</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2011</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Japan</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">100% of BPI5TC</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Sep-23</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Dec-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Argo</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Kamsarmax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">82,338</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2009</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Japan</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">103% of BPI5TC</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Apr-23</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Jul-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Perseus</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Kamsarmax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">82,158</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2013</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Japan</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$27,350<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Sep-23</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Dec-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Starlight</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Kamsarmax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">81,048</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2015</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">China</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$32,000 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Sep-22</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Mar-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Twilight</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Kamsarmax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">80,283</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2010</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Korea</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$27,150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Jan-23</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Apr-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Nebula</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Kamsarmax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">80,281</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2010</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Korea</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$23,500</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Sep-22</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Nov -22</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Nova</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Panamax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">78,833</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2010</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Japan</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$25,300 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Oct-22</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Feb-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Mars</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Panamax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">76,822</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2014</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Korea</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$21,500 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">&#925;&#959;v-22</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Feb-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Phoenix</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Panamax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">76,636</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2008</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Japan</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$28,100 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(9)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Aug-23</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Nov-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Horizon</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Panamax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">76,619</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2010</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Japan</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">103% of BPI4TC</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Jun-23</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Sep-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Moon</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Panamax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">76,602</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2005</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Japan</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$19,000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(10)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Apr-23</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Jul-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic P</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Panamax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">76,453</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2004</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Japan</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$25,000</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Sep-22</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Oct-22</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Sun</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Panamax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">75,311</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2001</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Korea</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC trip</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$23,000</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Aug-22</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Aug-22</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Vela</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Panamax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">75,003</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2011</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">China</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$26,700<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(11)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Apr-23</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Jul-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Eclipse</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Panamax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">74,940</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2011</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Japan</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$22,000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(12)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Mar-23</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Jun-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Pluto</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Panamax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">74,940</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2013</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Japan</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$24,000 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(13)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Nov-22</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Feb-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Callisto</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Panamax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">74,930</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2012</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Japan</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC period</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$27,000 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(14)</sup></div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Jul-23</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Oct-23</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-style: italic;">Magic Rainbow</div>
            </td>
            <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Panamax</div>
            </td>
            <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">73,593</div>
            </td>
            <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">2007</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">China</div>
            </td>
            <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">TC trip</div>
            </td>
            <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">$16,000</div>
            </td>
            <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Aug-22</div>
            </td>
            <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center;">Aug-22</div>
            </td>
          </tr>

      </table>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3e12aeebb1ff4520b6e9cc3d6946869c">

        <tr>
          <td nowrap="nowrap" colspan="9" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-style: italic; font-weight: bold;">Aframax / LR2 Tankers</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" rowspan="2" style="width: 15%; vertical-align: middle; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Vessel Name</div>
          </td>
          <td nowrap="nowrap" rowspan="2" style="width: 12.99%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Type</div>
          </td>
          <td rowspan="2" style="width: 7.72%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
          </td>
          <td rowspan="2" style="width: 5.54%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Year<br>
              Built</div>
          </td>
          <td nowrap="nowrap" rowspan="2" style="width: 11.71%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Country of</div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Construction</div>
          </td>
          <td nowrap="nowrap" rowspan="2" style="width: 11.71%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Type of</div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Employment</div>
          </td>
          <td nowrap="nowrap" rowspan="2" style="width: 14.28%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Daily Gross</div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Charter Rate</div>
          </td>
          <td nowrap="nowrap" colspan="2" style="vertical-align: middle; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Estimated Redelivery<br>
              Date</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Earliest</div>
          </td>
          <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Latest</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-style: italic;">Wonder Polaris</div>
          </td>
          <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Aframax / LR2</div>
          </td>
          <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">115,351</div>
          </td>
          <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">2005</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Korea</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Voyage</div>
          </td>
          <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$49,500 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(15)</sup></div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">8-Aug <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(16)</sup></div>
          </td>
          <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-style: italic;">Wonder Sirius</div>
          </td>
          <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Aframax / LR2</div>
          </td>
          <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">115,341</div>
          </td>
          <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">2005</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Korea</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">TC period</div>
          </td>
          <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$22,000</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">&#160;Aug-22</div>
          </td>
          <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Sep-22</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-style: italic;">Wonder Bellatrix</div>
          </td>
          <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Aframax / LR2</div>
          </td>
          <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">115,341</div>
          </td>
          <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">2006</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Korea</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Voyage</div>
          </td>
          <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$26,500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(15)</sup></div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">10-Aug-22 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(16)</sup></div>
          </td>
          <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-style: italic;">Wonder Musica</div>
          </td>
          <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Aframax / LR2</div>
          </td>
          <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">106,290</div>
          </td>
          <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">2004</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Korea</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Unfixed</div>
          </td>
          <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">N/A</div>
          </td>
          <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-style: italic;">Wonder Avior</div>
          </td>
          <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Aframax / LR2</div>
          </td>
          <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">106,162</div>
          </td>
          <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">2004</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Korea</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">TC period</div>
          </td>
          <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$35,000</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Sep-22</div>
          </td>
          <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Oct-22</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-style: italic;">Wonder Vega</div>
          </td>
          <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Aframax</div>
          </td>
          <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">106,062</div>
          </td>
          <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">2005</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Korea</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Tanker Pool <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(17)</sup></div>
          </td>
          <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">N/A</div>
          </td>
          <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5d3b443441174b218017c255503dfa1b">

        <tr>
          <td nowrap="nowrap" colspan="9" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-style: italic; font-weight: bold;">Handysize Tankers</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" rowspan="2" style="width: 15%; vertical-align: middle; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Vessel Name</div>
          </td>
          <td nowrap="nowrap" rowspan="2" style="width: 12.99%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Type</div>
          </td>
          <td rowspan="2" style="width: 7.72%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">DWT</div>
          </td>
          <td rowspan="2" style="width: 5.54%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Year<br>
              Built</div>
          </td>
          <td nowrap="nowrap" rowspan="2" style="width: 11.71%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Country of</div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Construction</div>
          </td>
          <td nowrap="nowrap" rowspan="2" style="width: 11.71%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Type of<br>
              Employment</div>
          </td>
          <td nowrap="nowrap" rowspan="2" style="width: 14.28%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Daily Gross</div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Charter Rate</div>
          </td>
          <td nowrap="nowrap" colspan="2" style="vertical-align: middle; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Estimated Redelivery</div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Date</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 10%; vertical-align: middle; background-color: rgb(217, 217, 217); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Earliest</div>
          </td>
          <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Latest</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-style: italic;">Wonder Mimosa</div>
          </td>
          <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Handysize</div>
          </td>
          <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">36,718</div>
          </td>
          <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">2006</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Korea</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Tanker Pool <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(18)</sup></div>
          </td>
          <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">N/A</div>
          </td>
          <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 15%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-style: italic;">Wonder Formosa</div>
          </td>
          <td nowrap="nowrap" style="width: 12.99%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Handysize</div>
          </td>
          <td style="width: 7.72%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">36,660</div>
          </td>
          <td style="width: 5.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">2006</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Korea</div>
          </td>
          <td nowrap="nowrap" style="width: 11.71%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Tanker Pool <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(18)</sup></div>
          </td>
          <td nowrap="nowrap" style="width: 14.28%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">N/A</div>
          </td>
          <td nowrap="nowrap" style="width: 9.54%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd52af703b0d465aa3cd8ec6f90e2d98">

        <tr>
          <td style="width: 9pt">&#160;</td>
          <td style="width: 21.25pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>TC stands for time charter.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeb8e4780ba8544a5970dfc8e9ea2cdba">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The benchmark vessel used in the calculation of the average of the Baltic Capesize Index (&#8220;BCI&#8221;) 5TC routes (&#8220;BCI5TC&#8221;) is a non-scrubber fitted 180,000mt dwt vessel (Capesize) with specific age, speed &#8211; consumption, and design
              characteristics.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1e90e517231140638c21f21a981662b9">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; align: right;"><a name="z_Hlk109990707"></a><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The vessel&#8217;s daily gross charter rate is equal to 100% of the Baltic Panamax Index 5TC routes (&#8220;BPI5TC&#8221;). In accordance with the prevailing charter party, on April 28, 2022 the owners converted the index-linked rate to fixed from May 1,
              2022 until March 31, 2023, at a rate of $25,000 per day. Upon completion of this period, the rate will be converted back to index&#8209;linked. The benchmark vessel used in the calculation of the average of the BPI5TC routes is a non-scrubber
              fitted 180,000mt dwt vessel (Capesize) with specific age, speed &#8211; consumption, and design characteristics.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze13bd102fcd1471bb2f5b6a1cf039725">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The vessel&#8217;s daily gross charter rate is equal to 100% of BPI5TC. In accordance with the prevailing charter party, on June 17, 2022 the owners converted the index-linked rate to fixed from July 1, 2022 until September 30, 2022, at a rate
              of $27,350 per day. Upon completion of this period, the rate will be converted back to index&#8209;linked.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za5264387885c499e8d697da0baffcbb6">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; align: right;"><a name="z_Hlk109993104"></a><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The vessel&#8217;s daily gross charter rate is equal to 114% of the Baltic Panamax Index 4TC routes (&#8220;BPI4TC&#8221;). In accordance with the prevailing charter party, on October 16, 2021 the owners converted the index-linked rate to fixed from January
              1, 2022 until September 30, 2022, at a rate of $32,000 per day. Upon completion of said period, the rate will be converted back to index&#8209;linked. The benchmark vessel used in the calculation of the average of the BPI4TC routes is a
              non-scrubber fitted 74,000mt dwt vessel (Panamax) with specific age, speed &#8211; consumption, and design characteristics.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbafd6e52f8644ba9b0b73ea4cec5df85">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The vessel&#8217;s daily gross charter rate is equal to 93% of BPI5TC. In accordance with the prevailing charter party, on May 18, 2022 the owners converted the index-linked rate to fixed from June 1, 2022 until December 31, 2022, at a rate of
              $27,150 per day. Upon completion of this period, the rate will be converted back to index&#8209;linked.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zefe9a6d4f75342468f5a681054c80b4c">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The vessel&#8217;s daily gross charter rate is equal to 92% of BPI5TC. In accordance with the prevailing charter party, on February 17, 2022 the owners converted the index-linked rate to fixed from March 1, 2022 until September 30, 2022, at a
              rate of $25,300 per day. Upon completion of this period, the rate will be converted back to index&#8209;linked.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ef5515cd61c4da8bb291f9e9dd98daf">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; align: right;"><a name="z_Hlk109995614"></a><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The vessel&#8217;s daily gross charter rate is equal to 91% of BPI5TC. In accordance with the prevailing charter party, on January 20, 2022 the owners converted the index-linked rate to fixed from February 1, 2022 until September 30, 2022, at a
              rate of $21,500 per day. Upon completion of this period, the rate will be converted back to index&#8209;linked.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbfa61a137b5c46f3b4f74e996e5cdbd2">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top; align: right;"><a name="z_Hlk109994395"></a><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(9)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The vessel&#8217;s daily gross charter rate is equal to 102% of BPI4TC. In accordance with the prevailing charter party, on March 3, 2022 the owners converted the index-linked rate to fixed from April 1, 2022 until September 30, 2022, at a rate
              of $28,100 per day, and on July 14, 2022 the owners converted the index&#8209;linked rate to fixed from October 1, 2022 until December 31, 2022, at a rate of $18,700 per day. Upon completion of these periods, the rate will be converted back to
              index&#8209;linked.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9acc4028e538431c8e6117e089576c2e">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(10)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The vessel&#8217;s daily gross charter rate is equal to 95% of BPI4TC. In accordance with the prevailing charter party, on July 20, 2022 the owners converted the index-linked rate to fixed from August 1, 2022 until December 31, 2022, at a rate
              of $19,000 per day. Upon completion of this period, the rate will be converted back to index&#8209;linked.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0deea3ca806c4b0ab7cad1b67f145e9b">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(11)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The vessel&#8217;s daily gross charter rate is equal to 87.5% of BPI5TC. In accordance with the prevailing charter party, on May 5, 2022 the owners converted the index-linked rate to fixed from June 1, 2022 until September 30, 2022, at a rate of
              $26,700 per day, and on July 15, 2022 the owners converted the index&#8209;linked rate to fixed from&#160; October 1, 2022 until December 31, 2022, at a rate of $18,000 per day. Upon completion of this period, the rate will be converted back to
              index&#8209;linked.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb3f0e2fd7fe642dd90705ad7d5f7fbec">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(12)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The vessel&#8217;s daily gross charter rate is equal to 99% of BPI4TC. In accordance with the prevailing charter party, on June 15, 2022 the owners converted the index-linked rate to fixed from July 1, 2022 until March 3, 2023, at a rate of
              $22,000 per day. Upon completion of this period, the rate will be converted back to index&#8209;linked.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7f440052378043f79fe56d429166dd31">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(13)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The vessel&#8217;s daily gross charter rate is equal to 91% of BPI5TC. In accordance with the prevailing charter party, on February 8, 2022 the owners converted the index-linked rate to fixed from March 1, 2022 until September 30, 2022, at a
              rate of $24,000 per day. Upon completion of this period, the rate will be converted back to index&#8209;linked.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79e8df55d13c4787a2f82d371569c167">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(14)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The vessel&#8217;s daily gross charter rate is equal to 101% of BPI4TC. In accordance with the prevailing charter party, on February 22, 2022 the owners converted the index-linked rate to fixed from March 1, 2022 until September 30, 2022, at a
              rate of $27,000 per day. Upon completion of this period, the rate will be converted back to index&#8209;linked</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4b0b2cc0aa2948608a852f54521edf73">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(15)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>For vessels that are employed on the voyage/spot market, the gross daily charter rate is considered as the Daily TCE Rate on the basis of the expected completion date.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb0ae8e44be3f4b139b3dbaa2bb92750d">

        <tr>
          <td style="width: 9pt;"><br>
          </td>
          <td style="width: 21.25pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(16)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Estimated completion date of voyage.</div>
          </td>
        </tr>

    </table>
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          <td style="width: 9pt;"><br>
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          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The vessel is currently participating in an unaffiliated tanker pool specializing in the employment of Aframax tanker vessels.</div>
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        </tr>

    </table>
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        <tr>
          <td style="width: 9pt;"><br>
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          <td style="width: 21.25pt; vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(18)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The vessel is currently participating in an unaffiliated tanker pool specializing in the employment of Handysize tanker vessels.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">Financial Results Overview (consolidated):</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Set forth below are selected financial data for each of the three and six months ended June 30, 2022 and 2021, respectively:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="zacfba5e14e20471aa724be79c76eb8c9" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;">Three Months Ended</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;">Six Months Ended</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic; font-weight: bold;">(Expressed in U.S. dollars)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-weight: bold;">June 30, </font></div>
            <div style="text-align: center;"><font style="font-weight: bold;">2022</font></div>
            <div style="text-align: center;"><font style="font-weight: bold;"></font> (unaudited)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-weight: bold;">June 30, </font></div>
            <div style="text-align: center;"><font style="font-weight: bold;">2021</font> </div>
            <div style="text-align: center;">(unaudited)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-weight: bold;">June 30, </font></div>
            <div style="text-align: center;"><font style="font-weight: bold;">2022</font> </div>
            <div style="text-align: center;">(unaudited)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-weight: bold;">June 30, </font></div>
            <div style="text-align: center;"><font style="font-weight: bold;">2021</font></div>
            <div style="text-align: center;"> (unaudited)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Vessel revenues, net</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>67,497,666</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>21,789,783</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>122,138,979</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>28,762,636</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Operating income</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>29,840,786</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>7,038,253</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>51,665,197</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>8,529,692</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net income</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>27,753,496</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>6,475,508</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>47,729,784</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>7,602,568</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>36,002,251</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>9,987,330</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>63,907,202</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>12,558,054</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Earnings per common share</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>0.29</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>0.07</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>0.50</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>0.10</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="text-align: justify; color: #000000;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160; &#160; &#160; &#160; EBITDA is not a recognized measure under U.S. GAAP. Please refer to Appendix B of this release for the definition and reconciliation of this measure to
      the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-weight: bold;">Consolidated Fleet Selected Financial and Operational Data:</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: #000000;">Set forth below are selected financial and operational data of our fleet for each of the three and six months ended June 30, 2022 and 2021, respectively, that we believe are useful in analyzing trends
      in our results of operations:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="z3da3e70517584d40bce4cec2c44c2921" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;">Three Months Ended June 30,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: top; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;">Six Months Ended June 30,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic; font-weight: bold;">(Expressed in U.S. dollars except for operational data)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2022</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2021</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2022</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2021</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Ownership Days <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) (7)</sup></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>2,639</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>1,477</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>5,245</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>2,105</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Available Days <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)(7)</sup></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>2,565</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>1,420</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>5,171</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>2,035</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Operating Days <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3) (7)</sup></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>2,536</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>1,397</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>5,120</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>2,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Daily TCE rate <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">21,705</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">14,381</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">19,742</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">13,671</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Fleet Utilization <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>99</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>98</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>99</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
            <div>98</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Daily vessel operating expenses <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">6,199</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">5,390</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">6,048</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">5,352</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0eb407bcad2b4a32be7a04b2d4f745a6">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000;">Ownership Days are the total number of calendar days in a period during which we owned a vessel.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d55a11cd32b44a4aea1f91905015d1f">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000;">Available Days are the Ownership Days in a period less the aggregate number of days our vessels are off-hire due to scheduled repairs, dry-dockings or special or intermediate surveys.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6c3864edd29e4132af156675516f893f">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Operating Days are the Available Days in a period after subtracting unscheduled off-hire and idle days.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3adaeb05caba487dbfc5baf035128136">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Daily TCE rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B of this press release for the definition and reconciliation of this measure to the most directly comparable financial measure
              calculated and presented in accordance with U.S. GAAP.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za2d5e66c306e49469b09c2771bb98bc9">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Fleet Utilization is calculated by dividing the Operating Days during a period by the number of Available Days during that period.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za2f05da8cf4341ab857b8bb52c306039">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the Ownership Days for such period.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2b6f0f3284c647a48bb3e19e3522b975">

        <tr>
          <td style="width: 18pt; vertical-align: top; align: right;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">Our definitions of Ownership Days, Available Days, Operating Days, Fleet Utilization may not be comparable to those reported by other companies.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">APPENDIX A</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">CASTOR MARITIME INC.</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">Unaudited Condensed Consolidated Statements of Comprehensive Income</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="z59c21a930946459bb9bca894bf4fa88f" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(In U.S. dollars except for number of share data)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Three Months Ended</div>
            <div style="text-align: center; font-weight: bold;">June 30,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Six Months Ended</div>
            <div style="text-align: center; font-weight: bold;">June 30,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2022</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2021</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2022</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2021</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">REVENUES</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Vessel revenues, net</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
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          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>67,497,666</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>21,789,783</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>122,138,979</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>28,762,636</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">EXPENSES</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Voyage expenses -including commissions to related party</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(11,823,637</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(1,368,565</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(20,054,408</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(941,593</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Vessel operating expenses</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(16,358,086</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(7,960,638</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(31,722,204</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(11,266,895</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">General and administrative expenses (including related party fees)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(1,139,595</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(720,124</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(2,061,302</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(1,459,355</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Management fees -related parties</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(2,243,150</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(1,750,150</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(4,461,650</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(2,524,500</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Depreciation and amortization</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(6,092,412</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(2,952,053</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(12,174,218</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(4,040,601</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Operating income</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">29,840,786</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">7,038,253</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">51,665,197</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">8,529,692</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest and finance costs, net (including related party interest costs) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(1,738,147</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(485,646</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(3,346,162</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(840,762</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other (expenses)/income, net</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>69,053</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(2,976</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>67,787</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(12,239</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">US source income taxes</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(418,196</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(74,123</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(657,038</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(74,123</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Net income</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">27,753,496</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">6,475,508</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">47,729,784</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">7,602,568</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-weight: bold;">Earnings per common share (basic and diluted)</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (2)</sup></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-weight: bold;">0.29</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-weight: bold;">0.07</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-weight: bold;">0.50</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-weight: bold;">0.10</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Weighted average number of common shares outstanding, basic <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>94,610,088</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>88,933,581</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>94,610,088</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>73,384,422</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Weighted average number of common shares outstanding, diluted <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>94,610,088</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>88,951,636</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>94,610,088</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>76,203,009</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>

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    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
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    <div style="color: #000000; font-weight: bold;">CASTOR MARITIME INC.</div>
    <div style="font-weight: bold;"><font style="color: #000000;">Unaudited Condensed Consolidated </font>Balance Sheets</div>
    <div style="font-weight: bold;">(Expressed in U.S. Dollars&#8212;except for number of share data)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="z935f81d6e357403696f54262a071ce91" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> June 30,</div>
            <div style="text-align: center; font-weight: bold;">2022</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;">December 31,</div>
            <div style="text-align: center; font-weight: bold;">2021</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;"><u>ASSETS</u></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">CURRENT ASSETS:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash and cash equivalents</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>104,387,715</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>37,173,736</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Restricted cash</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>3,053,728</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>2,382,732</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Vessel held for sale</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>9,418,653</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other current assets</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>23,258,309</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>15,443,620</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total current assets</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">140,118,405</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">55,000,088</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">NON-CURRENT ASSETS:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Vessels, net</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>397,241,121</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>393,965,929</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Advances for vessel acquisition</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>2,368,165</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Restricted cash</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>7,840,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>3,830,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Due from related party</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>810,437</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other non-currents assets</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>7,237,497</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>6,938,823</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total non-current assets, net</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">412,318,618</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">407,913,354</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total assets</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">552,437,023</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">462,913,442</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;"><u>LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</u></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">CURRENT LIABILITIES:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Current portion of long-term debt, net</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>29,500,335</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>16,091,723</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Due to related parties</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>1,214,548</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>4,507,569</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other current liabilities</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>15,835,352</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>13,430,104</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total current liabilities</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">46,550,235</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">34,029,396</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">NON-CURRENT LIABILITIES:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Long-term debt, net</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>115,222,634</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>85,949,676</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total non-current liabilities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">115,222,634</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">85,949,676</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total liabilities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">161,772,869</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">119,979,072</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">SHAREHOLDERS&#8217; EQUITY</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Common shares, $0.001 par value; 1,950,000,000 shares authorized; 94,610,088 shares issued and outstanding as at June 30, 2022 and December 31, 2021 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>94,610</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>94,610</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Series B Preferred Shares- 12,000 shares issued and outstanding as at June 30, 2022 and December 31, 2021</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>12</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>12</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Additional paid-in capital</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>303,658,153</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>303,658,153</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Retained Earnings</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>86,911,379</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>39,181,595</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total shareholders&#8217; equity</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">390,664,154</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">342,934,370</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total liabilities and shareholders&#8217; equity</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">552,437,023</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">462,913,442</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        </tr>

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    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">CASTOR MARITIME INC.</div>
    <div style="font-weight: bold;">Unaudited Consolidated Statements of Cash Flows</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="z9df4be96ec284d36a4b05cf8c1beca3c" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">(Expressed in U.S. Dollars&#8212;except for number of share data)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold; text-indent: 12pt;">Six Months Ended June 30,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold; text-indent: 12pt;"> 2022</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold; text-indent: 12pt;"> 2021</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cash flows provided by Operating Activities:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Net income</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>47,729,784</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>7,602,568</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Adjustments to reconcile net income to net cash provided by Operating activities:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Depreciation and amortization</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>12,174,218</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>4,040,601</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization of deferred finance charges</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>436,148</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>125,234</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization of other deferred charges</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>53,449</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Deferred revenue amortization</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(157,076</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Changes in operating assets and liabilities:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts receivable trade, net</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(2,796,675</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(1,496,824</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Inventories</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(3,542,440</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(2,836,214</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Due from/to related parties</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(2,482,584</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(1,179,669</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Prepaid expenses and other assets</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(836,191</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(901,228</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Other deferred charges</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>127,010</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(196,347</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts payable</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>3,755,428</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>515,337</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accrued liabilities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>1,028,491</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>1,365,569</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Deferred revenue</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(1,335,331</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>1,564,978</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Dry-dock costs paid</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(1,432,706</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(1,288,364</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net cash provided by Operating Activities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-weight: bold;">52,825,152</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-weight: bold;">7,212,014</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cash flows used in Investing Activities:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Vessel acquisitions and other vessel improvements</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(23,105,822</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(245,945,567</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Advances for vessel acquisition</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(9,178,452</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net cash used in Investing Activities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">(23,105,822</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">(255,124,019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cash flows provided by Financing Activities:</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Gross proceeds from issuance of common stock and warrants</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>262,516,826</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Common stock issuance expenses</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(65,797</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(12,311,638</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Proceeds from long-term debt</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>55,000,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>33,290,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Repayment of long-term debt</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(12,054,000</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>(1,571,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Payment of deferred financing costs</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(704,558</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>(756,051</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net cash provided by Financing Activities</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">42,175,645</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">281,168,137</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net increase in cash, cash equivalents, and restricted cash</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">71,894,975</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">33,256,132</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cash, cash equivalents and restricted cash at the beginning of the period</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-weight: bold;">43,386,468</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-weight: bold;">9,426,903</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cash, cash equivalents and restricted cash at the end of the period</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">115,281,443</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-weight: bold;">42,683,035</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4034f4ca72774e929f1999fc8fab8024">

        <tr>
          <td style="width: 4pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000;">Includes interest and finance costs and interest income, if any.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9d6933638a3f4d4eb9296a80be76524b">

        <tr>
          <td style="width: 4pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000;">All comparative numbers of share and earnings per share amounts in these unaudited condensed financial statements have been retroactively adjusted to reflect the reverse stock split effected on May 28, 2021.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="color: #000000; font-weight: bold;">APPENDIX B</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;">Non-GAAP Financial Information</div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-weight: bold;">Daily TCE Rate.</font> The Daily Time Charter Equivalent Rate (&#8220;Daily TCE Rate&#8221;), is a measure of the average daily revenue performance of a vessel. We calculate the Daily TCE Rate by
      dividing total revenues (time charter and/or voyage charter revenues, and/or pool revenues, net of charterers&#8217; commissions), less voyage expenses, by the number of Available Days during that period. Under a time charter, the charterer pays
      substantially all the vessel voyage related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time charter, during periods of commercial waiting time or while off-hire
      during dry docking or due to other unforeseen circumstances. We may also incur voyage related expenses when our vessels are engaged in voyage charters, in which case the majority of voyage expenses are borne by us. The Daily TCE Rate is not a measure
      of financial performance under U.S. GAAP (non-GAAP measure) and should not be considered as an alternative to any other measure of financial performance presented in accordance with U.S. GAAP. However, the Daily TCE Rate is a standard shipping
      industry performance measure used primarily to compare period-to-period changes in a company&#8217;s performance and, management believes that the Daily TCE Rate provides meaningful information to our investors since it compares daily net earnings
      generated by our vessels irrespective of the mix of charter types (i.e., time charters, voyage charters or other) under which our vessels are employed between the periods while it further assists our management in making decisions regarding the
      deployment and use of our vessels and in evaluating our financial performance. Our method of calculation of the Daily TCE Rates may not be comparable to that reported by other companies. The following table reconciles the calculation of the Daily TCE
      Rate for our fleet to Vessel revenues, net, for the periods presented (amounts in U.S. dollars, except for Available Days):</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="z5592261295c242eeacf1d6f0f243487d" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: top; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;">Three Months Ended June 30,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: top; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;">Six Months Ended June 30,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(In U.S. dollars, except for Available Days)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2022</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2021</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2022</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2021</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Vessel revenues, net</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>67,497,666</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>21,789,783</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>122,138,979</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>28,762,636</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Voyage expenses -including commissions from related party</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(11,823,637</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(1,368,565</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(20,054,408</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>(941,593</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
            <div>)</div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">TCE revenues</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">55,674,029</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">20,421,218</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">102,084,571</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">27,821,043</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Available Days</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>2,565</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>1,420</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>5,171</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>2,035</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Daily TCE Rate</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">21,705</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">14,381</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">19,742</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">13,671</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">EBITDA.</font> We define EBITDA as earnings before interest and finance costs (if any), net of interest income, taxes (when incurred), depreciation and amortization of deferred
      dry-docking costs. EBITDA is used as a supplemental financial measure by management and external users of financial statements to assess our operating performance. We believe that EBITDA assists our management by providing useful information that
      increases the comparability of our operating performance from period to period and against the operating performance of other companies in our industry that provide EBITDA information. This increased comparability is achieved by excluding the
      potentially disparate effects between periods or companies of interest, other financial items, depreciation and amortization and taxes, which items are affected by various and possibly changing financing methods, capital structure and historical cost
      basis and which items may significantly affect net income between periods. We believe that including EBITDA as a measure of operating performance benefits investors in (a) selecting between investing in us and other investment alternatives and (b)
      monitoring our ongoing financial and operational strength. EBITDA is not a measure of financial performance under U.S. GAAP, does not represent and should not be considered as an alternative to net income, operating income, cash flow from operating
      activities or any other measure of financial performance presented in accordance with U.S. GAAP. EBITDA as presented below may not be comparable to similarly titled measures of other companies. The following table reconciles EBITDA to net income, the
      most directly comparable U.S. GAAP financial measure, for the periods presented:</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="color: #000000; font-weight: bold;">Reconciliation of EBITDA to Net Income</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="z60c5c846b5f54a4faeaf49867c6c586d" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;">Three Months Ended </div>
            <div style="text-align: center; font-weight: bold;">June 30,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: top; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;">Six Months Ended </div>
            <div style="text-align: center; font-weight: bold;">June 30,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-style: italic;">(In U.S. dollars)</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2022</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2021</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2022</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-weight: bold;"> 2021</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Net Income</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>27,753,496</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>6,475,508</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>47,729,784</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>7,602,568</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Depreciation and amortization</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>6,092,412</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>2,952,053</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>12,174,218</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>4,040,601</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest and finance costs, net (including related party interest costs) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>1,738,147</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div style="text-indent: -7.2pt; margin-left: 7.2pt;">US source income taxes</div>
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div>74,123</div>
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            <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">EBITDA</div>
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            <div style="font-weight: bold;">$</div>
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          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="font-weight: bold;">9,987,330</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="font-weight: bold;">$</div>
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            <div style="font-weight: bold;">63,907,202</div>
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          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="font-weight: bold;">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">12,558,054</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zba7be7f307cb49d8b959f851e2e0371a">

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          <td style="width: 18pt; vertical-align: top; align: right;"><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000;">Includes interest and finance costs and interest income, if any.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; font-weight: bold;"><u>Cautionary Statement Regarding Forward-Looking Statements</u></div>
    <div style="text-align: justify; text-indent: 0.55pt;">Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking
      statements contained in Section 27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) and Section 21E of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). Forward-looking statements include statements concerning
      plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. We are including this cautionary statement in connection with this safe harbor
      legislation. The words &#8220;believe&#8221;, &#8220;anticipate&#8221;, &#8220;intend&#8221;, &#8220;estimate&#8221;, &#8220;forecast&#8221;, &#8220;project&#8221;, &#8220;plan&#8221;, &#8220;potential&#8221;, &#8220;will&#8221;, &#8220;may&#8221;, &#8220;should&#8221;, &#8220;expect&#8221;, &#8220;pending&#8221; and similar expressions identify forward-looking statements. The forward-looking statements
      in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management&#8217;s examination of historical operating trends, data contained in our records and other
      data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and
      are beyond our control, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a
      result of new information, future events or otherwise. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward&#8208;looking statements include
      our business strategy, dry bulk and tanker market conditions and trends, the rapid growth of our fleet, our relationships with our current and future service providers and customers, our ability to borrow under existing or future debt agreements or
      to refinance our debt on favorable terms and our ability to comply with the covenants contained therein, our continued ability to enter into time or voyage charters with existing and new customers and to re-charter our vessels upon the expiry of the
      existing charters, changes in our operating and capitalized expenses, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels, instances of off-hire (including limitations improved by
      COVID-19 and/or due to vessel upgrades and repairs), future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards, volatility in our share price, potential conflicts of interest
      involving members of our Board of Directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions or events (including &#8220;trade wars&#8221;, global public health threats and
      major outbreaks of disease), changes in seaborne and other transportation, changes in governmental rules and regulations or actions taken by regulatory authorities, and the impact of adverse weather and natural disasters. Please see our filings with
      the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any
      forward&#8208;looking statements as a result of developments occurring after the date of this communication.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="text-align: justify; font-weight: bold;">CONTACT DETAILS</div>
    <div style="text-align: justify;">For further information please contact:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Petros Panagiotidis</div>
    <div style="text-align: justify;">Chief Executive Officer &amp; Chief Financial Officer</div>
    <div style="text-align: justify;">Castor Maritime Inc.</div>
    <div style="text-align: justify;">Email: <u>ir@castormaritime.com</u></div>
    <div><br>
    </div>
    <div style="text-align: justify;">Media Contact:</div>
    <div style="text-align: justify;">Kevin Karlis</div>
    <div style="text-align: justify;">Capital Link</div>
    <div style="text-align: justify;">Email: <u>castormaritime@capitallink.com</u></div>
    <div><br>
    </div>
    <div style="text-align: center;"><br>
    </div>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"> <font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font>
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
